Regulatory Alerts2022-03-01
Bank of Lithuania Position on Professional Indemnity Insurance for Payment and Electronic Money Institutions Providing PIS and AIS
The Bank of Lithuania issued this position to establish minimum terms and conditions for professional indemnity insurance required of electronic money and payment institutions providing account information and payment initiation services. The document mandates that insurance policies must cover civil liability for unlawful acts such as unauthorized access or improper execution of transactions, while explicitly excluding non-pecuniary damage, intentional acts, and war-related events. Furthermore, the regulator requires that coverage must include personal data and cyber risks, prohibiting insurers from broadly excluding these specific liabilities from the scope of protection.
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