The European Banking Authority (EBA) has published final draft regulatory technical standards (RTS) on the minimum monetary amount of the professional indemnity insurance (PII) or comparable guarantee for mortgage credit intermediaries, required under Article 29(2)(a) of the Mortgage Credit Directive (MCD). The final draft RTS specify a minimum amount of EUR 460,000 for each individual claim and an aggregate amount of EUR 750,000 per calendar year for all claims.
The final draft RTS have been sent to the European Commission for adoption in the form of an EU Regulations. The MCD provides for a review of the draft RTS by 21 March 2018 and every two years thereafter.
View EBA Final draft Regulatory Technical Standards on on the minimum monetary amount of the professional indemnity insurance or comparable guarantee for mortgage credit intermediaries under Article 29(2)(a) of Directive 2014/17/EU on credit agreements for consumers relating to residential immovable property, 24 June 2014