Insurance, Germany updates

 
Brokers banned from settling claims on behalf of insurers
  • Germany
  • June 21 2016

The Federal Court of Justice recently ruled that claims settlements by brokers on behalf of liability insurers constitute a violation of the Legal Service Act. The settlement of claims for insurers does not qualify as an accessory activity of the main activity of a broker, because a broker's main activity is to safeguard the assured's interests. It is not possible to represent the insurer's and the assured's interests simultaneously.

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