Regulatory Alerts2020-01-01
Decision on Minimum Monetary Amount of Professional Indemnity Insurance for Payment Initiation and Account Information Services
The Council of the Central Bank of Montenegro issued this Decision to establish the minimum monetary amounts for professional indemnity insurance or comparable guarantees covering liability for payment initiation and account information services. The required coverage is calculated using specific formulas based on risk profiles, transaction volumes, and user numbers, with mandatory annual reviews to ensure adequacy. Providers offering both services must sum the separately calculated minimum amounts, and guarantees must be irrevocable and payable on first demand without limitations that reduce user entitlements.
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