The FSA has modified Professional Indemnity cover regulations to allow the current rules on excess l...
The FSA has modified Professional Indemnity cover regulations to allow the current rules on excess levels to be varied on a firm-by-firm basis. The regulations currently stipulate excess levels can be no more than the higher of £5,000 or 3% of relevant company earnings. But to help intermediaries struggling to cope with rising premium levels for PI cover, the FSA is willing to tolerate higher excess levels in some cases. It will only accept such cover if it satisfies itself the intermediary's capital adequacy, financial position and past complaints do not suggest the its business poses...
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