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European Parliament rules brokers must buy 1.25 million euros in liability insurance | Canadian Insurance
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European Parliament rules brokers must buy 1.25 million euros in liability insurance

They may also have to hold four percent of annual premiums received in reserve

Under new European Parliament rules, insurance brokers will be required to buy liability insurance of at least 1.25 million euros.

They must also be registered with national regulators and may have to hold reserves of up to four percent of annual premiums received.

These rules won’t apply to policies where premiums don’t exceed 600 euros a year.

The rules will come into effect two years after they are signed off by EU member states.

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