This practice note is the Law Society's view of good practice in this area. It is not legal advice.

Practice notes are issued by the Law Society for the use and benefit of its members. They represent the Law Society's view of good practice in a particular area. They are not intended to be the only standard of good practice that solicitors can follow. You are not required to follow them, but doing so will make it easier to account to oversight bodies for your actions.

Practice notes arenot legal advice, nor do they necessarily provide a defence to complaints of misconduct or of inadequate professional service. While care has been taken to ensure that they are accurate, up to date and useful, the Law Society will not accept any legal liability in relation to them.

For queries or comments on this practice note contact the Law Society's Practice Advice Service.

The following sections of the SRA Handbook are relevant to this issue:

• Glossary
• SRA Indemnity Insurance Rules - rule 6: insolvency of a participating insurer
• SRA Indemnity Insurance Rules - Appendix 1: minimum terms and conditions

SRA Principles

There are ten mandatory principles which apply to all those the SRA regulates and to all aspects of practice. The principles can be found in the SRA Handbook.

The principles apply to solicitors or managers of authorised bodies who are practising from an office outside the UK. They also apply if you are a lawyer-controlled body practising from an office outside the UK.

• 1 Introduction
  • 1.1 Who should read this practice note?
  • 1.2 What's the issue?
   
• 2 Your obligations if your insurer becomes insolvent
  • 2.1 Why you need new qualifying insurance
  • 2.2 Why you should act as soon as possible
  • 2.3 What is the cost?
  • 2.4. The assigned risks pool
   
• 3 Claims made against the insolvent insurer
  • 3.1 Claims made against the ARP
  • 3.2 The Financial Services Compensation Scheme (FSCS)
   
• 4 More information
  • 4.1 Law Society products and services
   
• 5 Amendments
• 6 Terminology