Professional Indemnity Insurance (PII) changes and new guidance

This month sees new guidance and changes introduced for PII:

Changes to the ICAEW’s Professional Indemnity Insurance (PII) Regulations and minimum wording came into effect on 1 October 2018. The changes to the PII Regulations have been made for completeness and to reflect current practice. They also reflect the increased limits of indemnity required of firms engaged in insurance distribution activities under the Insurance Distribution Directive from 1 October 2018. Substantial amendments have been made to the PII minimum approved wording. Most of the changes are of a drafting nature to make the minimum wording clearer and more concise. A few amendments are substantive and will extend coverage under the minimum wording.

New guidance on insurance has been issued by the PII Committee.

The PII Committee has developed guidance on some of the key issues that firms should think about in taking out, and maintaining, professional indemnity and other forms of insurance.

Access the full guidance article and detail about the changes to the PII Regulations and minimum wording on our website.

PII is compulsory for all ICAEW members who have a practising certificate and engage in public practice. It is also a requirement of a number of our regulations. Please let other members know about these important changes.