Firms remaining in the insurance Assigned Risks Pool have been given until April to secure cover or to shut down.

The Solicitors Regulation Authority has contacted each of the 31 firms which, of 3 January, were still open and covered by the ARP, and will make visits this month.

Firms on the list have been warned that professional indemnity insurance (PII) must be obtained on the open market by 31 March or they will have to sell, merge or close their practice.

Each firm still in the ARP on 30 September was allocated an SRA team member to ensure close monitoring. In the period to 14 December, 134 obtained open market insurance and 70 were forced to close. In an update on the ARP for today’s financial protection committee meeting, the authority also warns there is potential for firms practising without insurance cover.

During February, the SRA will cross-match insurance details from qualifying insurers with information received from the profession in an effort to check policies are legitimate.

Private contractor Capita has been told by the SRA to pursue unpaid premiums ‘as rigorously as possible’, but by 28 December outstanding debt amounted to £7.04m.

As at the start of 2012, the SRA’s legal department had referred 39 principals to the Solicitor’s Disciplinary Tribunal following failure to pay ARP premiums.

In October last year the SRA cut from 12 months to six the maximum time a firm can remain in the ARP. The scheme is due to close by September 2013.