(1) Firms referred to in subparagraph (2)(c) of Article 4(1) of the Capital Requirements Regulation shall hold one of the following:

(a) initial capital of €50,000;

(b) professional indemnity insurance covering the whole territory of the European Union or some other comparable guarantee against liability arising from professional negligence, with minimum cover of not less than €1,000,000 in respect of each such claim and, in the aggregate, of not less than €1,500,000 for all such claims in any calendar year;

(c) a combination of initial capital and professional indemnity insurance in a form resulting in a level of coverage equivalent to that referred to in subparagraph (a) or (b).

(2) Where a firm referred to in subparagraph (2)(c) of Article 4(1) of the Capital Requirements Regulation is also registered under the European Communities (Insurance Mediation) Regulations 2005 (S.I. No. 13 of 2005), it shall comply with Regulation 17 of those Regulations, and have coverage in one of the following forms:

(a) initial capital of €25,000;