Further changes to Irish Minimum Terms for Solicitors Professional Indemnity InsuranceOctober 2009
Last month Stephen Chessher wrote about changes to the Irish Minimum Terms to be introduced from renewal on 1 December 2009.
Following those changes, further discussions were held between the Law Society and Professional Indemnity Insurers with a view to making the market for Solicitors Professional Indemnity Insurance more attractive for existing and potential new entrants. The background to those discussions were the concerns by the Law Society that, notwithstanding the changes it had already agreed to the Minimum Terms, premium rates would simply be unaffordable for many firms without a further relaxation of the Minimum Terms. A further factor has been the continuing uncertainty surrounding the Solicitors Mutual Defence Fund and whether it will be in a position to offer insurance come next renewal.
The outcome of these deliberations has been further changes which have been incorporated in the Solicitors Acts 1954 to 2008 (Professional Indemnity Insurance) (Amendment) (Number 2) Regulations 2009.
This document outlines the major changes.
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