COBS 5.6 COBS 5.6 Professional Indemnity Insurance Cover
A Trust Service Provider must maintain professional indemnity insurance cover appropriate to the nature and size of the Trust Service Provider's business.
A Trust Service Provider must:(a) provide the Regulator with a copy of its professional indemnity insurance cover; and(b) notify the Regulator of any changes to the cover including termination and renewal.
A Trust Service Provider must provide the Regulator on a yearly basis, with the details of the arrangements in force together with evidence of the cover. Any claims in excess of US$10,000 or changes to the arrangements previously notified to the Regulator under this Rule must be notified to the Regulator as they arise.