The
Public Practice Regulations (the regulations) of Chartered Accountants Ireland set out the requirements regarding Professional Indemnity Insurance (PII).
The regulations apply to:
- a member holding a practising certificate; and/or
- a firm or person licensed, registered or authorised to operate in a reserved area which includes audit and investment business.
Chartered Accountants Ireland have advised of changes to the PII requirements which will come into effect from 1 September 2024. Details of the main changes can be found
here. The insurance must be effected by a policy or policies which meet the criteria for qualifying insurance and must be underwritten by participating insurers.
For
CPA Members, professional indemnity insurance held in compliance with the
CPA Rules (CPA Bye Law 9, PII) at the Amalgamation Time will be deemed to comply for all renewal periods commencing on or before the
31 December 2025. For any professional indemnity insurance policies renewed on or after
1 January 2026 the Public Practice Regulations of Chartered Accountants Ireland apply.
Where a CPA Member ceases to engage in
public practice on or before the expiry of any insurance deemed to comply with the Regulations, the
CPA Rules relating to professional indemnity insurance on cessation of practice will apply.
Members are advised to review the Regulations for details.