A group of NSW solicitors have launched a petition calling for a Law Society general meeting over the lack of professional indemnity cover competition.

“It is simply unfair that a minority of law practices have the freedom to choose their insurer but the majority don’t,” the group said.

“We believe a foundation of our open, free market society is that competition is beneficial and drives innovation and value.”

The NSW Attorney-General has rejected an application by Liberty Mutual-backed ABC Insurance to offer policies for the 2026-27 practising year.

The decision means the 70% of solicitors and firms operating solely in NSW must continue to obtain professional indemnity insurance through Law Society-owned Lawcover.

Insurance Choice NSW – which calls itself a grassroots campaign by solicitors seeking competition – says 250 signatures are needed for a meeting to be called.

If successful, resolutions would be put forward to open up competition and propose that Lawcover become an entity separate from the council in 12-18 months.

The state parliament’s upper house last week passed a resolution from Libertarian member John Ruddick calling for the release of documents concerning the Lawcover and ABC Insurance decisions.

Mr Ruddick says the average Lawcover premium per legal practitioner is between double and 2.5 times the equivalent in Victoria, where there is a competitive private sector market.

Labor’s Stephen Lawrence told the Legislative Council actuarial advice was considered, and the government examined costs and potential premium moves.

“There seems to be a strong case that the existing arrangement is in the public interest,” he said.

“We should not jeopardise the public interest simply because of some theory about the benefits of competition.”