Transparent broker: From 2016 brokers must disclose data

The Insurance Supervision Act (ISA) is to be reformed and adapted to the requirements of the Solvency II Framework Directive as of 1 January 2016. The aim of improving risk management for insurers creates new burdens for insurance brokers when they take over the insurer’s outsourced activities as service providers. This can include premium collection or claims settlement.

According to the current draft of the ISA-new, the service provider must ensure that the insurance company, its auditors and the supervisory authority have direct access to all data. The service provider will continue to be obliged to cooperate with the supervisory authority. This poses particular organizational challenges, as the insurance broker must allow access to data without disclosing data not belonging to a particular insurer and without protecting his trade secrets.

The path to becoming a transparent broker should tend to be mapped out, as sooner or later insurance companies are likely to insist on online access. You cannot escape the Solvency II directives and their implementation. Therefore, it is necessary to deal with this problem in good time and, if necessary, to restructure the company in order to guarantee the discrepancy and data openness and protection of one’s own interests.

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Lawyer Dr. Tristan Wegner

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