SRA says ARP is working
Despite criticism from the insurance industry, the Solicitors Regulation Authority (SRA) has said its new enforcement measures for the Assigned Risks Pool (ARP), have started to show signs of success.
Since the approach was introduced in July 2010, 82 firms covered by the ARP during 2009-10 have closed down, with a further 48 successfully obtaining market insurance for the next indemnity year. In 2010-11, 46 firms covered by the ARP have already closed and 10 have been intervened.
In response to the concern raised about the amount of unpaid premiums by ARP firms, the SRA said the ARP fund manager was more actively pursuing these payments on behalf of the insurers. The regulatory body is
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