- Opening date
National Competent Authorities, the industry, academics and any other interested stakeholders.
Why we are consulting
The IDD prescribes that changes to the minimum amounts shall be based on the rate of inflation. As the Harmonised Index of Consumer Prices (HICP) rose by 20.32% between 1 January 2018 and 31 December 2022, the new base amounts would be 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]
- The base financial capacity amount is to increase from EUR 19 510 to EUR 23 480 [+ EUR 3 970]
Respond to the consultation
Stakeholders are invited to provide feedback to this consultation paper by responding to the questions via the online survey by 6 May 2023.
Consultation paper on Draft amending Regulatory Technical Standards adapting the base euro amounts for professional indemnity insurance and for financial capacity of insurance intermediaries under IDD