*by Johannes Fiala, Lawyer (Munich), Mediator (Univ.), MBA Financial Services (Univ.Wales), MM (Univ.), Certified Financial and Investment Advisor (A.F.A.), EC Expert (C.I.F.E.), Lecturer (Univ. of Cooperative Education), Banker (www.fiala.de)
It is precisely those who are on the wrong track who behave like an axe in the woods”. (Proverb)
Customer visit from the insurance broker: An insurance broker visits his medium-sized industrial customer ? it involves the conversion of various coverage concepts and the establishment of a new implementation channel for occupational pensions in the company. But one affected insurer strongly disagrees that the previous insurance solution is considered suboptimal by the insurance broker.
Customer visit from the insurer: Without further ado, the insurer announces the visit of a sales representative. A lawyer from Pfefferminzia appears at the appointment, equipped with a representative business card. there’s hardly anything good to hear about the insurance broker. Wordily, the Peppermint lawyer begins to advise the employer. Later still, a meeting protocol is made.
Some rules of the game: The insurance broker involved knows the rules of the game. He is aware that lawyers are not allowed to advise the clients of their principals/employers. Also, being in the business of selling financial services may be sufficient grounds to have her license revoked. Every lawyer is prohibited from any acquisitive activity – with the exception of insurance contracts concerning herself and her next of kin. The lawyer is prohibited by law from acting as an insurance broker on a sideline basis, as well as from working as an employee in this capacity. It does not matter whether she is “responsible for the organisation of the sales force and marketing”, or whether she herself is active in direct contact with customers in an advertising capacity (procures contracts herself) or whether she has such an activity – and this is obvious in the case of the managing director of a brokerage company – carried out by salaried employees. The prohibition of activities always applies.
Competitor’s reaction: The insurance broker reacts accordingly ? the changeover of the coverage concepts could not be prevented after all.
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About the author
PhD, MBA, MM
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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