Brussels, 12/04/2007 (Agence Europe) - The Commission report, presented on Thursday 12 April, recommends the continued appropriateness of the requirements for professional indemnity insurance (PII). “On the available evidence we should keep the existing indemnity insurance requirements,” said Internal Market Commissioner Charlie McCreevy in a press release. The Commission will continue to monitor the situation before carrying out a full assessment of the implementation of the rules.
PII is a liability insurance designed to cover, either in full or in part, sums to be paid by professionals to third parties as compensation for errors committed by these professionals during the conduct of their business activities. Directives 2002/92/EC and 2006/49/EC require all insurance intermediaries, and some investment intermediaries, to obtain such insurance as a precondition for being able to provide services. (mb)