Insurance brokerage regulation
| Basic data | |
|---|---|
| Title: | Ordinance on insurance brokerage and advice |
| Short title: | Insurance brokerage regulation |
| Abbreviation: | VersVermV |
| Type: | Federal Ordinance |
| Scope: | Federal Republic of Germany |
| Issued on the basis of: | Section 11a Paragraph 5, Section 34d Paragraph 8, Section 34e Paragraph 3 GewO |
| Legal matter: | Commercial law , insurance law |
| References : | 7100-1-16 |
| Original version from: | May 15, 2007 ( BGBl. I p. 733 , ber.p. 1967 ) |
| Entry into force on: | May 22, 2007 |
| Last revision from: | December 17, 2018 ( Federal Law Gazette I p. 2483 ) |
| Entry into force of the new version on: |
20th December 2018 |
| Please note the note on the applicable legal version. | |
The Insurance Brokerage Ordinance ( VersVermV ) is a federal legal ordinance that specifies the provisions of the sections of the Trade Regulations ( Sections 11a, 34d and 34e GewO) created in implementation of the EU Brokerage Directive in 2007 . The ordinance was last revised on December 17, 2018.
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The Insurance Brokerage Ordinance contains regulations on the requirements for the expertise of the insurance broker , their evidence as well as recognized existing qualifications (Section 1 and Appendix 1), the new broker register (Section 2), professional liability insurance (Section 3), information requirements (Section 4; including insurance brokers and Insurance advisor ) as well as payment security and commission acceptance ban (section 5) of the agent. Finally, the sanctions for violations of these regulations and public responsibilities are named.
