Register of Insurance Intermediaries (Vermittlerregister)

Concept

The register of insurance intermediaries is a publicly accessible official record in which all licensed insurance intermediaries in a market – agents, brokers, and tied intermediaries – are listed and registered. In most jurisdictions, registration is a mandatory prerequisite for carrying out insurance intermediation on a commercial basis, and serves both market oversight by the supervisory authority and transparency towards customers.

Content and Purpose of Registration

The register of insurance intermediaries generally records information on the identity of the intermediary, the nature of their activity (e.g. as an agent or broker), the insurers they act for, and evidence of required qualifications and existing professional indemnity insurance; customers can use the register to verify that an intermediary actually holds the required license before entering into an insurance contract with them.

Requirements for Registration

Entry in the register of insurance intermediaries generally requires proof of minimum professional qualifications, personal good standing, and adequate professional indemnity insurance; the supervisory authority can revoke an existing registration if these requirements cease to be met, or in the event of serious violations of intermediation duties, which results in the immediate loss of the authorization to intermediate.