No. 1458/2024

26 November 2024

RULES

on the adjustment of the base amounts in euros for professional indemnity insurance of insurance intermediaries.

Article 1 Scope.

These Rules apply to insurance intermediaries pursuant to Act No. 62/2019 on insurance distribution.

Article 2 Insurance amounts of professional indemnity insurance.

Insurance intermediaries shall, when taking out professional indemnity insurance pursuant to the second paragraph of Article 12 of Act No. 62/2019 on insurance distribution, have professional indemnity insurance covering the entire European Economic Area or other comparable insurance for liability resulting from negligence in the profession, for at least the equivalent of EUR 1,564,610 in Icelandic krónur for each claim and a total equivalent of EUR 2,315,610 in Icelandic krónur per year for all claims, unless such insurance or a comparable liability declaration is already provided by an insurance company, reinsurance company or another company for which the insurance or reinsurance intermediary works, or for which the insurance or reinsurance intermediary has a mandate to work, or if such a company has assumed full responsibility for the acts of the intermediary.

Article 3 Implementation of regulations.

With these Rules, Commission Delegated Regulation (EU) 2019/1935 of 13 May 2019 amending Directive (EU) 2016/97 of the European Parliament and of the Council as regards technical regulatory standards for the adjustment of the base amounts in euros for professional indemnity insurance and for the financial capacity of insurance intermediaries and reinsurance intermediaries, which was incorporated into the EEA Agreement by decision of the Joint EEA Committee No. 157/2020 of 23 October 2020. The Regulation is published in the EEA Supplement to the Official Journal of the European Union No. 55 of 26 August 2021, pp. 212-213.

With these Rules, Commission Delegated Regulation (EU) 2024/896 of 5 December 2023 amending Directive (EU) 2016/97 of the European Parliament and of the Council as regards technical regulatory standards for the adjustment of the base amounts in euros for professional indemnity insurance and for the financial capacity of insurance intermediaries, reinsurance intermediaries and ancillary insurance intermediaries, which was incorporated into the EEA Agreement by decision of the Joint EEA Committee No. 125/2024 of 12 June 2024. The Regulation is published in the EEA Supplement to the Official Journal of the European Union No. 65 of 29 August 2024, pp. 300-301.

Article 4 Entry into force.

These Rules, which are issued with authority in the fifth paragraph of Article 12 of Act No. 62/2019 on insurance distribution, enter into force immediately. At the same time, Rules No. 775/2022 on the adjustment of the base amounts in euros for professional indemnity insurance of insurance intermediaries are repealed.

Central Bank of Iceland, 26 November 2024.

	Ásgeir Jónsson Governor of the Central Bank.	Rannveig Júníusdóttir Managing Director.

Department B - Published: 10 December 2024