The European Insurance and Occupational Pensions Authority (EIOPA) has launched a public consultation on its draft amendments to the Regulatory Technical Standards (RTS) adapting the base euro amounts for the professional indemnity insurance (PII) cover and financial capacity of insurance intermediaries under the Insurance Distribution Directive (IDD).
According to Article 10(7) of the IDD, „EIOPA shall regularly review“ the minimum amounts every five years, taking into account the rate of inflation. Given that the increase in consumer prices between 1 January 2018 and 31 December 2022 is 20.32% (taking into account the Harmonised Indices of Consumer Prices (HICP)), EIOPA proposes the following revised base amounts:
+ The base PII amount applying to each claim is to increase from EUR 1 300 380 to EUR 1 564 610 [+ EUR 264 230]
+ The base aggregate PII amount per year is to increase from EUR 1 924 560 to EUR 2 315 610 [+ EUR 391 050]
+ The base financial capacity amount is to increase from EUR 19 510 to EUR 23 480 [+ EUR 3 970]
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