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RICS is reviewing its Professional indemnity insurance (PII) run-off policy in the UK. The current policy has been in place since 2011, and the UK and Ireland Regulatory Sub-board have requested that the approach be reviewed in the context of a change in economic conditions, demographics in the profession and ensuring consumers are appropriately protected.

How to respond to the consultation

Read the policy here.

You can respond to this consultation by answering the questionnaire or send responses to the address below:

Farhana Ahmad
RICS
12 Great George St
London
SW1P 3AD

Please respond to this consultation no later than midnight on the 8th January 2018.

There are two key focus areas of this review: 

  • to ensure that private consumers are adequately protected by the current policy and
  • to enable regulated firms to close down by being able to obtain the run-off cover they require.

This consultation is an essential component of our policy development process to collect information and to ensure that the impacts of any policy change have been assessed. This will help us develop evidence based policy that is proportionate to the problems it is intended to address.  

The purpose of this consultation is to:

  • Fill in information gaps highlighted by the review.
  • Help us to determine which of the presented options will best address availability of run-off cover and consumer protection considerations.
  • Collect feedback on the impacts of the presented options.

Respond to the consultation.

 

You can respond to this consultation

Consultation Summary

Consultation Summary
Name RICS Regulation Consultation into Professional Indemnity Insurance (PII) Run-Off Policy
Dates From 27 Nov 2017 at 15:00 to 8 Jan 2018 at 23:59.
Status Open
Contact Details