In November 2009 the Solicitors Regulation Authority opened a consultation click here (http://tinyurl.com/ydcbnbj) on the future of the Assigned Risks Pool which, the chair of the SRA has said, is "costing a huge amount of money but demonstrating little benefit".
The SRA has put forward a number of proposals:
The SRA would cease to issue ARP policies from 1 October 2010 (i.e. the next renewal date).
- New firms would not be eligible for the ARP after 30 September 2010.
- The maximum period a firm could remain within the ARP might be reduced to, say, 12 months.
The SRA's proposals are radical and likely to have a significant impact on the renewal season for 1 October 2010. For more detail on the proposed changes and the reasoning behind them click here (www.law-now.com/law-now/assignedriskspooljan10.htm).
In a related initiative the SRA has also launched a consultation on the definition of "successor practice" in the Minimum Terms and Conditions that all policies issued by Qualifying Insurers must meet. We will shortly be issuing a Law Now on the "successor practice" consultation.
This article was written for Law-Now, CMS Cameron McKenna's free online information service. To register for Law-Now, please go to www.law-now.com/law-now/mondaq
Law-Now information is for general purposes and guidance only. The information and opinions expressed in all Law-Now articles are not necessarily comprehensive and do not purport to give professional or legal advice. All Law-Now information relates to circumstances prevailing at the date of its original publication and may not have been updated to reflect subsequent developments.
The original publication date for this article was 05/01/2010.
