Isle of Man Law Society (the Society ) Professional Indemnity Premium Payment Rules (the Rules )
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1 Isle of Man Law Society (the Society ) Professional Indemnity Premium Payment Rules (the Rules ) Preamble As at June 2007, the Society negotiated a favourable change to the cost of the Society s Professional Indemnity Insurance Policy (the Master Policy ). In essence, the change resulted in the Society paying a fixed premium for the year rather than a premium and then further payments throughout the year when new members were admitted, associates promoted to partner or new firms created. This has resulted in substantial savings to the Society. Following on from the introduction of the revised premium apportionment calculation for the Master Policy, a system needed to be devised whereby changes in the overall make up of the membership of the Society was accounted for. The Rules set out the method by which the Society intends to deal with changes in membership and method of calculation of additional premiums which shall be payable as a result. The primary aim of the Rules is to deal with additional premiums which are payable when the overall make up of the chargeable elements upon which the Master Policy premium is calculated increase e.g. through establishment of new firms or promotions within firms. The Rules are designed to replicate, so far as possible, the historical approach to additional premium calculation utilised by the insurers prior to the current Master Policy year. The Rules are effective from the Master Policy renewal date 1 st June Contents I The Rules (i) (ii) (iii) Definitions Setting Up of a New Firm Appointment of a Partner
2 (iv) Promotion from Associate Advocate to Partner within a Firm (v) Associate Advocate becoming a Partner at a different Firm (vi) Appointment of an Associate Advocate (vii) Retirement of a Partner or Associate Advocate (viii) Use of Additional Premiums (ix Movements between Firms (x) Combination of New Appointment and Movement between Firms (xi) Rules not Exhaustive (xii) Disputes II Appendix 1 Worked Examples
3 I The Rules (1) Definitions In the Rules:- Advocate means an advocate as qualified in accordance with the Advocates Act 1995; AFI means annual fee income; Associate Advocate means an Advocate who is not a Partner; EAFI means estimated annual fee income; Firm means a sole practitioner, partnership, limited partnership or incorporated practice as appropriate; Partner includes a Principal, a partner in partnership with other Advocates, a limited partner of a limited partnership or a director in an incorporated practice, as the case may be; PPAA means premium per Associate Advocate; PPP means premium per Partner; Policy Period means the period for which the Master Policy is in force and the annual premium is payable, currently 1 st June to 31 st May in each year; Principal means an Advocate who is in practice as a sole practitioner; Rate means rate against estimated Annual Fee Income; Rules means the Isle of Man Law Society Professional Indemnity Premium payment Rules; and Society means the Isle of Man Law Society. (2) Setting Up of a New Firm (a) This Rule (2) shall apply only where the new Firm arises as the result of growth in the overall number of Firms. For the purposes of paragraphs (2)(b) and (2)(c), n is the number of days remaining in the current Policy Period divided by 365, np is the number of Partners and naa is the number of Associate Advocates.
4 (b) payable by the Firm for the remainder of the Policy Period in which a new Firm is established by one or more Partners (not currently Partners or Associate Advocates in a Firm):- (PPP x np) + (Rate x EAFI) (n) (c) payable by the Firm for the remainder of the Policy Period in which a new Firm is established by one or more Associate Advocates:- (PPP x naa) (PPAA x naa) + (Rate x EAFI) x (n) (d) (e) The formula in paragraph (2)(c) shall also be used for calculating the additional premium payable by the Firm for the remainder of the Policy Period in which a new Firm is established by one or more Partners of existing Firms plus one or more Associate Advocates (where the Associate Advocate is becoming a Partner). No additional premium shall be payable where any number of Partners combine to form a new Firm without any Associate Advocates. (3) Appointment of a Partner payable for the remainder of the Policy Period in which a Firm employs a new Partner or Partners who was not previously a Partner or Associate Advocate:- (PPP x np) x (n) For the purposes of paragraph (iii), n is the number of days remaining in the current Policy Period and np is the number of Partners. (4) Promotion from Associate Advocate to Partner within a Firm payable for the remainder of the Policy Period in which a Firm promotes one or more Associate Advocates to Partner within a firm:- (PPP x np) (PPAA x naa) x (n) For the purposes of paragraph (4), n is the number of days remaining in the current Policy Period, np is the number of Partners and naa is the number of Associate Advocates. (5) Associate Advocate becoming a Partner at a different Firm
5 payable by a Firm which appoints one or more Associate Advocates from another Firm as a Partner for the remainder of the Policy Period in which such Firm makes such appointment(s):- (PPP x np) (PPAA x naa) x (n) For the purposes of paragraph (5), n is the number of days remaining in the current Policy Period, np is the number of Partners and naa is the number of Associate Advocates. (6) Appointment of an Associate Advocate payable by a Firm which appoints one or more Associate Advocates who were not previously Associate Advocates:- (PPAA x naa) x (n) For the purposes of paragraph (6), n is the number of days remaining in the current Policy Period and naa is the number of Associate Advocates. (7) Retirement of a Partner or Associate Advocate Where a Partner or Associate Advocate retires during the Policy Period, no return of premium is payable. (8) Use of Additional Premiums All premiums payable under paragraphs (2) to (7) of the Rules shall be collected into an account maintained by the Society for the purpose (the Reserve ) and may be used to offset future years premiums in such amount and such manner as the Council of the Society shall in their absolute discretion determine. (9) Movements between Firms (a) The following formula shall be used for calculating the premium payable by one Firm ( Firm A ) which appoints one or more Partners who were previously Partners at another Firm ( Firm B ):- (PPP x np) x (n) (b) The following formula shall be used for calculating the premium payable by one Firm ( Firm A ) which appoints one or more Associate Advocates who were previously Associate Advocates at another Firm ( Firm B ):-
6 (PPAA x naa) x (n) (c) The following two stage formula shall be used for calculating the premium payable by one Firm ( Firm A ) which appoints one or more Partners who were previously Associate Advocates at another Firm ( Firm B ):- Stage 1 Stage 2 (PPP x np) (PPAA x naa) x (n) (PPAA x naa) x (n) For the purposes of paragraphs (a), (b) and (c), n is the number of days remaining in the current Policy Period divided by 365, np is the number of Partners and naa is the number of Associate Advocates. (d) (e) Additional premiums payable as a result of movements between Firms pursuant to paragraphs (a) and (b) shall be paid by Firm A to Firm B. The additional premium payable pursuant to Stage 1 in paragraph (c) shall be paid into the Reserve by Firm A and the amount arising from Stage 2 of the calculation, shall be paid by Firm A to Firm B. (10) Combination of New Appointment and Movement between Firms Where at any one date there is a combination of a new appointment and a movement between Firms, the additional premium payable shall be calculated using a combination of the relevant formula from paragraph (2), (3), (4), (5) or (6) and the formula from paragraph (9). The resulting additional premium shall be paid in accordance with paragraphs (8) and (9)(d) as applicable. (11) Rules not Exhaustive The Rules are not exhaustive and, whilst every effort has been made to take account of all possible scenarios, circumstances may arise which are not covered in the Rules. In such a case the matter shall be referred to the Vice President of the Society in his capacity as Chairman of the Society s Professional Indemnity Insurance Sub-Committee who shall make a preliminary determination which shall be subject to review by the Council of the Society at the request of the member firm. (12) Disputes Any dispute arising out of a determination made under the Rules shall in the first instance be referred to the Vice President of the Society in his capacity as Chairman of the Society s Professional Indemnity Insurance Sub-Committee who shall make a preliminary determination which will be subject to review by the Council of the Society at the request of the member firm.
7 II APPENDIX I Worked Examples The premiums / rates used below are for the worked examples only and will differ from those used in the actual apportionment framework. For the purpose of the worked examples the following rates have been used: 3,000 Premium per Principal / Partner 1,000 Premium per Associate Advocate 2.00% - Rate against Annual Fee Income Setting up of a new Firm For example: (i) (ii) (iii) 2 Sole Practitioners join to start 1 new Firm No growth, therefore no additional premium 3 Partners leave one firm and 2 Partners leave another Firm to start 1 new Firm of 5 Partners No growth, therefore no additional premium 1 Sole Practitioner joins an existing Firm as a Partner No growth, therefore no additional premium However, if there is growth as a result of the new Firm then additional premiums will be charged. For example: (i) A Principal leaves the Isle of Man in 2003 but returns to practice 1 st July Estimates Annual Fee Income for year 1 is 100,000. This is growth and therefore the Principal will be charged as follows: (Premium per Principal) + (Rate against Est. Annual Fee Income) x (Pro Rata) = ( 3,000 x 1) + (2.00% x 100,000) x (11/12) = 4, (ii) 2 Associates leave a Firm to start a new Firm with effect from 1 st December Estimated Annual Fee Income for year 1 is 250,000. This is growth and therefore the new Firm will be charged as follows:
8 (Premium per Partner) (Premium per Associate) + (Rate against Est. Annual Fee Income ) x (Pro Rata) = ( 3,000 x 2) ( 1,000 x 2) x (6/12) = 2, In example (ii) there has been no charge against Estimated Annual Fee Income as this will have already been paid for by the Firm they left. Appointment of a Partner e.g. On 1 st December 2007 Firm x appoints a new Partner. The person in question has come from and English firm. Firm x pays (Premium per Partner) x (Pro Rata) = ( 3,000 x 1) x (0.5) = 1,500 Promotion from Associate to Partner (within a firm) e.g. On 1 st September 2007 firm x promotes 3 Associate Advocates to Partners. Firm x pays (Premium per Partner) (Premium per Associate) x ( Pro Rata) = ( 3,000 x 3) ( 1,000 x 3) x (0.75) = 4,500 Associate Advocate becomes a Partner at a different firm e.g. On 1 st December 2007 Firm x loses an Associate Advocate to Firm y and Firm y appoints the Associate Advocate as a Partner. Firm y pays (Premium per Partner) (Premium per Associate) x (Pro Rata) = ( 3,000 x 1) ( 1,000 x 1) x (0.5) = 1,000 Appointment of an Associate Advocate e.g. On 1 st March 2008 Firm x appoints 3 new Associate Advocates. One is an appointment from within the firm and the other two are from outside of the Isle of Man. Firm x pays
9 (Premium per Associate) x (Pro Rata) = ( 1,000 x 3) x (0.25) = 750 Movement between Firms (i) Firm B loses 3 Associate Advocates to Firm A with effect from 1 st December Firm A pays Firm B the Pro Rata premium for 3 Associates. 50% x 1,000 x 3 = 1,500. (fees are not taken into consideration) (ii) Firm A then promotes one of the Associate Advocates to Partner, effective from 1 st December Firm A pays additional premium as though there had been growth within the Firm, as follows: = ( 3,000-1,000 x 1) x (0.50) = 1,000
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