Safeguarding of Professional Liability; Authorisation to Issue Statutory Instruments

(1) An institution that provides account information services must conclude, and maintain in force for the duration of its registration, professional indemnity insurance or another comparable guarantee. The professional indemnity insurance or other comparable guarantee must cover the territories in which the account information service provider offers its services, and must cover the liability arising for the account information service provider as against the account servicing payment service provider and the payment service user for unauthorised or fraudulent access to payment account information and its unauthorised or fraudulent use.
(2) The professional indemnity insurance must be taken out with an insurance undertaking authorised to carry on business in Germany; section 16(2), second sentence, applies correspondingly.
(3) Section 16(3) and (4), and section 17(3), apply correspondingly.
(4) The Federal Ministry of Finance is authorised to issue, by statutory instrument not requiring the consent of the Bundesrat, more detailed provisions on the scope and content of the required safeguarding of professional liability. The Federal Ministry of Finance may transfer the authorisation, by statutory instrument, to BaFin. The leading associations of the institutions and of the insurance undertakings must be heard before the statutory instrument is issued.