Review of general insurance intermediaries’ professional indemnity insurance

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This report provides the findings from the FCA’s thematic review into general insurance intermediaries’ professional indemnity. The review was performed to evaluate the individual policies purchased by a sample of firms to assess whether they complied with the requirements in the FCA’s handbook.

The project was undertaken to assess the extent to which a sample of 200 general insurance intermediaries met the requirements of MIPRU.

Topics covered:
• Availability of cover.
• Limits of indemnity.
• Maximum excess levels.
• Exclusion clauses.
• Cover for appointed representatives.
• Actions required and next steps.