Directive 2006/49/EC of the European Parliament and of the Council (repealed)Show full title

Article 7

Coverage for the firms referred to in Article 3(1)(b)(iii) shall take one of the following forms:

(a)

initial capital of EUR 50 000;

(b)

professional indemnity insurance covering the whole territory of the Community or some other comparable guarantee against liability arising from professional negligence, representing at least EUR 1 000 000 applying to each claim and in aggregate EUR 1 500 000 per year for all claims; or

(c)

a combination of initial capital and professional indemnity insurance in a form resulting in a level of coverage equivalent to that referred to in points (a) or (b).

The amounts referred to in the first sub-paragraph shall be periodically reviewed by the Commission in order to take account of changes in the European Index of Consumer Prices as published by Eurostat, in line with and at the same time as the adjustments made under Article 4(7) of Directive 2002/92/EC of the European Parliament and of the Council of 9 December 2002 on insurance mediation(1).

(1)

OJ L 9, 15.1.2003, p. 3.