On 1 July 2023, new regulatory arrangements came into effect. The Core Regulatory Framework requires that if an attorney provides services to the public, professional indemnity insurance (PII) must be in place that is commensurate with the risks presented by their business and which meets IPReg’s current Minimum Terms and Conditions (MTCs). PII is provided by participating insurers.
The participating insurers are:
- PAMIA Limited
- Allianz Global Corporate & Specialty SE
We are open to other insurers signing an agreement to become a participating insurer.
If you cannot obtain PII from a participating insurer, you may be eligible to enter the PII sandbox. We have set up the sandbox to enable the testing of alternative PII arrangements. The PII sandbox will provide a way for firms or sole traders to obtain PII from insurers who are not on IPReg’s list of participating insurers. This will then enable them to apply to be admitted to, or remain on, the IPReg registers and be regulated. It may also be of interest to firms who are able to obtain cover from a participating insurer but who want to make alternative arrangements (perhaps for commercial reasons). Please contact us if you are interested in the PII sandbox.
Following the Disciplinary Case against A Patent Attorney, the Joint Disciplinary Panel issued Guidance on the use of liens. Please contact us if you wish to see a copy.
For more information and guidance on client money see this guidance.