S.I. No. 209/1998 - Professional Indemnity Insurance (Amendment) Regulations, 1998.

S.I. No. 209 of 1998.

PROFESSIONAL INDEMNITY INSURANCE (AMENDMENT) REGULATIONS, 1998.

The Law Society of Ireland, in exercise of the powers conferred on them by section 26 of the Solicitors (Amendment) Act, 1994 HEREBY MAKE the following Regulations:

1 Citation and construction

1. (1) These Regulations may be cited as the Professional Indemnity Insurance (Amendment) Regulations, 1998.

(2) These Regulations and the Professional Indemnity Insurance Regulations, 1995 ( S.I. No. 312 of 1995 ) shall be construed together as one and may be cited as the Professional Indemnity Insurance Regulations, 1995 and 1998.

2 Commencement

2. These Regulations shall come into operation on the 1st day of January, 1999.

3 Minimum level of cover

3. Regulation 6 of the Professional Indemnity Insurance Regulations, 1995 ( S.I. No. 312 of 1995 ) together with the Schedule thereto are hereby amended by the substitution of "£1,000,000 for "£350,000" in sub-clauses (a)(i) and(a)(ii) of the said Regulation 6 and in Form 1, paragraph (b)(viii)(A) and (B) set out in the said Schedule.

Dated this 19th day of June, 1998.

Signed on behalf of the Law Society of Ireland pursuant to section 79 of the Solicitors Act, 1954 .

LAURENCE K. SHIELDS,

President of the Law Society of Ireland.

EXPLANATORY NOTE

At its meeting held on 12th June, 1998, the Council of the Society decided the minimum level of professional indemnity insurance cover should be increased, with effect from 1st January, 1999, to£1,000,000 for each and every claim from the present level of£350,000 for each and every claim, as provided for in Statutory Instrument No. 312 of 1995 .