Professional indemnity (PI) requirements

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....y (PI) insurance policy from its date of registration. (2) Scope of Coverage: The policy shall provide cover for legal liabilities arising from any act, error, or omission committed by the MGA, its employees, or its appointed representatives in the conduct of authorized business activities. The policy shall provide for cyber liability Insurance. 2. Tiered Minimum Limits of Indemnity - ....

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....39;excess' (the amount the MGA pays out-of-pocket per claim) is capped as follows: (a) MGAs not holding client money: The excess shall not exceed the higher of $2,500 or 1.5% of annual income. (b) MGAs holding client money (Fiduciary Accounts): The excess shall not exceed the higher of $5,000 or 3% of annual income. (2) Compensatory Capital: If an MGA opts for a high....