Professional indemnity insurance must cover registered insurance intermediaries, with limited deferred purchase and branch liability coverage.

Every IIIO must purchase and continuously maintain professional indemnity insurance meeting Schedule V requirements throughout the validity of its registration. Newly registered IIIOs may, in appropriate cases, be allowed to obtain the policy within twelve months of registration. An IIIO established in branch form must meet insurance requirements at its head office and obtain an endorsement covering liabilities arising from IFSC branch operations.

---

---

---