News
Information for firms that have policies with Quinn Insurance
16 April 2010
The Irish High Court yesterday appointed full-time administrators to Quinn Insurance Limited, after placing the firm in provisional administration on 30 March.
The SRA understands that this type of administration under Irish insurance legislation does not appear to amount to an insolvency event for the purposes of the Solicitors' Indemnity Insurance Rules in England and Wales. Therefore, there is no requirement at this stage for firms insured with Quinn to seek replacement Qualifying Insurance.
We will continue to monitor the situation closely and will advise the solicitors' profession of any significant developments or change to our view.
The High Court in Dublin appointed Paul McCann and Michael McAteer of Grant Thornton as joint, full-time administrators to Quinn Insurance Limited. There will reportedly be another hearing on the matter on 20 May.
The Irish Financial Regulator regulator has confirmed that existing policyholders in the UK will continue to be covered.
What does this mean for solicitors' firms insured with Quinn?
The SRA understands that existing policy holders in the UK will continue to be covered, and that customers of the firm can continue to make claims in the normal way.
What should I do if I have an indemnity policy with Quinn?
The SRA recommends you take no action at present. We will continue to monitor the situation closely.
The SRA will contact indemnity insurance policy holders directly if they need to act.
For more information, see the Financial Services Authority website.