Solicitors Acts 1954 to 2008 (Professional Indemnity Insurance) (Amendment) Regulations 2010.
Statutory Instruments
Source: Statutory Instruments

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paragraphs: Preliminary and General
(a) These Regulations may be cited as The Solicitors Acts 1954 to 2008 (Professional Indemnity Insurance) (Amendment) Regulations 2010.
(b) These Regulations, the 2009 Regulations and the 2007 Regulations shall be construed together as one instrument. Terms used in these Regulations and defined in the 2007 Regulations (as amended by the 2009 Regulations) and in the 2009 Regulations shall, where the context so admits, have the respective meanings ascribed to them in those instruments.
(c) These Regulations shall come into operation on the 1st day of December 2010.
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paragraphs: Interpretation
In these Regulations, the following terms shall have the following meanings:—
“2007 Regulations” means The Solicitors Acts 1954 to 2002 (Professional Indemnity Insurance) Regulations 2007;
“2009 Regulations” means The Solicitors Acts 1954 to 2008 (Professional Indemnity Insurance) (Amendment) Regulations 2009 and The Solicitors Acts 1954 to 2008 (Professional Indemnity Insurance) (Amendment (No.2)) Regulations 2009;
“Commercial Property Regulations” means the Solicitors (Professional Practice, Conduct and Discipline — Commercial Property Transactions) Regulations 2010.
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paragraphs: Amendment of Regulation 2 of the 2007 Regulations
(a) Regulation 2 is amended by the substitution of the following for the corresponding definitions therein:
“ARP” means the assigned risks pool;
“ARP eligibility criteria” in relation to a firm, means that the firm does not hold qualifying insurance with a qualified insurer and:
(i) that the firm has not been in the assigned risks pool for more than twenty four of the sixty months preceding the date of its application to enter the assigned risks pool and is not a successor firm to such firm; and
(ii) that no direction in relation to the firm is in effect pursuant to Regulation 10(g) or Regulation 11(e)(iv); and
(iii) that the firm is not a defaulting run-off firm, nor was it a defaulting run-off firm during the suspended period; and
(iv) that the firm is not ineligible by virtue of Regulation 7B(c).
“minimum terms and conditions” means the minimum terms and conditions set out in Appendix 1 to these Regulations with which a qualifying insurance (or, in the case of a qualifying insurance provided as a co-insurance, any part thereof) underwritten by a qualified insurer is required by these Regulations to comply, or in the case of coverage granted by the ARP, such minimum terms and conditions as varied by these Regulations to apply in respect of such coverage;
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paragraphs: Membership of the Assigned Risks Pool for the indemnity period immediately following the suspension period
(a) Regulation 7 is amended by the substitution of the following for Regulation 7(a).
“(a) Subject to Regulation 7B, where at any time a firm either has not established or fails to maintain qualifying insurance underwritten by a qualifying insurer as required by these Regulations, that firm shall (if it is an eligible firm) apply to enter the assigned risks pool prior to:
(i) the date on which its practice commences; or
(ii) the date on which the relevant indemnity period commences; or
(iii) the date on which it fails to maintain qualifying insurance whichever date is the latest.”
(b) The 2007 Regulations are further amended by the insertion of the following as Regulation 7B.
“7B. Applications to enter the Assigned Risks Pool for the indemnity period immediately following the suspension period
“(a) Firms in practice at 1 December 2010 may make their applications to enter the assigned risks pool for the indemnity period immediately following the suspension period up to 60 days after the commencement of such indemnity period.”
“(b) The provisions of Regulation 7B(a) are a dispensation solely in relation to the time limits for making an application to join the assigned risks pool and such provisions shall not in any way relieve a firm of any requirement of these Regulations to establish or maintain qualifying insurance or run-off cover.”
“(c) A firm that failed to establish or maintain qualifying insurance during the suspended period is not eligible to enter the Assigned Risks Pool unless it can show that it ceased practice and established or maintained run-off cover during the suspended period.”
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paragraphs: Amendment of Regulation 9 of the 2007 Regulations
Regulation 9 is amended by the substitution of the following for Regulation 9(e):
“The amount of the ARP default premium payable by:
(i) any firm designated as a defaulting firm pursuant to Regulation 7(e); or
(ii) any defaulting firm in respect of whose practice arrangements pursuant to Regulation 9(a) are made from time to time;