Paragraph 11
England and Wales
Regulations may require, or permit the Regulator to require, an authorised person to take out a policy of professional indemnity insurance in respect of his actions in the course of providing or purporting to provide regulated claims management services.
Regulations under sub-paragraph (1) may, in particular—
make provision about the level or nature of insurance cover to be provided by the policy;
include provision about failure to comply (which may, in particular, provide for compliance to be treated as a condition of authorisations or enable the Regulator F1to require the payment of a penalty by an authorised person or to impose conditions on, suspend or cancel authorisations).
Annotations
Textual amendments
- F1
Words in Sch. para. 11(2)(b) inserted (21.3.2014) by Financial Services (Banking Reform) Act 2013 (c. 33), ss. 139(5), 148(3); S.I. 2014/772, art. 2