Minimum terms and conditions
The Minimum terms and conditions 2012 came into effect on 1 October 2012. They are published as Appendix 1 of the SRA Indemnity Insurance Rules 2011, in the SRA Handbook.
The minimum terms and conditions express the minimum coverage firms must have in respect of their regulated business. Qualifying insurers are free to issue their own policy terms so long as they provide at least the coverage set out in the minimum terms and conditions 2012.
Previous minimum terms and conditions (2010 and earlier)
As a safety net for the public and for firms, qualifying insurers have committed to the SRA that the coverage set out in the minimum terms and conditions will apply as a minimum, regardless of the wording of the policy actually issued.