The SLCC has today published a report on the professional indemnity arrangements made by the Law Society of Scotland.
The Law Society has duties to make arrangements for professional indemnity insurance for solicitors, and the SLCC has powers of oversight, where it may ‘monitor the effectiveness’ of those arrangements.
The Insurance Committee of the Law Society arranged for the SLCC to have observer status during the retender of the Master Policy in early 2021. That observation, along with further research into indemnity arrangements in other sectors and jurisdictions, informed this report.
As well as reflecting on the delivery of the tender process itself, the report comments on the wider indemnity arrangements, including their governance, and makes recommendations for how they could be enhanced.
Vicky Crichton, Director of Public Policy said, “I want to thank to the Law Society, and specifically the Insurance Committee, for working with us to facilitate our observation of the Master Policy tender process. It was very helpful in shaping our understanding of how the tender process fits within the wider operation of the Master Policy, and professional indemnity arrangements more generally.
“We hope this report will equally be a helpful opportunity for the Insurance Committee and wider Law Society to better understand our interest in this area, and will help to support future joint working between us.
“The recommendations we have made are intended to continue a constructive dialogue with the Society about how professional indemnity arrangements can best support and protect both the profession and legal service users. We know that these aims are shared by the Society, and we look forward to working together to achieve them.”