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The Law Society has published a practice note on the Insolvency of a Qualifying Insurer. The document outlines what should be done in the event of the insolvency of a solicitor's insurer. In a related 'insurance field' development the International Association of Insurance Supervisors has published a document outlining guidance on ICP 16 of it's remit, namely, "The legal and regulatory framework defines a range of options for the orderly exit of insurers from the marketplace. It defines insolvency and establishes the criteria and procedure for dealing with insolvency. In the event of winding-up proceedings, the legal framework gives priority to the protection of policyholders”.
"This is the ultimate statement of where the law on IVAs is to be found in our great common law...