SRA consultation could scrap single renewal date for solicitors' PII
The Solicitors' Regulation Authority (SRA) has proposed the removal of the single renewal date for professional indemnity insurance (PII) for firms from October 2011, so that they can renew cover at any time of the year.
It has also proposed to end mandatory cover for work done for financial institutions, and to reduce the time firms can stay in the Assigned Risks Pool (ARP) from 12 to six months.
These changes, and other longer-term proposals, are set out in a consultation paper launched today, which follows a comprehensive independent review of client financial protection arrangements.
SRA chief executive, Antony Townsend, said: "Although the current insurance arrangements provide excellent financial
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