Regulation 11 The requirement as to insurance

An individual meets the requirement as to insurance if there is in force professional indemnity insurance in respect of that individual.

For the purposes of this regulation “professional indemnity insurance” means insurance taken out by, or on behalf of, an individual in respect of potential liabilities to the administrator, the connected person, creditors or any other person, as a result of, or arising from, any matter stated by the individual in a report made by them for the purpose of satisfying the condition in regulation 3(1)(b).