Companies providing payment initiation or account information services are obliged under sections 16 and 36 of the ZAG to take out professional indemnity insurance or another comparable guarantee and maintain it during the period of validity of its authorisation or registration.

As regards authorisation applications under section 10 of the ZAG or registration applications under section 34 of the ZAG for cases in which only account information services are provided, the applicants must present a description of the cover for insured events under the provisions of sections 16 and 36 of the ZAG.

The insurance must provide the cover required by law. The criteria for the cover for insured events are based on part 4 of the German Capital Requirements Regulation for ZAG Institutions (ZAG-Instituts-Eigenmittelverordnung – ZIEV) and the EBA-Guidelines on professional indemnity insurance under PSD2 (EBA/GL/2017/09). These guidelines contain a detailed calculation method and are taken into account by BaFin both in the authorisation procedure as well as in its ongoing supervisory activities. In accordance with section 3 of the German Monthly Returns Regulation for ZAG Institutions (ZAG-Monatsausweisverordnung – ZAGMonAwV), the institutions must regularly submit information on their professional indemnity insurance.

The European Banking Authority (EBA) has published a tool on its website for calculating the minimum monetary amount of the professional indemnity insurance.