Regulatory Alerts2023-12-05
Added · Updated
Commission Delegated Regulation (EU) 2024/896 amending Directive (EU) 2016/97 on insurance distribution
The European Commission amends Directive (EU) 2016/97 to update the base amounts for professional indemnity insurance and financial capacity of insurance, reinsurance, and ancillary insurance intermediaries by 20.32 percent. Article 10(4) now requires intermediaries to hold professional indemnity insurance covering at least EUR 1,564,610 per claim and EUR 2,315,610 in aggregate annually. Article 10(6) sets the permanent financial capacity requirement at 4 percent of annual premiums received, subject to a minimum of EUR 23,480. The Regulation enters into force on the twentieth day following its publication and applies from 9 October 2024.
Topics
Share