Regulatory Alerts2025-05-12
Guernsey FSC Feedback and Final Consultation on Professional Indemnity Insurance for Insurance Intermediaries and Managers
The Guernsey Financial Services Commission issued a feedback statement and draft amended rules regarding professional indemnity insurance requirements for insurance intermediaries and managers. The proposed changes increase the minimum cover for each and every loss to £1,000,000 and introduce a £10,000,000 cap on annual aggregate cover while clarifying that the requirement is based on three times fee income from regulated activities. The Commission is inviting stakeholders to submit fatal flaw comments on the draft rules by 5 August 2022 before formally adopting the amendments.
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