Changes in Pii regulations for solicitors

Professional indemnity insurance requirements for solicitors in England and Wales are set out  in the current edition of the Solicitors' Indemnity Insurance Rules (2012) of the Solicitors Regulation Authority (the SRA).
These rules require:

• All solicitors to take out and maintain professional indemnity insurance with one or more specified insurers.
• That the insurance be in accordance with the Minimum Terms and Conditions of Professional Indemnity Insurance for Solicitors.
• Where the solicitor practices through a 'Relevant Recognised Body', the limit of cover must be at least up to £3 million for a the first claim and at least £2 million for subsequent claims. (The definition of 'Relevant Recognised Body' is to be found in the ‘Minimum Terms and Conditions’ practice notes.

These Rules, formulated by the Solicitors Regulation Board, fall under  sections 31, 37, 79, and 80 of the Solicitors Act 1974; s 9 of the Administration of Justice Act 1985; and paragraph 16 of the Legal Services Act 2007.

see www.lawsociety.org.uk/advice/practice-notes/professional-indemnity-insurance).