The Law Society of England and Wales (The Law Society) established the Solicitors Indemnity Fund in 1987 to provide compulsory professional indemnity cover to all solicitor firms in private practice throughout England and Wales. At the same time The Law Society established Solicitors Indemnity Fund Limited (SIFL) for the sole purpose of managing and administering the Fund.
SIF and SIFL were established under Section 37 of the Solicitors Act 1974. Their operation is currently governed by the SRA Indemnity Rules 2012, which can be found on the following website: https://www.sra.org.uk/solicitors/standards-regulations/indemnity-rules-2012/
In 1999 the solicitor’s profession elected to move towards an insurance based open market scheme with the consequence that SIF entered into run-off with effect from 1 September 2000.
With the agreement of The Law Society of England and Wales, SIF has provided Expired Run-off cover to firms that ceased without successor since 1 September 2000 but only after the primary run-off period of 6 years had elapsed. SIF will provide this Expired Run-Off protection until 30 September 2021.