Review of general insurance intermediaries’ professional indemnity insurance

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.