Developing a Regulatory Provision for Solicitors Indemnity Fund Post-Six-Year Insurance
Explore the key issues surrounding the ongoing provision of PSYROC as a regulatory measure, including the potential framework, payment considerations, and stakeholder involvement. The process involves analyzing historic claims data, consulting with insurance experts and other regulators, and seeking input from virtual reference groups. Future steps include a public consultation, rule changes as needed, and implementation by Spring 2022.
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Presentation Transcript
The Solicitors Indemnity Fund and post six-year insurance Chris Handford Director of Regulatory Policy
Key issues Should on-going PSYROC be a regulatory provision? If so, what would it look like and who would pay for it?
Developing the options Development of a decision-making framework Analysis of historic claims data by insurance experts Analysis of other available data about the characteristics of claimants and the impact of different options Discussions with other professional services regulators about their run-off requirements Input from our virtual reference group
Next steps September 2022 November 2021 Spring 2022 Public consultation opens Further consultation on any rule changes, if necessary (LSB approval required) Implementation of any changes
