The European Banking Authority (EBA) published its final draft regulatory technical standards (RTS) on the minimum monetary amount of the professional indemnity insurance (PII) or comparable guarantee for mortgage credit intermediaries.

The final draft RTS set the minimum monetary amount of the PII or comparable guarantee for mortgage credit intermediaries by specifying an amount for each individual claim (€460,000) and an aggregate amount per calendar year for all claims (€750,000).

The amounts are the result of a policy approach that involved calculating the minimum monetary amount for the PII or comparable guarantee based on the arithmetic average of the existing national minimum amounts of the PII or comparable guarantees used in those Member States that already require PII or comparable guarantee for mortgage credit intermediaries.

The final draft standards have been sent to the European Commission for their adoption as EU Regulations.