2 Consultation

Summary

2.1 This consultation forms the final part of our policy development process, to ensure that the impacts of any policy change have been properly assessed. This will help us develop a final position that is proportionate to the problems it is intended to address.

2.2 The range of policy options being considered has been narrowed by careful examination. The aim of this consultation is to gather information about a single proposed change to the existing PII policy in the UK, in the context of an expansion of the role of the ARP to offer run-off.

2.3 The purpose of this consultation is to:

  • fill information gaps that remain despite previous reviews;
  • help us to determine whether the proposed change will successfully address availability of run-off cover and consumer protection considerations; and,
  • collect feedback on the impacts of the presented change, particularly from insurers and the profession.

Next steps

August-September 2018

Consultation with insurers, firms and consumer groups.

November 2018

Decision from UK and Ireland Regulatory Sub-Board on final PII policy changes.

April 2019

Launch of amended ARP, offering run-off for those unable to procure in the open market at a reasonable cost.

 

How to respond

2.4 Please respond to this consultation no later than 30 September.

2.5 You can respond to this consultation by either answering the questionnaire here or by sending responses to:

Mark Boyle RICS

12 Great George St London

SW1P 3AD

mboyle@rics.org