DPB Handbook

Oct 09, 2018

We have previously written to DPB Firms highlighting the amendments to the DPB Handbook as a result of the transposition of the Insurance Distribution Directive. A detailed summary of those changes is provided on our website including the requirement to increase your Professional Indemnity Insurance as detailed below:

 

Previous requirement

Amended requirement

2.07 m.

i) have in place professional indemnity insurance equivalent to at least €1,120,200 for each claim and €1,680,300 per annum for all claims.

i) have in place professional indemnity insurance equivalent to at least €1,250,000 for each claim and €1,850,000 per annum for all claims, and

ii) where the firm undertakes insurance distribution activities outside of the United Kingdom, but within the EU, its professional indemnity insurance must meet the limits in i) above and also cover the whole of the territory of the EU.

 
This requirement does not apply where the only activity in relation to a contract of insurance that the licensed firm undertakes is an introduction of a client to a permitted third party;

Amended DPB Handbook click here.

For more information click here.