Commission’s Delegated Regulation (EU) No. 2019/193520 December, 2019
Commission’s Delegated Regulation (EU) No. 2019/1935 of 13 May 2019, amending Directive (EU) No. 2016/97 of the European Parliament and of the Council, was published in the Official Journal of the European Union of 22 November 2019 as regards the regulatory technical standards adjusting the basic amounts in euro for the purposes of professional indemnity insurance and the financial capacity of insurance and reinsurance intermediaries (‘Delegated Regulation’).
Considering that the European Consumer Price Index published by Eurostat increased by 4.03%, this Delegated Regulation adjusted the amounts previously established by the Portuguese Insurance and Reinsurance Distribution Legal Regime (‘RJDSR’) for professional indemnity insurance and the financial capacity of insurance and reinsurance intermediaries.
RJDSR sets out that insurance and reinsurance intermediaries must demonstrate that they hold professional indemnity insurance covering the entire territory of the European Union, or any other equivalent guarantee against liability arising from professional negligence, which insured capital was now updated for at least €1.300.380,00 per claim and €1.924.560,00 per annuity, regardless of the number of claims, except if the coverage is included in insurance provided by the insurance company or companies on behalf of which the intermediary acts.
In addition, RJDSR lays down that insurance brokers must demonstrate that they have a bank guarantee or surety bond, for the purposes of Article 18 (1) (d) of the RJDSR, which minimum value was updated to €19.510,00, according to the percentage increase mentioned above.