The Commission Delegated Regulation (EU) 2024/896 revising
regulatory technical standards (the Delegated Regulation) was
published in the Official Journal of the European Union on 20 March
2024.
The Delegated Regulation will increase the set base euro amounts
for professional indemnity insurance (PII) and the
required financial capacity for intermediaries specified in the
Insurance Distribution Directive (EU) 2016/97)
(IDD).
The IDD provides that (re)insurance intermediaries must have
either PII covering the whole territory of the European Union or a
comparable guarantee against liability resulting from professional
negligence. The IDD currently provides that the level of PII in
respect of a single claim must be, at a minimum, €1,300,380,
and in aggregate €1,924,560 per year for all claims.
