The SRA Participating Insurers Agreement 2017: What You Need to Know
The Solicitors Regulation Authority (SRA) is the regulatory body in England and Wales responsible for overseeing solicitors and their practices. As part of this responsibility, the SRA requires that all solicitors in England and Wales have professional indemnity insurance (PII) to protect their clients in the case of negligence or misconduct.
The SRA Participating Insurers Agreement is a scheme designed to provide solicitors with a list of insurers who have agreed to provide the minimum level of cover required by the SRA. The agreement is updated regularly to ensure that solicitors have access to the most up-to-date information about PII and the insurers who provide it.
The 2017 Participating Insurers Agreement includes a number of changes and updates that solicitors should be aware of. One of the most significant changes is the minimum level of cover required by the SRA. As of 1 October 2017, the minimum level of cover required is £2 million for a single claim, and £3 million in aggregate for all claims in a policy period.
In addition to changes in the minimum level of cover, the 2017 Participating Insurers Agreement also includes updates to the criteria for insurers who wish to participate in the scheme. Insurers must now meet stricter financial and regulatory requirements to be considered for inclusion in the agreement.
The 2017 agreement also includes a number of important provisions that solicitors should be aware of. One of these is the requirement for insurers to provide solicitors with clear and concise information about their policies, including any exclusions or limitations in cover. Insurers are also required to provide prompt and efficient claims handling services to ensure that clients receive the support they need in the event of a claim.
Solicitors should also be aware of the importance of choosing the right level of cover for their practice. While the minimum level of cover required by the SRA may be sufficient for some solicitors, others may require additional cover to meet the specific needs of their clients and their practice. Solicitors should work closely with their insurers to ensure that they have the right level of cover in place to protect their clients and their practice.
In conclusion, the SRA Participating Insurers Agreement is an important scheme that provides solicitors with access to a list of insurers who meet the minimum level of cover required by the SRA. Solicitors should be familiar with the 2017 agreement and the updates it includes, and should work closely with their insurers to ensure that they have the right level of cover in place to protect their clients and their practice.