New PII Limits Imposed from June 12th 2020June 2020
Professional Indemnity Insurance (PII) is
seen by the Central Bank of Ireland as a key prudential and consumer protection
safeguard. From the 12th of June 2020 the required amount of cover
This change has come about
under COMMISSION DELEGATED REGULATION (EU) 2019/1935.
The new requirements are: €1,300,380 per
claim and €1,924,560 in aggregate.
This change applies to intermediaries authorised
under both the Insurance Distribution Regulations (IDR) 2018 and the Investment
Intermediaries Act 1995.
Brokers should ensure with their PII
provider that their PII levels will be amended in line with the new
Click HERE to read the Brokers Ireland
By Éilish Larkin - Regulatory Consultant