In December 2021, as part of RICS’ Standards and Regulation Board (SRB) review of RICS’ professional indemnity insurance requirements in the UK, the Board approved a series of initial recommendations.
In January, we published RICS PII Market – Call for Views, which provides a summary of the progress made in RICS’ review of its PII requirements and requested industry feedback on a series of proposals and recommendations.
The document provides an overview and analysis of the issues currently affecting the PII market, alongside a series of short-term actions RICS can undertake to alleviate some of the pressures in the market, as well as proposals for medium-term structural changes to our PII framework.
The call for views ran from 20 January to February 24. Following careful analysis and consideration of the responses received, we have published RICS response to the call for views, which summarises the responses and our proposed next steps.