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The Solicitors Regulation Authority (SRA) has hit back at criticism from the Legal Services Board (LSB) over its plans to cut the minimum compulsory cover for law firms from £2m to £500,000.

The Legal Services Board (LSB) has extended by up to two months the time it can take to decide whether to approve a cut in the minimum indemnity limit for law firms.

The Solicitors Regulation Authority (SRA) has issued a call for evidence on its indemnity insurance reforms, as the Legal Services Board (LSB) continues its deliberations on whether or not to approve a cut in the minimum cover limit.

The Yorkshire Building Society group will insist that all law firms on its conveyancing panel have rated professional indemnity insurers from 1 October 2014, it has announced. The rule will apply at once for new applicants to the panel.

Law firms’ anti-risk measures are likely to be probed more thoroughly by insurers if the common professional indemnity insurance renewal date is abolished, according to a leading industry insider. He also revealed in detail a number of “creative accounting” techniques used by insurers to reduce their exposure to the assigned risks pool by declaring premiums that may be £60m less than actually received.