Regulatory Alerts2025-05-13
Feedback and Final Consultation on Professional Indemnity Insurance for Insurance Intermediaries and Insurance Managers
The Guernsey Financial Services Commission issued this feedback statement following a consultation on proposed changes to professional indemnity insurance rules for insurance intermediaries and managers. The Commission proposes increasing the minimum cover per loss to £1,000,000, introducing minimum policy terms, and clarifying that coverage must be based on three times income from regulated activities. While most respondents supported the proposals, the Commission will not pursue the requirement for defense costs to be separate from the aggregate limit due to market availability constraints.
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