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MTC consultation: Nothing to see here

Jane Williams and David Rees Smith discuss the SRA's proposals to change the minimum terms and conditions of PII for solicitors, in light of the Insurance Act 2015

21 June 2016

On 12 February 2016, the Solicitors Regulation Authority (SRA) released a consultation document proposing changes to the minimum terms and conditions (MTC) of professional indemnity insurance (PII) contained in
its 2013 Indemnity Insurance Rules. The purpose of those proposed changes was to update the MTC in order
to ensure consistency with
the Insurance Act 2015,
which comes into force on
12 August 2016.

The consultation has now closed, although no formal conclusions have yet been published. Among the responses received was a suggestion by the Law Society that the SRA 'prior to implementing the proposed changes, explains the meaning of, and reasons for, the proposed MTC wording changes'.

While, as discussed here, these changes appear relatively straightforward and benign, the Law Society expressed concern following 'recent confusion in the tr...

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