Insight and Intelligence on the London & International Insurance Markets 24 Apr 2018
UK solicitors' regulator proposes lower PI limits
- 26 March 2018
The UK's Solicitors Regulation Authority (SRA) has proposed reducing the amount of mandatory professional indemnity (PI) insurance cover that law firms must buy, arguing that most claims are settled well under the current limit.
The SRA said it wants to reform a "one-size-fits-all" regime that is creating barriers to entry and pushing up prices for users of legal services.
The current rules mean that law firms must have minimum cover of £2mn ($2.8mn) for a single claim, rising to ...
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