New ARP rules for solicitors’ PI forcing law firms to shut down
Changes by the Law Society including restricting solicitors' practices to a maximum of six months in the ARP - the insurer of last resort for practices which cannot secure cover in the commercial insurance market - in the 2011-12 insurance year, have had the "desired effect" according to the broker.
Russell Lane, Managing Director, Brunel Professional Risks, said: "Only 59 firms applied to enter the Assigned Risks Pool in 2011, although others are likely to have fallen into the ARP by default.
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