01 Jul 2016
In December 2015, the Board published a revised registration standard for professional indemnity insurance (PII) arrangements that takes effect from today.
The revised standard now applies to all registered pharmacists except those with non-practising registration.
It is your responsibility as a pharmacist to ensure that you comply with the revised standard by the time you renew your registration, which is due by 30 November 2016 for pharmacists holding general registration.
The new standard has not changed significantly compared to the standard that is currently in place, continuing to set a minimum amount of cover of $20 million which reflects the industry standard.
There have been some minor changes to the requirements, with the new standard specifically requiring policies to have retroactive cover and automatic reinstatement. There is also additional detail in relation to:
The Board published the standard well in advance of its commencement to provide pharmacists adequate time to ensure that their arrangements for PII will meet the new registration standard. To ensure a smooth transition to the new standard, the Board has allowed for a transition period to meet the standard.
All pharmacists must meet the new standard by the time they renew their registration, which for the majority of pharmacists is due by 30 November 2016.
Until that time, it is acceptable that your PII arrangements meet the Board’s registration standard for PII arrangements dated 1 July 2010. However, if your PII policy is due for renewal in the meantime you should ensure that your new policy meets the new standard.
If your PII arrangements policy is not due for renewal before you renew your registration, you will need to contact your insurer, and if necessary, have your policy adjusted so that it meets the new standard by the time you renew your registration.
The Board encourages all pharmacists to review the new registration standard to check whether their current PII arrangements will need to be adjusted to meet the requirements of the new standard.
Pharmacists whose registration is not due for renewal by 30 November 2016 must meet the requirements of the new standard by 30 November 2016.
More information about the new PII arrangements standard, including the brief consultation report, FAQ and a fact sheet, is available on the Professional indemnity insurance arrangements page of the AHPRA website.