Erscheinung:01.09.2014 Consultation on BaFin circular on insurance intermediaries and the distribution of insurance products
BaFin is currently conducting consultations on a draft circular which comprises guidance notes on the cooperation between insurers and intermediaries, distribution-related activities and risk management with regard to the distribution of insurance products. The circular is to replace Circular 9/2007 (VA) which contains guidance notes with regard to insurance mediation law.
The new circular will focus on section 64a of the German Insurance Supvervision Act (Versicherungsaufsichtsgesetz - VAG) which sets out rules relating to the business organisation of insurance undertakings and the duties of managers. In addition, it will address the cooperation between insurance undertakings and referrers, i.e. persons who refer potentially interested customers to insurers or insurance intermediaries.
BaFin has been increasingly addressing distribution-related topics for some time (see for instance the articles “Incentives in sales”, and “Mediation of insurance contracts by statutory health insurance funds” (only available in German). It will pay particular attention to such topics also in the months to come.
