Professional indemnity insurance
Last updated: 18 January 2012
The Law Society's professional indemnity insurance (PII) initiative aims to create a stable and competitive insurance market to ensure affordable and accessible insurance for the entire profession.
We have also created a series of advice products to help you address some of the issues surrounding PII. We will also update members with information on market developments.
View our PII support and advice
Latest news
Client financial protection arrangements
18 January 2012
The Law Society has responded to the SRA's second stage financial protection review, which sets out how the SRA intends to implement its April 2011 Policy Statement. Other issues consulted on are financial stability of insurers and minimum acceptance periods for quotations. The Society published a summary of its response and sought comments from the profession earlier this month. We will advise the profession how the SRA responds in due course.
Read our full response
View the consultation documents
Quinn: Law Society raises concerns in Irish High Court for 500-plus solicitors
The Law Society has this week received sufficient assurances from the Irish government and the joint administrators of Quinn Insurance Limited (Quinn) that the interests of the 500-plus solicitors who have run-off PII cover with Quinn will not be affected by the transfer of some of its insurance business to Liberty Mutual Direct Insurance Company Limited.
Find out more
Society welcomes PII amendments
19 April 2011
The Law Society has welcomed the Solicitors Regulation Authority's (SRA) decision to amend its proposals on client financial protection arrangements.
Read more
Law Society position
SRA's client financial protection review 2011
The Law Society urged the SRA to reconsider its proposals for client financial protection arrangements and put forward an alternative approach to the assigned risks pool (ARP). The SRA decided to adopt an extended policy period (EPP) by 2013 and delay its decision on the exclusion of financial institutions until 2014.
Read more on the changes
Read our full response
Read our alternative approach (PDF, 250kb)
View the consultation documents
2010 rule changes
The SRA has made several changes to the Solicitors' Indemnity Insurance Rules, which will take commenced on effect from 1 October 2010.
Read about the changes and our reaction
Read about changes to the ARP and successor practice rules made in 2010
Single renewal date
The Law Society will lobby the SRA following the Council's decision to advocate for the abolition of a single renewal date. Law Society chief executive Des Hudson said variable renewal will not resolve all difficulties in the current solicitors' PII market but it may provide some benefits for small firms.
Read more in the Gazette
Read the independent advice and more about the issue
Insurer extends acceptance period
2 September 2010
Following our letter of complaint, an insurer has extended its acceptance period from seven to ten days for quotes issued from 26 August.
Read more
PII equality and diversity action plan
The Law Society remains concerned that black and minority ethnic (BME) firms experience greater problems than the wider profession in renewing their PII. This is evidenced by the fact that BME firms are disproportionately represented in the assigned risks pool (ARP). We have put together an action plan to address the issues.
Read the action plan