Professional Indemnity Insurance Requirements - Revised Rules

2nd September 2022

Following the recent publication of two consultation papers in relation to PII requirements for Investment, Fiduciary and Insurance sectors, when interested parties were offered an opportunity to provide fatal flaws comments on the amendments of the Fiduciary Rules, the Capital Adequacy Rules, the Insurance Managers Rules and the Insurance Intermediaries Rules, feedback was received from three respondents. Some minor changes have been made to the final rules to ensure consistency of drafting but there has been no change to the substance of the requirements. The amending instruments include transitional provisions concerning insurance arrangements which enable licensees to make any necessary changes to comply with the amended rules at the point at which their insurance renewal falls due. The rules and guidance have been updated. Consolidated versions of the rules are available on the Commission’s website or via the links below:

- The Fiduciary Rules and Guidance, 2021

The Licensees (Capital Adequacy) Rules and Guidance, 2021

- The Insurance Intermediaries Rules and Guidance, 2021

- The Insurance Managers Rules and Guidance, 2021