{"id":17599,"date":"2012-03-15T18:38:50","date_gmt":"2012-03-15T17:38:50","guid":{"rendered":"https:\/\/fiala.de\/mediation-law-in-practice-4\/"},"modified":"2021-12-12T13:46:27","modified_gmt":"2021-12-12T12:46:27","slug":"mediation-law-in-practice-4","status":"publish","type":"post","link":"https:\/\/www.fiala.de\/en\/mediation-law-in-practice-4\/","title":{"rendered":"Insurance Mediation Ordinance"},"content":{"rendered":"

<\/span>“What are the implications of the forthcoming Financial Intermediaries Regulations for intermediaries’ VSH cover?”<\/i><\/h3>\n

<\/i><\/b><\/p>\n

In \u00a7 9 paragraph 2 of the forthcoming FinVermV, reference is made to \u00a7 9 paragraphs 2 to 5 of the Insurance Mediation Ordinance.<\/p>\n\n

This currently means the following for the amount of insurance coverage:<\/strong><\/p>\n

“The minimum sum insured is 1,130,000 euros for each insured event <\/em><\/p>\n

and 1,700,000 euros for all insured events in one year”.<\/em><\/p>\n\n

According to the legislator’s estimate, the “bancassurance intermediary” will incur costs of between EUR 800 and EUR 1,200 for such cover.<\/p>\n\n

The biggest problem with this is that (similar to insurance intermediaries or, say, tax advisors) this does not protect the<\/p>\n

consumer from criminal conduct or gross breach of professional duties (so-called knowing breaches of duty),<\/p>\n

because in such constellations the compulsory insurance does not provide any insurance cover.<\/p>\n\n

The FinVermV will be implemented alongside the associated law “zur Graumarktregulierung” (Law on the Amendment of the Financial Investment Intermediary Act).<\/p>\n

and investment law) will lead to a further thinning out of the “free” intermediary community, i.e. to further market concentration.<\/p>\n\n

Those who want to be better insured as a financial intermediary, that is, to avoid some gaps in coverage,<\/p>\n

will have to seek supplementary insurance cover.<\/p>\n\n

In addition, it is to be expected that clients – in the knowledge of the VSH cover – will increasingly try,<\/p>\n

to sue the financial intermediary in the event of misadvice.<\/p>\n

<\/span><\/p>\n\n

Dr. Johannes Fiala<\/span>
\n <\/span>
\n(DHBW Newsletter 11-2011)<\/p>\n

Courtesy of www.dhbw-heidenheim.de<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"

“What are the implications of the forthcoming Financial Intermediaries Regulations for intermediaries’ VSH cover?” In \u00a7 9 paragraph 2 of the forthcoming FinVermV, reference is made to \u00a7 9 paragraphs 2 to 5 of the Insurance Mediation Ordinance. This currently means the following for the amount of insurance coverage: “The minimum sum insured is 1,130,000 […]<\/p>\n","protected":false},"author":4,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"inline_featured_image":false,"footnotes":"","rank_math_focus_keyword":"Financial intermediary","rank_math_description":"What are the consequences of the upcoming Financial Intermediaries Regulation for the VSH insurance of intermediaries?","rank_math_title":""},"categories":[492],"tags":[577],"class_list":["post-17599","post","type-post","status-publish","format-standard","hentry","category-veroeffentlichungen-en","tag-deckung-en"],"acf":[],"_links":{"self":[{"href":"https:\/\/www.fiala.de\/en\/wp-json\/wp\/v2\/posts\/17599","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.fiala.de\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.fiala.de\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.fiala.de\/en\/wp-json\/wp\/v2\/users\/4"}],"replies":[{"embeddable":true,"href":"https:\/\/www.fiala.de\/en\/wp-json\/wp\/v2\/comments?post=17599"}],"version-history":[{"count":0,"href":"https:\/\/www.fiala.de\/en\/wp-json\/wp\/v2\/posts\/17599\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.fiala.de\/en\/wp-json\/wp\/v2\/media?parent=17599"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.fiala.de\/en\/wp-json\/wp\/v2\/categories?post=17599"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.fiala.de\/en\/wp-json\/wp\/v2\/tags?post=17599"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}