Bundesfinanzhof: How to obtain insurance cover

The Federal Court of Finance (BFH, ruling of 07.12.2016, file no. II R 1/15) decided that when the policyholder (VN) provides insurance cover for any insured person (VP), the full, non-aggregated sales price counts as the assessment basis for the insurance tax (VSt): The prerequisite for this is that the insurer (VR) participates in the […]

Supermarkets are pushing into insurance sales

Policy sale next to the deposit machine? Why not! Lawyer Johannes Fiala and actuary Peter A. Schramm explain how discounters and full-range retailers could circumvent the strict rules for insurance brokerage.   Insurance intermediaries have to face growing competition from online comparison portals and brokers as well as direct insurers. Tech giants like Google and […]

IDD implementation: New business models for Insurtec’s and insurance consultants

The implementation of the Directive EU 2016/97 of the European Parliament and of the Council of 20 January 2016 on insurance distribution, i.e. the Insurance Distribution Directive (IDD) by Section 43c of the German Insurance Supervision Act (VAG), leads to financial risks for insurers (VR) and insurance brokers (VM). The insurer may be allowed to […]

Experts warn brokers against ruinous competition with insurers

Insurance companies and independent brokers are in a competitive relationship. This competitive situation arises simply from the insurer’s statutory obligations to provide advice to a customer. The lawyer Johannes Fiala and the actuary Peter A. Schramm point out this fact, which is actually known, in an exclusive commentary for FONDS professionell ONLINE.   In addition, […]

IDD: Berlin’s draft law holds some serious surprises

The Ministry of Economics has submitted a draft law to implement the EU Insurance Distribution Directive IDD into German law. Accordingly, the ban on commissions remains in place and in future there will be “fee-based insurance consultants.   www.fondsprofessionell.de (published on 22.11.2016) Link: http://www.fondsprofessionell.de/news/recht/headline/idd-berliner-gesetzentwurf-birgt-handfeste-ueberraschungen-128945/