Trade body could publish insurers’ rating status
The Solicitors Regulation Authority (SRA) has held talks on the issue of unrated solicitors’ professional indemnity (PI) insurers after growing concern from the industry.
Insurance Times understands one option the SRA has discussed is to shed light on the financial strength of insurers by publishing their rating.
Last week an SRA meeting proposed an industry consultation on whether or not to do this. A proposed start date for the initiative is next year, according to sources.
European Risk Insurance Company and Alpha are unrated insurers writing UK solicitors’ PI.
An SRA spokesperson said: “We are always looking at the best possible ways of protecting both the public and those that we regulate. Our current stance in terms of unrated insurers is that it is the responsibility of the Financial Services Authority to regulate such companies and we take the lead from them.
“If that position were to change we would of course let solicitors and insurance companies know.”
Last year saw some brokers working 16-hour days to place clients as they scrambled to find cover for policyholders of unrated Quinn Insurance, which dropped out of the market.
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