Transparent brokers: from 2016 on brokers have to disclose data

From 1 January 2016 on the Versicherungsaufsichtsgesetz (VAG)/Insurance Super-visory Law shall be amended and adapted to the requirements of the Solvency-II-Framework Directive. The objective to ameliorate the risk management for the insurer brings about new burdens for the insurance broker, if the latter is taking over outsourced activities of the insurer as supplier of services. Among these services are e.g. the collection of premiums or claim adjustment.

It is mentioned in the present draft of the new VAG that the service provider has to ensure that the insurance company, his auditors and the supervising authority have a direct access to data. The service provider is also obliged to cooperate with the supervising authority. This brings about organizational challenges, as the insurance broker has to enable the access to data without disclosing data not belonging to a certain insurer and he has to pay attention that his own business secrets remain protected.

In this connection the course to the transparent broker seems clear, as probably the insurance companies sooner or later will insist on the online-access. It is not possible to escape the Solvency II directives and their implementation. It is necessary, therefore, to  address the issue and the own restructuring may be necessary  to ensure that the own interests are protected in spite of the open data communication.

Should you have any questions in this regard, please contact us under 040-3696150 or send us an e-mail.

Rechtsanwalt Dr. Tristan Wegner

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