The Association of British Insurers (ABI) has warned that the Solicitors Regulation Authority (SRA) proposals to reform the Professional Indemnity Insurance market ‘are inadequate and will increase fears for the future of the market.
The ABI have reportedly called for the closure of the assigned risks pool this year, instead of October 2013, and have also called for more flexible policy terms and conditions.
Nick Starling, Director of General Insurance and Health for ABI said:
"These disappointing proposals are a missed opportunity for the long overdue reform which is so badly needed.
The proposal to close the assigned risks pool from October 2013 is much too late, and little else has been put forward.
It is hugely disappointing that they have behaved so timidly considering the advice they received from their advisors, Charles River Associates, last autumn – that immediate and far-reaching change was needed. They have failed to heed the warning.”
Starling went on to label the SRA reforms as a missed opportunity. What do you think — is this too little too late?
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