The Insurance Distribution Directive sets out in Article 10 base amounts of PII and minimum financial cover required by insurance and reinsurance intermediaries. It also requires EIOPA to review the prescribed levels of cover by 31 December 2017 and every five years thereafter, in order to take account of changes in the European index of consumer prices. EOIPA must present to the Commission by 30 June 2018 draft RTS which adapt the prescribed amounts of euro accordingly.
EIOPA is therefore consulting on the draft RTS which set out the proposed adaptations:
- the per claim minimum is increased from €1,250,000 to €1,300,370;
- the required aggregate yearly cover for all claims is increased from €1,850,000 to €1,924,550; and
- the minimum amount of financial capacity required is increased from €18,750 to €19,510.
The consultation runs until 27 April 2018.