COUNTRY-BY-COUNTRY ANALYSIS (ANNEX IV)
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1 COUNTRY-BY-COUNTRY ANALYSIS (ANNEX IV)
2 PDF ISBN doi: / EI EN-N Print ISBN doi: / EI EN-C Luxembourg: Publications Office of the European Union, 2018 EIOPA, 2018 Reproduction is authorised provided the source is acknowledged. For any use or reproduction of photos or other material that is not under the EIOPA copyright, permission must be sought directly from the copyright holders.
3 COUNTRY-BY-COUNTRY ANALYSIS (ANNEX IV)
4 1 [Link].
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15 Other Credit institutions Insurance and reinsurance brokerage companies Authorised insurance brokers Insurance representation crafts Insurance agencies Authorised insurance agents
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18 Tied Insurance Advisor Insurance Advisor Insurance sub-agent Insurance Agent Insurance Broker
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24 Insurance agent/sub-agent Insurance broker/reinsurance broker
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30 Insurance Intermediary Representative Insurance Representative General Insurance Agent Insurance Broker
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33 - -
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37 Independent insurance intermediary Tied agent - multiple agent Tied agent-insurance agent
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39 2 The amount of commission paid in connection with a life insurance policy with savings element may not exceed the amount of the premium the insurance company has received by the time of payment of the commission. By way of derogation from Subsection (1), as regards stipulated-premium life insurance policies with savings element, commission may be paid on the first year calculated from the date of the contract - at the earliest after the first premium payment is received by the insurance company as stipulated - in an amount not exceeding the premium due for fourteen months. The amount of commission paid in total for the full term of the contract may not exceed the amount of the premium the insurance company has received for the full term of the contract. The agreement concluded in writing between the insurance company and the insurance intermediary shall inter alia contain the following: a) the due date for the payment of commission, which - as regards the first commission payment - shall not take place before the first premium payment for the contract is received by the insurance company; b) the rate of the commission; c) conditions for the payment of commission; d) the timing for the payment of commission; e) the conditions under which the obligation of commission repayment applies, and the conditions for any exemption from such obligation; f) the date of termination of the obligation of commission repayment; g) entitlement to commission, and the conditions under which such entitlement may be abolished. Under predetermined uniform conditions the insurance company shall be entitled to differentiate the rate of commission among the intermediaries adjusted as commensurate for the activities of insurance intermediaries and for their performance of such activities. Commissions may not be paid to insurance intermediaries in advance. Apart from the commission for brokering insurance contracts, insurance intermediaries shall not be entitled to any other form of payment from the insurance company.
40 In addition to the commission, insurance companies shall be allowed to reward insurance intermediaries for services provided outside the scope of insurance intermediary services, properly documented in a manner that is transparent and verifiable, with the underlying reason clearly indicated.
41 3 Section 48 (1) Minimum Competency Regulations 2017 (Minimum Competency Regulations 2017.
42 4 This figure excludes tied agents.
43 - - -
44 5 [Link]
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48 o o o
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52 Insurance brokers Insurance brokerage companies Dependent insurance intermediaries (agents, agents companies, banks and their employeees)*
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58 Tied Insurance Intermediaries Insurance Managers Insurance Brokers Insurance Agents
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65 Insurance agents representing more than 1 undertaking in life or nonlife business (so called "multiagents") Insurance agents (exclusive) Reinsurance brokers Insurance brokers
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67 6 Act of 11 of September 2015 on Insurance and Reinsurance Business, Article 18: 1. In the insurance for the benefit of third party, in particular in group insurance, the policyholder may not receive any remuneration or other benefits associated with offering the insurance cover or any activities related to performance of insurance contract. The above shall not exclude the optional obligation of the insured for the policyholder to cover the insurance premium costs. 2. Prohibition to receive remuneration or any other benefits referred to in paragraph 1 shall include also the persons acting for or on behalf of the policyholder. 3. The provisions of first sentence of paragraph 1 and of paragraph 2 shall not apply to the group insurance contracts concluded for the benefit of employees or persons working under the civil-law contracts and their family members as well as contracts concluded for the benefit of members of associations, professional self-governments or trade unions." 7 According to Act of 11 of September 2015 on Insurance and Reinsurance Business, article 23.7, the provisions shall not apply to the insurance contract, in which the guaranteed sum for death of the insured from any reason exceeds the tenfold amount of annual premium due under such contract in each of the first 5 years of insurance cover.
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69 Insurance broker Insurance agent Tied insurance intermediary - type 2 Tied insurance intermediary - type
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73 Subordinate financial agent Tied financial agent Financial adviser Independent financial agent
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75 Other (insurance sold on an ancillary basis) Banks (bankassurance) Agents - legal persons Agents - natural persons Brokers - legal persons Brokers - natural persons
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78 Bancassurance (multitied agents) Bancassurance (tied agents) Multi-tied agents Tied agents Brokers
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81 Tied insurance intermediaries Insurance intermediaries
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86 8 For more information on the RDR and the outcomes see: webpage for advisers; adviser factsheet; original consultation paper; post-implementation review.
87 EUROPEAN INSURANCE AND OCCUPATIONAL PENSIONS AUTHORITY Westhafenplatz 1, Frankfurt am Main, German y
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