Professional indemnity insurance must be continuously maintained by insurance intermediaries, with conditional timing flexibility and branch liability coverage.

Professional indemnity insurance must be maintained by every IIIO throughout the validity of its registration in accordance with Schedule V. Newly registered IIIOs may, in appropriate cases, receive permission to obtain the policy within twelve months of certification. Where an IIIO is established as a branch, the applicant must comply with the insurance requirement at its head office and obtain policy endorsement covering liabilities arising from IFSC branch operations.

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