Sra Participating Insurers Agreement 2019

The SRA Participating Insurers Agreement 2019: What You Need to Know

The Solicitors Regulation Authority (SRA) Participating Insurers Agreement 2019 is a set of regulations that affects all solicitors and their insurance providers in England and Wales. This agreement outlines the standards, process and requirements for solicitor insurance coverage.

The purpose of this agreement is to ensure that solicitors have adequate insurance coverage and the protection they need if a claim is made against them. It also ensures that clients who use legal services are protected in the event of legal malpractice.

The agreement sets out minimum standards for insurance cover for SRA-regulated firms. Solicitors must have Professional Indemnity Insurance (PII) that meets these minimum standards. The agreement ensures that all participating insurers have the same minimum requirements, which helps to promote fair competition and provides a consistent level of protection for clients.

Under the agreement, insurance providers have a set of obligations to their policyholders, including providing notice of policy changes and renewals, as well as setting out clear terms and conditions of coverage. The insurers must also notify the SRA of any policy changes or cancellations.

One of the most significant changes to the agreement was the introduction of the Extended Policy Period (EPP), which now lasts for three years instead of the previous 12 months. This change was made to provide greater protection for clients who may have claims against solicitors but were unaware of the loss during the previous policy period.

Solicitors should ensure that their insurance coverage meets the minimum standards set out in the SRA Participating Insurers Agreement 2019. Failure to do so could lead to regulatory action, including the possibility of being struck off the solicitor’s roll.

In conclusion, the SRA Participating Insurers Agreement 2019 is an essential piece of regulation for solicitors and their insurers. It provides clarity and consistency in insurance coverage standards, ensuring that clients who use legal services are protected. Solicitors must ensure that their insurance coverage is adequate, and they comply with the standards set out in the agreement to avoid any regulatory action.