In a special edition of its Intermediary Times newsletter, the Central Bank of Ireland (the Central Bank) has confirmed that the required level of professional indemnity insurance (PII) cover to be held by (re)insurance intermediaries, will increase. From 1 August 2013, firms registered under the European Communities (Insurance Mediation) Regulations 2005 will be required to hold PII cover of at least €1.25m per claim and €1.85m in aggregate, per annum. This reflects increases of €0.25m and €0.35, respectively. Firms must effect these increases upon the first renewal of their PII following 1 August 2013 and must hold the increased cover by 1 August 2014. The Central Bank also stated that it will conduct a further thematic review of PII cover before the end of 2013.