From the series of newsletters of the DHBW (Baden-Wuerttemberg Cooperative State University) Heidenheim on the topic “Mediation Law in Practice”:
At this point, lawyer Dr. Johannes Fiala, https://www.fiala.de, lecturer for insurance law at the DHBW Heidenheim, will answer your questions. You can ask questions by sending an e-mail to ott@dhbw-heidenheim.de.
Legal and tax advice is permitted to the financial service provider or intermediary of capital investments and insurance “in simple cases”.
As soon as an in-depth legal examination is expected or necessary on any point, a person with a legal advisory licence (e.g. insurance adviser, chartered accountant, auditor, lawyer, pension adviser) must be called in. Even if there is no need to involve or delegate to a legal adviser, the advice given by the financial services provider or insurance intermediary must be correct. Up to now, no VSH insurance, not even for management consultants, covers liability for incorrect legal and tax advice.
The insurance broker is permitted to give extrajudicial insurance legal advice – but only to settle claims with the insurer with whom he has taken out insurance cover for the customer. If the contract is not (or no longer) in the broker’s portfolio, there is usually no VSH cover either.
Dr. Johannes Fiala
(DHBW Newsletter 11/2008)
Courtesy of www.dhbw-heidenheim.de.
