Your article last week (‘Quinn’s future hangs in the balance’, [2010] 9 April, 1] is likely to have caused significant anxiety within the profession, particularly for those currently insured with Quinn.
While clearly the situation is of concern, it is important not to spread rumour and opinion unsupported by fact. It is not yet clear that this is a case of insolvency for the purposes of the SRA Qualifying Insurer Rules. The proceedings in Ireland have been adjourned again and, until the Irish courts take a view on the position, there is no need for the profession to takeaction. The advice of regulators reinforces that Quinn policies remain in full force and effect. The SRA will take a view on what needs to be done once those proceedings have been completed or other information comes to light. This is what the regulators are advising, and members of the profession should bear in mind that the commercial entities in the insurance market will have theirown commercial interests in this situation. Members should consider the position of those professing advice and act accordingly.
In the meantime, the Law Society is preparing advice for the various eventualities and will be issuing this if it becomes necessary. We are also holding discussions with all stakeholders. There are many ways in which this could resolve itself, but it helps nobody for there to be speculation and panic at this stage when the situation is so unclear.
Des Hudson, Chief executive, Law Society
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