The ARP Policy
Updated 1 October 2013
Reminder of obligations for extended indemnity period and cessation period
The Assigned Risks Pool closed on 30 September 2013 (save in respect of prior year obligations and any applicable run-off cover). It is replaced with the last insurer of record retaining the risk in 90 day extended policy period (EPP) provided by that last insurer. This means that if a firm does not renew its insurance, its last participating (qualifying) insurer will have to provide three month’s (90 days) coverage. The EPP comprises a 30 day extended indemnity period (EIP) and a 60 day cessation period (CP). During the CP the firm can only deal with existing instructions. After the EPP, the firm will have to close if it cannot get a new policy.
We need to know of firms that have entered the EIP and CP, so there are strict reporting obligations applicable to both firms and participating insurers - please download the document below.
Notify us at firstname.lastname@example.org
For the ARP Policy (2012), please see Schedule 2 of the Qualifying insurer's agreement 2012 (PDF 146 pages, 665K).
For the ARP Policy (2011), please see Schedule 2 of the Qualifying insurer's agreement 2011 (PDF 142 pages, 1.2M).