SRA to close ARP loophole
The Solicitors’ Regulation Authority (SRA) has confirmed it is to amend parts of the Qualifying Insurer's Agreement (QIA) 2011.
The trade body has written to all qualifying insurers to inform them of its intention to change the agreement.
A spokeswoman for the SRA said: "We have recently become aware of a gap in the QIA regarding the declaration of Relevant Premium Income (RPI) connected with multi-year policies which, if unaddressed, could unfairly skew the Assigned Risks Pool (ARP) percentage participations for 2011/12.
Under the current wording of the QIA 2011, the premium due under a policy of Qualifying Insurance
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