Irish Professional Indemnity Insurance fund faces wind down
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Further news has been reported of the difficulties facing the Solicitors Mutual Defence Fund, the not-for-profit fund established in 1987 to provide solicitors in Ireland with professional indemnity insurance at the cheapest rates possible.
According to thejournal.ie, a Special Meeting of Irelandís Law Society has been called to consider the winding down of the Fund. Citing the Irish Times as its source, the report points out that, given the Fundís deficit, the only alternative to the immediate liquidation of the Fund (which would have its own financial consequences for solicitors) would require an injection of Ä14m to Ä16m to ensure an orderly wind down. And the only possible source for that kind of funding would be the Law Society itself.