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volmacht

English translation: underwriting authority

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15:57 Apr 23, 2006
Dutch to English translations [PRO]
Bus/Financial - Insurance
Dutch term or phrase: volmacht
Insurance brokers receive "volmacht" from underwriters - what is the precise term for this?

I give a couple of examples:

"wij hebben 20 volmachten in een rekening courant" (from a broker's website)

Het optreden als gevolmachtigd agent is een financiële dienst waarop de Wet financiële dienstverlening van toepassing is. Zowel een natuurlijk persoon als een rechtspersoon kan optreden als gevolmachtigd agent.
Op 31 december 2005 waren er in Nederland 398 gevolmachtigd agenten, aan wie in totaal 1.905 volmachten waren verleend.
Andre de Vries
Local time: 17:36
English translation:underwriting authority
Explanation:


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Note added at 19 mins (2006-04-23 16:16:46 GMT)
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gevolmachtigd verzekeringsagent = underwriting agent

source: van Amerongen financial terminology





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Note added at 2 hrs (2006-04-23 18:12:44 GMT)
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You might want to have a look into the term 'binding authority/binding authorities/binding authority agreements' because perhaps that would work in some parts of the text. Sorry but don't know enough about it myself. Here's one ref:


BINDING AUTHORITY An agreement for insurance or reinsurance whereby an Underwriter delegates underwriting authority to another party, usually a broker or a managing general agent.

http://www.re-eval.co.uk/glossaryb.htm


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Note added at 4 hrs (2006-04-23 20:24:19 GMT)
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Hi Dave, I agree with your first statement below but I'm not at all sure that 'volmacht' is necessarily limited to the tasks you mention in your answer. For instance:

Volledige volmacht
Behalve makelaars in assurantiën zijn wij ook werkzaam als gevolmachtigd assuradeur voor een aantal vooraanstaande verzekeringsmaatschappijen. Dit brengt veel voordelen met zich mee.
Zo kunnen we zelf producten ontwikkelen en zijn we bevoegd polissen op te maken en schadeclaims af te wikkelen. Dit maakt ons slagvaardig. En dat is erg belangrijk op momenten waarop directe actie noodzakelijk is
http://www.kettlitz.nl/Default.aspx?tabid=80

Selected response from:

CI95
Local time: 18:36
Grading comment
Selected automatically based on peer agreement.
4 KudoZ points were awarded for this answer



Summary of answers provided
4 +3underwriting authorityCI95
5 +1authorisation (power of attorney)
Dave Calderhead
4 +1authorisation
Sue Stewart-Anderson


  

Answers


13 mins   confidence: Answerer confidence 4/5Answerer confidence 4/5 peer agreement (net): +1
authorisation


Explanation:
Volmacht = the authorisation granted to the authorised agent (gevollmachtigd agent) by an underwriter.

See A de Keizer's Financieel Economisch Lexicon, which is very reliable on insurance.

Sue Stewart-Anderson
United Kingdom
Local time: 17:36
Native speaker of: English

Peer comments on this answer (and responses from the answerer)
agree  LJardine: ..and also with reference to de Keizer - a really useful lexicon to have
15 hrs
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13 mins   confidence: Answerer confidence 5/5 peer agreement (net): +1
authorisation (power of attorney)


Explanation:
"volmachten" are authorised agents who can make policy quotations without referring back to the insurer, because of their authorisation (literally = power of attorney)

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Note added at 16 mins (2006-04-23 16:14:02 GMT)
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They are also authorised to collect premiums

See ref:
join through an authorised agent- australia health insurance ...Authorised agents allow you to pay your Medibank Private premium through them. ... About Our Travel Insurance · Choosing a Plan For Your Trip ...
www.medibank.com.au/join/overseas/authagent.asp


Dave Calderhead
Netherlands
Local time: 18:36
Works in field
Native speaker of: English
PRO pts in category: 77

Peer comments on this answer (and responses from the answerer)
agree  Jack den Haan
48 mins
  -> Thanks, Jack (:-{)>
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11 mins   confidence: Answerer confidence 4/5Answerer confidence 4/5 peer agreement (net): +3
underwriting authority


Explanation:


--------------------------------------------------
Note added at 19 mins (2006-04-23 16:16:46 GMT)
--------------------------------------------------


gevolmachtigd verzekeringsagent = underwriting agent

source: van Amerongen financial terminology





--------------------------------------------------
Note added at 2 hrs (2006-04-23 18:12:44 GMT)
--------------------------------------------------

You might want to have a look into the term 'binding authority/binding authorities/binding authority agreements' because perhaps that would work in some parts of the text. Sorry but don't know enough about it myself. Here's one ref:


BINDING AUTHORITY An agreement for insurance or reinsurance whereby an Underwriter delegates underwriting authority to another party, usually a broker or a managing general agent.

http://www.re-eval.co.uk/glossaryb.htm


--------------------------------------------------
Note added at 4 hrs (2006-04-23 20:24:19 GMT)
--------------------------------------------------

Hi Dave, I agree with your first statement below but I'm not at all sure that 'volmacht' is necessarily limited to the tasks you mention in your answer. For instance:

Volledige volmacht
Behalve makelaars in assurantiën zijn wij ook werkzaam als gevolmachtigd assuradeur voor een aantal vooraanstaande verzekeringsmaatschappijen. Dit brengt veel voordelen met zich mee.
Zo kunnen we zelf producten ontwikkelen en zijn we bevoegd polissen op te maken en schadeclaims af te wikkelen. Dit maakt ons slagvaardig. En dat is erg belangrijk op momenten waarop directe actie noodzakelijk is
http://www.kettlitz.nl/Default.aspx?tabid=80



CI95
Local time: 18:36
Native speaker of: Native in EnglishEnglish
PRO pts in category: 28
Grading comment
Selected automatically based on peer agreement.

Peer comments on this answer (and responses from the answerer)
agree  writeaway: how does that fit in with the context: 'Insurance brokers receive "volmacht" from underwriters'?/ok-you've convinced me and it fits in with a folllowing question ;-)
38 mins
  ->  'underwriter delegates underwriting authority to ...' is not an unusual formulation so here it's just the other way round//thanks!

agree  Kate Hudson
2 hrs
  -> thanks Kate

neutral  Dave Calderhead: authorisation does not neceaarily include underwriting authority. "Volledige volmacht" does indeed include underwiting authority as well premium collection - but the question only states 'volmacht' which is not so precise
3 hrs
  -> please see above/I do agree volmacht is not very precise and your definition may well be what is meant here. Hard to say without additional info.

agree  Louis Vorstermans
6 hrs
  -> thanks!
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