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The Solicitors Regulation Authority has decided to go ahead with cutting the minimum compulsory cover for indemnity insurance from £2m to £500,000, despite strong opposition from the Law Society.

Small firms and sole practitioners could be removed from conveyancing panels if the Solicitors Regulation Authority goes ahead with its indemnity insurance reforms, the Council of Mortgage Lenders (CML) has warned.

Yorkshire Building Society has said it has “no present intention” of reconsidering a ban it has decided to impose on firms with unrated indemnity insurers, even though the Solicitors Regulation Authority last week decided against one.

The Solicitors Regulation Authority has called for the minimum level of indemnity cover firms must obtain to be cut to £500,000. The existing limits are £2m for traditional partnerships, or £3m for incorporated practices.

Unrated insurers continued to share more than a fifth of the professional indemnity insurance market at the last renewal round, while the Solicitors Regulation Authority mulls whether to force them to ‘get rated or get out’ of the business.