Related provisions for IPRU-INV 9.2.5A
1 - 8 of 8 items.
A firm must take out and maintain at all times professional indemnity insurance that is at least equal to the requirements in this section from: (1) an insurance undertaking which is authorised to transact professional indemnity insurance in the EEA; or (2) a person of equivalent status in: (a) a Zone A country; (b) the Channel Islands, Gibraltar, Bermuda or the Isle of Man. [Note: articles 10(4) and 10(5) of the IDD4
If the firm is an IDD insurance intermediary4, whether or not it is also an exempt CAD
firm, the appropriate minimum limits of indemnity per year are no lower than: (1) EUR 1,250,0004 for a single claim against the firm; and(2) EUR 1,850,0004 in the aggregate.[Note: articles 10(4) and 10(5)4 of the IDD4]
If the firm is both an IDD insurance intermediary4 and an exempt CAD
firm that maintains professional indemnity insurance under IPRU(INV) 13.1A.4(1)(b)4 , the appropriate additional limits of indemnity to IPRU(INV) 13.1.10R4 per year are no lower than: (1) EUR 500,000 for a single claim against the firm; and (2) EUR 750,000 in the aggregate. [Note: 3article 31(2) of the CRD (see also IPRU-INV 13.1A.4R2)]
If the firm is not an IDD insurance intermediary4 or an exempt CAD
firm, then the following limits of indemnity apply: (1) if the firm has relevant income of up to £3,000,000, no lower than £500,000 for a single claim against the firm and £500,000 in the aggregate; or (2) if the firm has relevant income of more than £3,000,000, no lower than £650,000 for a single claim against the firm and £1,000,000 in the aggregate.
Article 10(7) of the IDD requires EIOPA to review the limits of indemnity every five years to take into account changes in the European index of consumer prices and to develop draft regulatory technical standards to adapt the base amount in euro by the percentage change in that index. Therefore, the limits of indemnity will be subject to further adjustments that will apply to firms in accordance with the regulatory technical standards adopted under article 10(7) of the IDD.4[Note:
A firm must take out and maintain professional indemnity insurance that is at least equal to the requirements of this section from:(1) an insurance undertaking authorised to transact professional indemnity insurance in the EEA; or(2) a person of equivalent status in:(i) a Zone A country; or(ii) the Channel Islands, Gibraltar, Bermuda or the Isle of Man.[Note: articles 10(4) and 10(5)6 of theIDD6]22
If the firm is an insurance intermediary, then the minimum limits of indemnity per year6are:(1) for a single claim, €1,250,0006; and33(2) in aggregate, the higher of:633(a) €1,850,000; and6(b) an amount equivalent to 10% of annual income (this amount being subject to a maximum of £30 million).6[Note: articles 10(4) and 10(5)6 of theIDD6]22
Article 10(7) of the IDD requires EIOPA to review the limits of indemnity every five years to take into account changes in the European index of consumer prices and to develop draft regulatory technical standards to adapt the base amount in euro by the percentage change in that index. Therefore, the limits of indemnity will be subject to further adjustments that will apply to firms in accordance with the regulatory technical standards adopted under article 10(7) of the IDD.6[Note:
(1) An exempt CAD
firm which is not an IDD insurance intermediary3 must have: (a) initial capital of EUR 50,000; or (b) professional indemnity insurance covering the whole territory of the EEAor some other comparable guarantee against liability arising from professional negligence, representing at least EUR 1,000,000 applying to each claim and in aggregate EUR 1,500,000 per year for all claims; or (c) a combination of initial capital and professional
(1) An exempt CAD
firm that is also an IDD insurance intermediary3 must comply with the professional indemnity insurance requirements at least equal to those set out in IPRU-INV 9.2.4R(1)(b)2 (except that the minimum limits of indemnity are at least EUR 1,250,000 for a single claim and EUR 1,850,0003 in aggregate) and in addition has to have: (a) initial capital of EUR 25,000; or (b) professional indemnity insurance covering the whole territory of the
(1) A firm which is not an IDD insurance intermediary5 must have:(a) initial capital of EUR 50,000; or (b) professional indemnity insurance at least equal to the requirements of IPRU-INV 13.1.11R4 and IPRU-INV 13.1.15R4 to IPRU-INV 13.1.27R4; or 1(c) a combination of initial capital and professional indemnity insurance in a form resulting in a level of coverage equivalent to (a) or (b). [Note: Article 67(3) of MiFID and article 31(1) of the CRD (see also rule IPRU-INV
(1) A firm that is also an IDD insurance intermediary5 must have professional indemnity insurance at least equal to the limits set out in IPRU-INV 13.1.10R4 and in addition must2 have:1(a) initial capital of EUR 25,000; or (b) professional indemnity insurance at least equal to the requirements1 of IPRU-INV 13.1.12R4 and IPRU-INV 13.1.15R4 to IPRU-INV 13.1.27R4; or 211(c) a combination of initial capital and professional indemnity insurance in a form resulting in a level
The purposes of this chapter are to:(1) implement articles 10(4) and 10(5)8 of the IDD8 in so far as it requires insurance intermediaries to hold professional indemnity insurance, or some other comparable guarantee, against any liability that might arise from professional negligence; and(2) meet the statutory objectives12 of consumer protection and protecting and enhancing the integrity of the UK financial system12 by ensuring that firms have adequate resources to protect themselves,