Commentary: What impact codes of conduct have on insurance brokers

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At the beginning of the month, the insurers’ association GDV published the first audit reports for compliance with its own Code of Conduct. In a guest article for FONDS professionell ONLINE, Johannes Fiala and Peter A. Schramm explain that the codes will not remain without consequences for brokers.

In 2012, the German Insurance Association (GDV) adopted its tightened Code of Conduct, which is intended to improve the quality of advice and customer satisfaction. One measure adopted for this purpose was to have the insurers’ implementation of and compliance with the Code certified by auditors.

On 2 April, the time had come: GDV published the audit reports it had prepared to date on the implementation of the Code. In an article for FONDS professionell ONLINE, Munich lawyer Dr. Johannes Fiala – together with actuary Peter A. Schramm – now points out that the audit reports of the companies also have consequences for brokers.

It is true that in the reports now available the auditors only certified whether the insurance companies had taken any measures at all to implement the codes. Later, however, it will also be examined whether the insurers comply with the (GDV) voluntary commitments – and according to Fiala and Schramm, this also includes the fact that it is not without consequences if brokers do not comply with the requirements. (jb)

Interested readers will find the original article in the attached Word document

 

by Dr. Johannes Fiala and Dipl.-Math. Peter A. Schramm

 

by courtesy of

www.fondsprofessionell.de (published in Fonds Online, 13.04.2015)

 

Link: http://www.fondsprofessionell.de/news/uebersicht/headline/kommentar-welche-auswirkungen-verhaltenskodizes-auf-versicherungsmakler-haben-118823/

 

 

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About the author

Dr. Johannes Fiala Dr. Johannes Fiala

Dr. Johannes Fiala has been working for more than 25 years as a lawyer and attorney with his own law firm in Munich. He is intensively involved in real estate, financial law, tax and insurance law. The numerous stages of his professional career enable him to provide his clients with comprehensive advice and to act as a lawyer in the event of disputes.
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