PII capital requirement
- 110(1) (in IPRU(INV) 11) an amount of own funds that a collective portfolio management firm must hold in relation to its professional indemnity insurance policy to cover any defined excess (as set out in article 15 of the AIFMD level 2 regulation (professional indemnity insurance) (as replicated in IPRU(INV) 11.3.15EU)) and exclusions to that policy (see IPRU(INV) 11.3.16R (Professional negligence)).
- (2) (in GENPRU) an amount of own funds that a collective portfolio management investment firm must hold in relation to its professional indemnity insurance policy to cover any defined excess (as set out in article 15 of the AIFMD level 2 regulation (professional indemnity insurance) (as replicated in GENPRU 2.1.71EU)) and exclusions to that policy (as set out in GENPRU 2.1.72R (Requirements for collective portfolio management investment firms)).