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U.K.: Elite Insurance chief says it may not secure rating in time for renewal period

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Jason Smart, CEO of unrated insurer Elite Insurance Co. Ltd., said the firm may not get a rating in time for the next policy renewal period, The Law Gazette reported.

Elite provides insurance to law firms, including smaller practices, and is among those affected by the Solicitors Regulation Authority's plans that require professional liability insurers to have a B-plus rating at the least. Mr. Smart said "if the rating agency takes longer we will not have a rating that may be the requirement by Oct. 1 2014."

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