1. Latest News
  2. Submit Press Release
  1. PR Home
  2. Latest News
  3. Feeds
  4. Alerts
  5. Submit Free Press Release
  6. Journalist Account
  7. PRNewswire Distribution
Total Insurance Logo

Total Insurance responds to LSB's delay to SRA solicitors PI amendments

Solicitors professional indemnity insurance experts Total Insurance have responded to news that the LSB has delayed its proposed changes to solicitors PII arrangements.

 
PRLog - Aug. 28, 2014 - CENTRAL LONDON, U.K. -- The Legal Services Board (LSB) has delayed its decision on the Solicitors Regulation Authority's (SRA) proposed changes to solicitors professional indemnity insurance regulations.

The SRA had proposed reducing the mandatory minimum level of solicitors PII to £500,000, from its current figure of £2 million (£3 million for LLPs), as well as obliging legal practices to determine what the right level of cover for their firm is. These amendments were intended to come into effect before October 1st.

However, the LSB issued a warning notice and delayed the deadline for its decision until August 2015.

Commenting, Kevin Burke, representative for solicitors professional indemnity insurance experts Total Insurance, said:

"Solicitors, insurers and brokers alike breathed a collective sigh of relief upon learning of the LSB's decision.

"Although it is right for the SRA to look into solicitors PII regulations, its consultation was too short and the timing of its proposed changes threatened to create chaos in the sector.

"Now that it is clear that the proposed changes will not take place before October 1st - the date most solicitors professional indemnity cover policies will be renewed - the industry has more time to look at the implications of the SRA's proposals and develop evidence about their potential impact."

To find out more about Total Insurance, visit http://totalinsurance.uk.com.

Notes for editors

Total Insurance is based in Bradford.

Connect with them on Twitter by visiting http://www.twitter.com/totalinsurance4.

Contact
Kevin Burke
01254 355533
***@totalinsurance.uk.com

--- End ---

Click to Share

Contact Email:
***@totalinsurance.uk.com Email Verified
Source:Total Insurance
City/Town:Central London - London - United Kingdom
Industry:Insurance, Legal
Tags:solicitors PII, professional indemnity cover, indemnity insurance, solicitors indemnity, solicitors insurance
Shortcut:prlog.org/12364720
Disclaimer:   Issuers of the press releases are solely responsible for the content of their press releases. PRLog can't be held liable for the content posted by others.   Report Abuse

Latest Press Releases By “

More...

Trending News...



  1. SiteMap
  2. Privacy Policy
  3. Terms of Service
  4. Copyright Notice
  5. About
  6. Advertise
Like PRLog?
9K2K1K
Click to Share