Professional indemnity insurance rules require continuous cover, cyber liability protection, capped excess, and annual review of indemnity limits.

Managing General Agents must maintain professional indemnity insurance continuously from registration, with cover for liability arising from acts, errors, or omissions by the MGA, its employees, or appointed representatives, including cyber liability. The policy must satisfy tiered minimum indemnity limits based on annual income, remain USD-equivalent where denominated in another currency, and be reviewed annually by the Board. Policy excess is capped according to whether client money is held, with additional capital required if a higher excess is chosen.

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