LIANS Insurance Levy for 2015-2016
The 2015-2016 LIANS Insurance Levy was approved by the LIANS Board of Directors on April 21, 2015.
As a result of increased volatility at the national level, the Board increased the self-retention for Nova Scotia to $500,000 and approved a 17% surplus credit, which keeps the net levy at a reduced amount, below the actual cost of providing the professional liability insurance while still practising prudent fiscal management for the program overall. Claims experience in Nova Scotia has deteriorated – more claims of higher amounts are being reported. This has resulted in an increase in the required levy.
The net levy for the upcoming 2015-2016 year will be $1,900 for each practising private practitioner, $950 for Nova Scotia Legal Aid lawyers and $350 for Nova Scotia government lawyers. This is an increase from last year’s levy, but still below the true cost of insurance of $2,193.