The mandatory professional indemnity insurance (PII) renewal date for all firms is 1 December 2019. This date is not negotiable. All cover under the current indemnity period will expire on 30 November 2019.

Confirmation of cover

All firms must ensure that confirmation of their PII cover is provided to the Society within three working days of 1 December 2019, including those firms with variable renewal dates. Therefore, confirmation of cover in the designated form must be provided to the Society on or before close of business on Wednesday 4 December 2019.

Confirmation of cover should be provided by your broker through the Society’s online PII confirmation system. Such confirmation must include your policy number, and confirmation of cover cannot be provided until the policy is actually in place. As your firm has a statutory obligation to ensure such confirmation of cover is provided to the Society on or before Wednesday 4 December 2019, you are responsible for ensuring that your broker provides the Society with confirmation of cover by that date. You should also ensure that your broker has familiarised themselves with the online confirmation system, and has the necessary information to confirm cover online (such as their login and password) in advance of 1 December 2019.

It is noted that some firms who have confirmed PII cover to the Society during 2019 have a coverage period that extends past 30 November 2019. Such firms are still required to reconfirm cover for 2019/2020 with the Society by 4 December 2019.

Please note that your firm will not be reflected as having PII in place on the Society’s ‘Find a firm’ online search facility until such time as the Society has received the required online confirmation of cover.

Renewal resources

The guide to renewal for the 2019/2020 indemnity period will be published on the Society’s website on 4 November 2019 to assist the profession with renewal. The guide includes information such as tips for renewal, important points to note, and a guide to insurers and brokers. This guide will be updated frequently with new information received by the Society, in particular with regard to what insurers will be in the market in the next indemnity period.

Renewal resources for the 2019/2020 indemnity period are available to download from the Society website at www.lawsociety.ie/PII and include the common proposal form, PII regulations and minimum terms and conditions, the Participating Insurers Agreement, and relevant PII practice notes. The information available is frequently updated as more documentation becomes available.

Financial strength rating

There is a minimum financial-strength requirement from a recognised rating agency for all participating insurers of an A rating (S&P, Fitch) or equivalent. The recognised rating agencies are Standard & Poor’s, Fitch, AM Best, and Moody’s. The Society also has the power to waive the minimum financial rating requirement for participating insurers, subject to such terms and conditions as the Society deems fit, such as provision of a suitable parental guarantee from a rated parent company.

It should be noted that all participating insurers in the market are permitted to write insurance in this jurisdiction under the supervision of the Central Bank. The Society is not responsible for policing the financial stability of any insurer. The Society does not vet, approve, or regulate insurers.