Related provisions for IPRU-INV 9.2.5A

1 - 6 of 6 items.
Results filter

Search Term(s)

Filter by Modules

Filter by Documents

Filter by Keywords

Effective Period

Similar To

To access the FCA Handbook Archive choose a date between 1 January 2001 and 31 December 2004 (From field only).

A firm must take out and maintain at all times professional indemnity insurance that is at least equal to the requirements in this section from: (1) an insurance undertaking which is authorised to transact professional indemnity insurance in the UK6(2) a person of equivalent status in: (a) a Zone A country; (b) the Channel Islands, Gibraltar, Bermuda or the Isle of Man. [Note: articles 10(4) and 10(5) of the IDD4
If the firm is an IDD insurance intermediary48, the appropriate minimum limits of indemnity per year are no lower than: (1) EUR 1,300,3807 for a single claim against the firm; and4(2) EUR 1,924,5607 in the aggregate.4[Note: articles 10(4) and 10(5)4 of the IDD4]
[deleted]844432
If the firm is not an IDD insurance intermediary,8 then the following limits of indemnity apply: 4(1) if the firm has relevant income of up to £3,000,000, no lower than £500,000 for a single claim against the firm and £500,000 in the aggregate; or (2) if the firm has relevant income of more than £3,000,000, no lower than £650,000 for a single claim against the firm and £1,000,000 in the aggregate.
[deleted]644
MIPRU 3.2.1RRP
A firm must take out and maintain professional indemnity insurance that is at least equal to the requirements of this section from:(1) an insurance undertaking authorised to transact professional indemnity insurance in the UK7; or(2) a person of equivalent status in:(i) a Zone A country; or(ii) the Channel Islands, Gibraltar, Bermuda or the Isle of Man.[Note: articles 10(4) and 10(5)6 of theIDD6]22
MIPRU 3.2.7RRP
If the firm is an insurance intermediary, then the minimum limits of indemnity per year6are:(1) for a single claim, €1,300,3809; and336(2) in aggregate, the higher of:633(a) €1,924,5609; and6(b) an amount equivalent to 10% of annual income (this amount being subject to a maximum of £30 million).6[Note: articles 10(4) and 10(5)6 of theIDD6]22
MIPRU 3.2.7AGRP
[deleted]7366
MIPRU 3.1.3GRP
The purposes of this chapter are to:(1) reflect the UK provisions which implemented9 articles 10(4) and 10(5)8 of the IDD8 in so far as it required 9insurance intermediaries to hold professional indemnity insurance, or some other comparable guarantee, against any liability that might arise from professional negligence; and(2) meet the statutory objectives12 of consumer protection and protecting and enhancing the integrity of the UK financial system12 by ensuring that firms have