How would scrapping ARP affect PI market? Professional Indemnity insurance for solicitors

07/01/2010

Written by Marc Riches

A solicitor has discussed the implications that any changes to the assigned risk pool (ARP) could bring with regards to Professional Indemnity (PI) insurance.

In a Law Society Gazette article, Matt Rowley of LBS Legal, points out that the Solicitors Regulation Authority (SRA) could replace the ARP which covers those firms who are unable to obtain PI in the conventional insurance market before the October 1st common renewal date.

And any replacement to the ARP should continue to encourage new legal practices to enter the market, he notes.

Mr Rowley suggests that in the event of the pool being abolished, the SRA needs to make the process of getting PI as "transparent and fair as possible".

Speaking in November, SRA chair Peter Williamson noted that with the 2009 PI renewal period being "by far the most difficult" for several years, the rising number of law firms entering the ARP has been a serious concern.

© 2010 Adfero Ltd.

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