IDD – Publication in the OJ of the EU of the Commission’s Delegated Regulation Amending Amount of Professional Indemnity Insurance

Tue Mar 26 2024

The Commission’s Delegated Regulation amending the IDD with regard to regulatory technical standards adapting the base euro amounts for professional indemnity insurance and for financial capacity of intermediaries was published in the Official Journal (OJ) of the EU.

It will enter into force on the 20th day following its publication in the Official Journal of the European Union (9 April).  It shall then apply 6 months after the date of entry into force, i.e. from 9 October.

The Regulation adapts the IDD base amounts taking into account the Harmonised Index of Consumer Prices (HICP) which rose by 20.32% between 1 January 2018 and 31 December 2022.

The changes are as follows:

  • 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

 


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