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European Insurance and Occupational Pensions Authority
News article9 February 2023

EIOPA consults on changes to the minimum amount of professional indemnity insurance cover and financial capacity intermediaries need under IDD


The European Insurance and Occupational Pensions Authority (EIOPA) has launched today 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).

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]

Stakeholders are invited to provide feedback to this consultation paper by responding to the questions via the online survey by 6 May 2023.


Background and notes

EIOPA is required under Article 10(7) of the IDD to review the minimum amounts for PII and financial capacity every five years. Following EIOPA’s review of the amounts and the preparation of the draft RTS in 2017/2018, this is now the second time EIOPA is carrying out this exercise. EIOPA is required to submit this set of draft RTS to the Commission by 30 June 2023.

Professional indemnity insurance is a form of liability insurance that helps insurance intermediaries cover the cost of compensating policyholders for claims, legal fees or legal remedies arising from the professional negligence of insurance intermediaries. PII strengthens the protection of consumers by increasing the funds available to insurance intermediaries to meet customer claims.


Publication date
9 February 2023