New PII Limits Imposed from June 12th 2020July 2020Professional 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 will change.
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 requirements.
Click HERE to read the Brokers Ireland Announcement.
By Judy de Castro - Regulatory Consultant