EIOPA published a consultation paper on draft regulatory technical standards adapting the base euro amounts for professional indemnity insurance (PII) and for financial capacity of intermediaries under the Insurance Distribution Directive (IDD). The consultation is intended to gather feedback on professional indemnity insurance, minimum financial capacity, and the draft regulatory technical standards. Comments can be submitted by April 27, 2018.
Holding the required level of PII is a key prudential and consumer protection safeguard. EIOPA is required under the IDD to develop draft regulatory technical standards, which adapt the base euro amounts for PII and financial capacity of insurance intermediaries. Based on an EIOPA review, which accounts for changes in Eurostat's European index of consumer prices, the proposed new amounts are EUR 1,300,370 and EUR 1,924,550 for the PII and EUR 19,510 for the financial capacity. EIOPA intends to finalize the draft regulatory technical standards for submission to EC by June 30, 2018.
Comment Due Date: April 27, 2018
Keywords: Europe, EU, Insurance, IDD, Regulatory Technical Standards, EIOPA
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