Regulator publishes list of law firms without coverage

Regulator publishes list of law firms without coverage | Insurance Business America

Regulator publishes list of law firms without coverage
One regulatory body is showing some tough love to legal firms, publishing a list on its website of law firms that haven’t obtained professional indemnity coverage and should be closed down.

The U.K.’s Solicitors Regulation Authority has published on its website a list of 136 law firms that did not obtain new professional indemnity coverage during the extended policy period (EPP) and should have closed down.

“The SRA has taken the decision on this occasion to publish the names in the interests of protecting consumers and third parties,” reads a statement from the SRA. “Publishing the names adds an extra layer to the protection already in place.”

In Ontario, individual lawyers and licensed paralegals are licensed by the Law Society of Upper Canada and are required to purchase professional indemnity insurance each year, as per the Law Society Act and Law Society By-Law 6 (Professional Liability Insurance). LAWPRO, the Lawyers' Professional Indemnity Company, administers the errors and omissions insurance program for lawyers.

“Failure to purchase the required insurance by the annual deadline, or failure to provide evidence of compliance for licensed paralegals, could result in administrative suspension,” says Susan Tonkin, communications advisor for The Law Society of Upper Canada. “A licensee who is suspended is not permitted to practise law and/or provide legal services.”

The U.K. regulator took unusual decision to publish a list in the “interests of protecting consumers and third parties.” (continued.)

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