INMA 4.3.1 Firms must take out and maintain professional indemnity insurance

(1) An INMA firm must take out and maintain professional indemnity insurance in accordance with this Part.
(2) An INMA firm is taken to comply with subrule (1) if its activities are covered by a group-wide professional indemnity insurance policy that covers the firm and its activities and otherwise complies with this Part.

Guidance

If the group-wide policy does not comply with this Part, the firm must obtain professional indemnity insurance that does so.
(3) However, an INMA firm need not take out or maintain such insurance if another firm provides a guarantee for it in accordance with rule 4.3.4.
Derived from QFCRA RM/2014-4 (as from 1st January 2015).