News release

Enterprise Insurance update, 19 August

Around two thirds of solicitor firms have already found alternative professional indemnity cover, or are well into the process of getting new policies in place, following the insolvency of Enterprise Insurance.

The Solicitors Regulation Authority (SRA) has confirmed that 43 regulated firms had policies for the current indemnity period with Enterprise before it was declared insolvent by the Gibraltar Financial Services Commission last month.

The SRA is working with the firms involved as they have 28 days from the time Enterprise was declared insolvent to arrange alternative cover. That period ends on 22 August.

Crispin Passmore, SRA Executive Director of Policy, said: "We have been working closely with the firms involved to keep them up to date and support them as they secure cover. These firms are aware of their responsibilities and are acting accordingly.

"We have made it clear that it is essential to let any potential new clients know about the situation. We have also told firms that we expect them to make sure existing clients are aware of what is happening.

"Proper insurance cover not only protects consumers, it also benefits the firm and profession. Timelines are short and these are challenging circumstances, so we are taking a constructive approach, and will continue to do so. The important thing is that the firms arrange new cover as soon as possible."

The SRA has issued previous statements on this issue, they can be found below:

 
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