The European Banking Authority (EBA) has published a consultation paper on draft guidelines on the criteria on how to stipulate the minimum monetary amount of the professional indemnity insurance or other comparable guarantee under Article 5(4) of the revised Payment Services Directive (PSD II).
In addition to the criteria, the consultation paper explains the EBA’s proposal to use a formula for the calculation of the minimum monetary amount of the professional indemnity insurance (PII) or comparable guarantee; explains as to when and how the lowest should be used; provides details on indicators for the criteria set out in the PSD II, and explains the calculation method proposed for some of the indicators. The consultation paper ends with practical examples for the calculation of the minimum monetary amount of the PII/comparable guarantee.
The deadline for comments on the consultation paper is 30 November 2016.
View EBA consults on guidelines on professional indemnity insurance or comparable guarantee for payment initiation and account information services providers, 22 September 2016