The Law Society comments on news that SRA will not reform Professional Indemnity Insurance market

The Law Society comments on the latest news that the SRA has no plans to reform the Professional Indemnity Insurance (PII) market.

A Law Society of England and Wales spokesperson said:

“While there are adverse conditions in the insurance market at this time, and we understand that it is causing difficulty for some members, the protections provided by the SRA’s current minimum terms and conditions are considerable, and there is little evidence to suggest that reducing protections would lead to any substantial reduction in the cost of insurance.

“It would be a mistake to look at the immediate problems presented to the profession by the hard market and respond by radically overhauling solicitors’ PII.

“We welcome the SRA’s commitment to retaining the current protections for PII, but we remain deeply concerned about their recent proposal to remove vital long-term indemnity cover for consumers by ending SIF and removing post six-year run-off cover.”

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