Professional requirements
In terms of professional requirements, the IMD requires that all individuals or companies who carry out insurance or reinsurance intermediation must be registered in their home Member State on the basis of the following minimum requirements:
- possession of appropriate knowledge and ability
- being of good repute
- possession of professional indemnity insurance or any other comparable
guarantee against liability arising out of professional negligence
- sufficient financial capacity to protect customers against any failure by the
intermediary to transfer customers' premiums to insurance companies or
to pass on to customers money received for claims under the policies they hold.
Member States may adopt more stringent provisions, but only for intermediaries registered on their territory.
