1. what is the current legal situation? The professional brokerage of insurance is currently not subject to licensing in Germany. However, according to Section 14 of the Trade, Commerce and Industry Regulation Act (GewO) requires traders to notify the Trade Licensing Office of the commencement of their activities. If the Trade Licensing Office has reason to doubt the reliability of the trader, proceedings may be initiated to prohibit the trade on grounds of unreliability.
2. why are there new regulations? On the basis of Directive 2002/92/EC of the European Parliament and of the Council of 9 December 2002 on insurance mediation (the Directive), all member states are obliged to subject the activity of insurance mediation to a licensing requirement.
The Directive became effective upon publication in the Official Journal of the EU. The German legislator must now transpose the provisions into German law. Transposition should have taken place by 15 January 2005. After the presentation of a draft law had been postponed several times, the Federal Cabinet decided on 03 May 2006 on a draft law presented by the Federal Ministry of Economics and Technology (BMWi) for the reorganization of the insurance intermediary law (VerVerm-E), which is to come into force on 01 April 2007 at the latest. The Bundesrat commented on this on 16 June 2006, and the Federal Government responded on 30 August 2006. It is expected that the new regulations will be adopted at the end of 2006.
Intermediaries’ stakeholders, chambers and associations are actively involved in the implementation process of the Directive…..
Our office in Munich
You will find our office at Fasolt-Strasse 7 in Munich, very close to Schloss Nymphenburg. Our team consists of highly motivated attorneys who are available for all the needs of our clients. In special cases, our law firm cooperates with selected experts to represent your interests in the best possible way.
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.
»More about Dr. Johannes Fiala
On these pages, Dr. Fiala provides information on current legal and economic topics as well as on current political changes that are of social and/or corporate relevance.
Arrange your personal appointment with us.
You are already receiving legal advice and would like a second opinion? In this case please contact Dr. Fiala directly via the following link.
(The first phone call is a free get-to-know-you conversation; without consulting. You will learn what we can do for you & what we need from you in terms of information, documents for a qualified consultation.)