Irish Solicitors PI Insurance: Changes to regulations and minimum termsSeptember 2011
We last issued a bulletin on the Irish solicitors' professional indemnity insurance market in June this year. The future of the Solicitors Mutual Defence Fund was then unclear (other than that it had already announced that it would not be writing new business) and a master policy was being considered by the Law Society.
Since then the members of the Law Society have agreed in a postal ballot to provide financial support to the SMDF up to €16m over a period of 10 years in order to allow an orderly wind-down. And the Law Society has ruled out a master policy, at least for the next period of insurance.
The issues which led both to the near insolvency of the SMDF and to consideration of a master policy have not gone away and the Law Society has attempted to address some of those issues by way of changes to the Solicitors PII Regulations, the Minimum Terms and Conditions and the Qualified Insurers' Agreement which will have effect from next renewal 1 December 2011.
This note outlines the most significant changes.
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