Regulatory Alerts2022-08-26
Circular on Professional Indemnity Insurance or Guarantee for Payment Initiation Services and Account Information Services
The Norwegian Financial Supervisory Authority issued Circular 2/2022 to specify the requirements for professional indemnity insurance or guarantees that payment initiation and account information service providers must maintain. The document mandates that coverage must address unauthorized transactions, service failures, and third-party access misuse across all operational jurisdictions, with minimum monetary amounts calculated according to EBA guidelines. It further establishes strict documentation standards and ensures that policy deductibles do not reduce the direct compensation rights of injured parties.
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