Proposals for solicitors’ Professional Indemnity Insurance judged “inadequate”

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According to insurancedaily.co.uk, the Association of British Insurers (ABI) has judged the reforms to the Assigned Risks Pool (ARP) proposed by the Solicitors Regulation Authority (SRA) to be “inadequate”.

The ABI believes that the ARP should be closed this year rather than waiting until October 2013. And, further, that the fixed minimum terms and conditions laid down by the SRA should be relaxed to allow insurers to offer different policy terms to different law firms. That flexibility, argues the ABI, is critical to the maintenance of a sustainable professional indemnity insurance market for solicitors.

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