Guideline 1: Professional indemnity insurance and comparable guarantee

1.1 Competent authorities should consider the PII and comparable guarantee mutually exclusive and should require undertakings that apply for authorisation or registration to hold either the PII or the comparable guarantee.

1.2 Competent authorities should ensure that the PII or comparable guarantee held by undertakings, for the purpose of Article 5(2) and (3) of PSD2, covers their liabilities as follows:

• (a) in the case of undertakings that apply for authorisation to provide PIS, the liabilities specified in Articles 73, 89, 90 and 92 of PSD2;
• (b) in the case of undertakings that apply for registration to provide AIS, liabilities vis-à-vis the account servicing payment service providers (ASPSP) or the payment service user resulting from non-authorised or fraudulent access to or non-authorised or fraudulent use of payment account information;
• (c) in the case of undertakings that apply for authorisation to provide PIS and AIS, the liabilities referred to in both point (a) and point (b) of this Guideline.

1.3 Competent authorities should also ensure that the minimum monetary amount of the PII or comparable guarantee covers costs and expenses incurred by payment service users and ASPSPs who request undertakings to refund losses resulting from one or more of the liabilities referred to in Article 5(2) and (3) of PSD2.

1.4 Competent authorities should ensure that the minimum monetary amount of the PII or comparable guarantee allows undertakings to effectively meet their liabilities in relation to their activities by verifying that the PII or comparable guarantee does not have any excess, deductible or any threshold that could prejudice repayments resulting from the requests for refunds of payment service users and ASPSPs, and is valid when the liability occurs. 1.5 Competent authorities should ensure that the minimum monetary amount of the PII or comparable guarantee covers the territories in which undertakings offer services, regardless of the countries where their users are established or the place in which the services are provided.

1. Forbhreathnú

1.1 Tagairtí

1.2 Ceanglais aitheanta

1.3 Caighdeáin ghaolmhara

2. Ceanglais aitheanta

3. Caighdeáin ghaolmhara

• EBA - Published by the European Banking Authority at https://www.eba.europa.eu/