On March 21, IVASS published on its website Delegated Regulation (EU) 2024/896 (approved on December 5, 2023), which has amended Directive (EU) 2016/97 on the distribution of insurance products “IDD”.
Following the amendments, the IDD Directive has provided that insurance and reinsurance intermediaries will be required to take out a policy or a similar guarantee against damages arising from professional liability “for an amount of at least EUR 1.564.610 per claim and EUR 2.315.610 annually in total for all claims, unless such insurance or similar guarantee is already provided”, in accordance with article 10, paragraph 4, IDD.
Furthermore, the financial capacity of insurance and reinsurance intermediaries is now varied to be “equal to 4% of the total annual premiums collected and in any case not less than EUR 23.480”.
The amendments to Delegated Regulation (EU) 2024/896 will enter into force on October 9, 2024.