News release

SRA provides information about European qualifying insurers

The Solicitors Regulation Authority (SRA) has provided information about insurers who sign up to the SRA Qualifying Insurers Agreement and who are based elsewhere in Europe.

The factsheet has been drawn up to cover insurance firms based within the European Economic Area (EEA). This comprises the countries of the European Union (EU), plus Iceland, Liechtenstein and Norway.

In order to be eligible to be a qualifying insurer, an insurer must be an authorised insurer as defined by section 87(1A) of the Solicitors Act 1974. Insurers can become a qualifying insurer if they sign a qualifying insurers agreement, under which they agree to offer policies which meet set minimum terms and conditions. Section 37 of the Solicitors Act 1974 allows the SRA to make indemnity insurance rules which require solicitors or any specified class of solicitors to take out and maintain insurance with "authorised insurers".

While the SRA regulates all solicitors in England and Wales, it does not regulate, vet or approve insurers. Authorised insurers are regulated by the Financial Services Authority.

Information has been published on the SRA website that includes details on the Financial Services Compensation Scheme (FSCS) and how cover is applied to firms. An EEA insurer wishing to do business in the UK must fully participate in the FSCS.

Agnieszka Scott, SRA Director of Policy, said: "We have published this information in light of some concerns in the profession about the protections offered to firms, and therefore also to the public, when insurance is taken out with qualifying insurers based within the EEA."

The information on EEA insurers, as well as a list of qualifying insurers, is available here:

More on the EEA insurers

 
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