SRA Handbook

Power to collect contribution from firms

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Version 18 of the Handbook was published on 01/11/2016. For more information, please click 'History' Above

Rule 13: Power to collect contribution from firms

13.1

Every firm and/or principal shall make contributions in such amounts, at such times and in such circumstances, as may be prescribed from time to time by the SRA in respect of the ARP, the cost of funding all or any part of the ARP or funding or providing any contribution, consideration, payment, undertaking, reimbursement, guarantee, surety or security in respect of the ARP, in each case, that the SRA agrees or determines is to be contributed or made available on behalf of firms and/or principals to or in consideration for participating insurers agreeing to underwrite the liabilities of the ARP in respect of the indemnity period commencing on 1 October 2012.

13.2

Any unpaid contribution under Rule 13.1 may be recovered as a debt due to the Society. The SRA may recover any unpaid contribution from a licensed body, and may require licensed bodies to make such further contributions as the SRA considers necessary in respect of the ARP, the cost of funding all or any part of the ARP or funding or providing any contribution, consideration, payment, undertaking, reimbursement, guarantee, surety or security in respect of the ARP, in each case, that the SRA agrees or determines is to be contributed or made available to or in consideration for participating insurers agreeing to underwrite the liabilities of the ARP in respect of the indemnity period commencing on 1 October 2012.