Must I have a professional liability insurance policy, and how much must the insured amount be?

An adviser or intermediary, who is not a broker in securities, or an authorised agent must enter into an insurance contract to cover liability ensuing from the performing of their profession or business, in compliance with the Financial Markets (BES Islands) Act (Wet financiële markten BES - Wfm BES).

The Wfm BES does not include any minimum insured amount for the liability insurance, but the AFM expects the advisers and intermediaries to take out an insurance policy with an insured amount that is at least USD 50,000.

You can find more information about this in the Supervisory Regulations for the AFM and DNB under the Wfm BES and the Wft BES (both are in Dutch only).

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