Professional Indemnity Insurance (PII)
Do I need to have PII?
Ans: We will require professional indemnity insurance cover in place to the value specified in the CILEx Regulation Professional Indemnity Insurance Rules through a qualifying insurer, or for you to have applied for such cover.
We will provisionally authorise an Applicant Body on the basis that it will obtain the required PII and that it will not practice until such PII is in place.
Why do you insist on PII only from a panel of qualifying insurers?
Ans: A qualifying insurer is an insurer that:
- is authorised and regulated to conduct insurance business in the UK by the Financial Conduct Authority (FCA);
- has a recognised insurers rating of B+ or above (CILEx Regulation does not undertake any additional steps to regulate, vet or approve qualifying insurers); and
- has signed the CILEx Regulation Qualifying Insurers Agreement (QIA).
The Qualifying Insurers Agreement (QIA) is a contract that is entered into each year between each participating insurer and CILEx Regulation as the independent regulatory body of CILEx. It requires qualifying insurers to offer a level of cover which will meet the minimum wording and requirement set out by CILEx Regulation. As part of this minimum wording insurers will agree to meet the strict levels of consumer protection that is needed and to provide you with insurance that will meet your regulatory obligations.