EBA Guidelines on criteria to determine the minimum amount of professional indemnity insurance or comparable guarantee under PSD2

NBB_2018_15 – 29 March 2018 Circular – P. 1/2 boulevard de Berlaimont 14 – BE-1000 Brussels tel. +32 2 221 27 67 – fax + 32 2 221 31 04 company number: 0203.201.340 RPM Brussels www.bnb.be

Circular
Brussels, 29 March 2018
Reference: NBB_2018_15 your contacts:
Reinout Temmerman tel. +32 2 221 32 09 reinout.temmerman@nbb.be

EBA Guidelines on the criteria to be used to determine the minimum amount of professional indemnity insurance or other comparable guarantee

Scope
The institutions1 referred to in Article 2, 15° and 17° of the Law of 11 March 2018 on the status of payment institutions and electronic money institutions, on access to the activity of payment service providers, on the activity of issuing electronic money and on access to payment systems.

Summary/Objective
This circular implements the guidelines of the European Banking Authority (EBA) on the criteria to be used to determine the minimum amount of professional indemnity insurance or other comparable guarantee under Article 5, paragraph 4, of Directive (EU) 2015/2366 (PSD2).

Madam, Sir,

By this circular, the National Bank of Belgium (hereinafter the "Bank") intends to communicate that the guidelines on the criteria to be used to determine the minimum amount of professional indemnity insurance or other comparable guarantee under PSD2 of the European Banking Authority (hereinafter the "EBA") are integrated into its supervisory practice.

The circular contains a brief explanation of the various EBA guidelines, accompanied by a link to the document in question. These guidelines can be consulted here:
https://www.eba.europa.eu/documents/10180/1956339/Guidelines+on+PII+under+PSD2+%28EBA-GL2017-08%29_FR.pdf/28257745-f134-40c1-b8f9-f5b4f00af007

1 Scope: art. 2, 15° of the law 'payment initiation service institutions' and art. 2, 17° of the law 'payment institution aggregator of accounts'.

Circular – P. 2/2 NBB_2018_15 – 29 March 2018

These guidelines define the criteria and indicators to be used to determine the minimum amount of professional indemnity insurance or other comparable guarantee that institutions must hold when applying for authorization to provide the payment services referred to in Annex I.A., point 7, or registration to provide the payment services referred to in Annex I.A., point 8, or authorization to provide both payment services.

A copy of this circular is sent to the auditor(s), approved auditor(s) of your institution.

I have the honor to be, Madam, Sir, the expression of my distinguished consideration.

Jan SMETS
Governor