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27 September 2011
As part of a broad reform of professional services under Legislative Decree 138/2011,(1) new provisions have been introduced on professional indemnity insurance policies. They require all professionals to enter into a professional indemnity policy, the details of which must be notified to clients in the letter of engagement. For the purposes of the requirement, the term 'professional' includes architects, engineers, notaries, accountants, lawyers and, more generally, all those whose activity is governed by a professional body - that is, bodies which exercise statutory functions in regulating a relevant profession.
The legislative decree allows professional bodies to enter into master policies on behalf of each professional member.
The provisions of the legislative decree will come into effect in August 2012, but the legal profession may yet be subject to specific rules, as a separate bill (which substantially confirms the requirement to obtain a professional indemnity policy) is under discussion.
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