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    EIOPA Submits to EC Standards for Professional Indemnity Insurance

    June 27, 2018

    EIOPA submitted, as required by Article 10(7) of the Insurance Distribution Directive, the draft regulatory technical standards to EC for adapting the base euro amounts for professional indemnity insurance and financial capacity of insurance intermediaries. The regulatory technical standards shall enter into force on the twentieth day following that of the publication in the Official Journal of the European Union.

    The base amounts have been adapted taking into account the changes in the European index of consumer prices, which increased by 4.03% in the relevant period from January 01, 2013 to December 31, 2017. The figures have changed as follows:

    • The minimum amount of EUR 1,250,000 per claim is increased to EUR 1 300 380 per claim.
    • The minimum amount of EUR 1,850,000 for all claims/year is increased to EUR 1 924 560 for all claims/year.
    • The minimum amount of EUR 18,750 of financial capacity is increased to EUR 19 510.

     

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    Keywords: Europe, EU, Insurance, Regulatory Technical Standards, Indemnity Insurance, IDD, EIOPA

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