Commission Delegated Regulation (EU) 2019/1935 of 13 May 2019 amending Directive (EU) 2016/97 of the European Parliament and of the Council with regard to regulatory technical standards adapting the base euro amounts for professional indemnity insurance and for financial capacity of insurance and reinsurance intermediaries (Text with EEA relevance)

Article 1

Modification of Directive (EU) 2016/97

Article 10 of Directive (EU) 2016/97 is amended as follows:

1. Paragraph 4 is replaced by the following text:

4. Every insurance or reinsurance intermediary shall be covered by a professional indemnity insurance covering the whole territory of the Union, or an equivalent guarantee, covering liability arising from professional negligence, for at least 1 300 380 EUR per claim and 1 924 560 EUR in aggregate for all claims occurring during a year, unless that insurance or equivalent guarantee is already provided by an insurance or reinsurance undertaking or another undertaking on whose behalf or by whom the intermediary acts or is mandated, or if that undertaking assumes full responsibility for the acts of the intermediary.

2. In paragraph 6, the second subparagraph, point (b) is replaced by the following text:

(b) the requirement for the intermediary to have financial capacity corresponding at all times to 4 % of the amount of premiums received per year, with a minimum amount of 19 510 EUR;

Article 2

Entry into force and date of application

This Regulation shall enter into force on the twentieth day following that of its publication in the Official Journal of the European Union.

It shall apply from 12 June 2020.

This Regulation shall be binding in its entirety and directly applicable in all Member States.