Insurance Broker (Switzerland)
Insurance brokers , also known as insurance brokers, broker insurance contracts with insurance companies on behalf of policyholders . They represent the interests of the insurance customer and often have the customer's authority to conclude the contract directly. They have extensive duties to provide information and advice to the customer.
Insurance brokers are independent insurance intermediaries within the meaning of the Insurance Supervision Act and are subject to the supervision of the Swiss Financial Market Supervisory Authority (FINMA) . You have to be registered in a public register.
Job description and practice
The insurance broker is the agent of the insurance customer and, unlike the agent, has no mandate from the insurance company. He mediates insurance contracts and advises the policyholder. The insurance broker must faithfully and carefully protect the interests of his customers. In practice, he monitors either the entire insurance portfolio of his client or the insurance cover for a specific risk.
In terms of regulatory law, he is an insurance broker and is subject to the supervision of the Swiss Financial Market Supervisory Authority (FINMA). Since he is not contractually bound to an insurance company, he has to be entered in a public register.
Requirements for registration are
- adequate professional qualifications and
- the conclusion of professional liability insurance or the provision of equivalent financial security as well as
- that he meets the personal requirements.
Proof of professional qualification
The qualification of the broker can be proven by taking the examination to become an insurance broker (vbv) before the professional training association of the insurance industry . It is also possible and sufficient to provide evidence of equivalent domestic or foreign qualifications.
These are for example:
- Insurance specialist with a federal certificate
- Federally certified insurance expert
- Financial planner with a federal certificate
- University course in academic insurance salesman (Austria) with professional experience
- Specialist for financial advice IHK (Germany)
- Insurance specialist IHK (Germany)
personal requirements
The insurance broker must
- capable of action be
- must not be entered in the criminal record for criminal acts incompatible with insurance brokerage and
- there must be no certificates of loss against him
The contractual relationship between customer and broker
The contractual relationship between the policyholder and the insurance broker is regulated in a brokerage contract. The tasks of the broker include comprehensive and ongoing information and advice obligations with regard to the risks as well as the existing and new coverage options and the product selection. Often the insurance broker also receives the power of attorney to conclude insurance contracts for his client.
With the revision of the Insurance Supervision Act in 2004, the relevant provisions of the EU Brokerage Directive were implemented in Swiss law. However, there is no statutory obligation of the insurance broker to provide advice, regardless of the contractual relationship. The documentation requirement has also not been incorporated into national law. However, the burden of proof that advice owed in accordance with the contract has been provided lies with the insurance broker.
Remuneration of the broker
The broker is usually paid by the insurance company.
See also
Individual evidence
- ↑ Swiss Federal Court August 27, 1998, BGE 124 III 481
- ↑ Art. 40 ISA. Retrieved June 9, 2019 .
- ↑ Art. 46 ISA. Retrieved June 9, 2019 .
- ↑ Art. 43 Para. 1 VAG. Retrieved June 9, 2019 .
- ↑ Art. 44 ISA. Retrieved June 9, 2019 .
- ↑ Art. 185 Supervision Ordinance (ISO). Retrieved June 9, 2019 .
- ↑ Professional qualifications website of FINMA. Retrieved June 9, 2019.
- ↑ Art. 412 OR. Retrieved June 9, 2019 .