Solicitors' Regulator Rules Out Cuts To Indemnity Insurance
Law360, London (December 19, 2019, 7:34 PM GMT) -- The regulator for solicitors announced Thursday that it is dropping plans for sweeping cuts to "one-size-fits-all" professional negligence coverage, concluding that insurers would resist the plan.
A year after asking the legal industry in England and Wales for input into plans to slash law firms' mandatory professional indemnity insurance coverage by 75%, the Solicitors Regulation Authority said it had abandoned the idea after meeting resistance from the insurance industry.
The controversial coverage has come under fire from some in the sector, who see it as a "one-size-fits-all" rule that burdens small firms with expensive premiums that don't relate to the type of work...
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