“Can an agent who gives up his business to his son on account of age pass on his stock to him without further ado?”
An agent’s insurance portfolio has always been owned by the insurer. It would therefore be inadmissible for the son or daughter to act as a broker to “steal the portfolios from the father” (actually the insurer). Such a thing happens again and again, also by son or daughter (with or without assistance of the father) already times with the customers a broker power of attorney “on stock and to the caution” collects. However, the agent has a claim to compensation for the newly acquired customers (§ 89b HGB) – there is no corresponding regulation for the insurance broker. The transfer of portfolios by agents to a successor, for example the children, can therefore only take place with the agreement of the insurer. Similarly, if an agent wants to change their status to broker. It is always advisable to coordinate this with the insurer so that the cooperation can be continued amicably and constructively – despite the change of status.
Dr. Johannes Fiala
(DHBW Newsletter 05/2009)
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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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