SRA extends professional indemnity insurance scheme

The Law Society’s call for the Solicitors Regulation Authority to extend a scheme that provides solicitors’ professional indemnity insurance (PII) post-six year run-off cover has been heeded. The SRA Board approved proposals made by the Society to introduce rules to extend the scheme, which was established by the Society back in 2000. However, the Society’s call for a cap on the cost to the profession of the extension was ignored.