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Article (9) Professional Indemnity Insurance

  1. An Open Finance Provider must hold professional indemnity insurance of an amount and scope suitable and proportionate to the risks arising from the Open Finance Service it provides, as determined by the Central Bank on a case-by-case basis. Subject to this, the minimum limits of indemnity per year are:

    1.1.for a single claim, five million Dirham (AED 5,000,000); and
    1.2.in aggregate the higher of five million Dirham (AED 5,000,000) or an amount equivalent to 50% of annual income from the Open Finance Provider’s Open Finance Services.
     The Central Bank may determine that an Open Finance Provider must hold minimum limits of indemnity in excess of these amounts.
  2. The professional indemnity insurance must at a minimum cover liabilities of the Open Finance Provider and its employees in respect of, inter alia, Unauthorized Transactions, data loss and breaches, cyber security risks and delayed or incorrectly Initiated Transactions.