08:48 Jun 1, 2018
This question was closed without grading. Reason: Other

German to English translations [PRO]
Bus/Financial - Insurance / Deutsche IDD-Sonderregelungen
German term or phrase: Durchleitungsgebot
I simply cannot find any appropriate translation for this term. it occurs about consumer protection regulation in the insurance industry.
"Während der europäische Gesetzgeber sich auf vier Handlungsfelder beschränkt hat, die im Wesentlichen den Verbraucherschutz durch Änderungen des Beratungsprozesses für alle Vertriebswege stärken sollen, will der deutsche Gesetzgeber mit seiner IDD-Umsetzung verbraucherschutzpolitisch weitergehen und insbesondere die Honorarberatung stärken. Hierzu wurde u.a. das ***Durchleitungsgebot*** neu im Versicherungsaufsichtsgesetz aufgenommen."
Sanni Kruger
United Kingdom
Local time: 03:34

Summary of answers provided
3 +2commission sharing requirement
Michael Martin, MA
Summary of reference entries provided
“pass-through insurance” products / pass-through insurance risk / pass-through approach

Discussion entries: 9



6 hrs   confidence: Answerer confidence 3/5Answerer confidence 3/5 peer agreement (net): +2
commission sharing requirement

I just made that up based on sources.

"Ban on special remuneration and the sharing of commissions
A regulation to ban the sharing of commissions has been a widely discussed topic in recent years. The legislative package contains such a provision in the planned section 48b of the VAG regarding the ban on special remuneration and the sharing of commissions, i.e. a ban on direct or indirect benefits in addition to the payment agreed on in the insurance contract. The ban targets insurers but – provided that the new section 34d (1) of the GewO is applied – it will also be applicable to insurance intermediaries. In cases where the ban is violated by insurance intermediaries, the chambers of industry and commerce and the trade offices (Gewerbeämter) of Germany's federal states will be responsible for the prosecution of administrative offences (new section 144 of the GewO)." https://www.bafin.de/SharedDocs/Veroeffentlichungen/EN/Facha...

Michael Martin, MA
United States
Local time: 22:34
Works in field
Native speaker of: Native in GermanGerman, Native in EnglishEnglish
PRO pts in category: 37

Peer comments on this answer (and responses from the answerer)
agree  philgoddard
23 mins

agree  Johanna Timm, PhD
3 hrs
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Reference comments

4 hrs
Reference: “pass-through insurance” products / pass-through insurance risk / pass-through approach

Reference information:
FinLeap in its Element with digital insurance partnership – FinTech ...
6 jun. 2017 - German fintech incubator FinLeap's digital insurance platform Element is ... Germany's Insurance Supervision Act, and plans to offer services in property, ... and “pass-through insurance” products for their respective end users.

Welcome to the FinCoNet Newsletter
1 jul. 2017 - the insurance sector, and became an actuary. During these ... protection concerns raised by BaFin with .... the pass-through approach, whereby.

dict.cc Übersetzungsforum :: pass through risk :: Übersetzung ...
28 ene. 2010 -
English-German Translation of ... Google: pass-through insurance ... In a product liabitity case the injured consumer sues both the retailer and ...

Note added at 1 day 10 hrs (2018-06-02 18:59:11 GMT)

BaFin "pass-through requirement" (section 48c of the new VAG) explained:

BaFin - Expert articles - Insurance distribution: Consequences of the ...

15 mar. 2017 -

Insurance distribution: Consequences of the planned implementing act for BaFin



Insurance consultants

BaFin will nonetheless assess whether insurance undertakings adhere to the "pass-through requirement" (section 48c of the new VAG). According to the laws currently applicable, a customer who uses the services of an insurance consultant must pay for the advice provided because the consultant cannot receive any remuneration from the insurer. Despite this, if the customer concludes an insurance contract after the consultation, they generally also pay for the insurance mediation costs which are calculated into their insurance premium.

The pass-through requirement is intended to counteract this disadvantage. The customer, i.e. the policyholder, will receive credit from the insurer as compensation for paying the insurance consultant – the amount of which is determined based on the insurer's costs for insurance mediation. This will result in a lower premium for the policyholder. The customer will thus receive a “net” product. It is even possible that the credit received by the policyholder will be greater than the costs paid for the consultant. This means that using a consultant might even result in a cost benefit for the customer.

The legislature intends for BaFin to monitor whether these pass-through processes are carried out in accordance with the law. At the moment, however, it is not possible to predict whether and to what extent fee-based consultancy will be able to gain traction in the market. According to the statistics of the Association of German Chambers of Industry and Commerce (Deutscher Industrie- und Handelskammertag – DIHK - only available in German), there were 227,978 insurance intermediaries in Germany in January but only 311 insurance consultants. Somewhat similarly to the envisaged future insurance consultants, these consultants already work on the basis of fees, albeit without any pass-through regulation.

Note added at 1 day 10 hrs (2018-06-02 19:12:17 GMT)

BaFin says that insurers need to be prepared for substantial burdens ...
https://www.regulationtomorrow.com › IDD

3 ago. 2017 -

BaFin says that insurers need to be prepared for substantial burdens in their implementation of the new German law transposing IDD

... Compliance with pass-through requirements in the event of mediation by insurance consultants mediating without commission, but against a fee paid by the customer (in order to ensure that the customer receives a “net” product);

Native speaker of: Native in EnglishEnglish
PRO pts in category: 20

Peer comments on this reference comment (and responses from the reference poster)
neutral  philgoddard: Pass-through may work, but I don't think your references are relevant, and the first one is invalid. It's something to do with do intermediaries and passing on some kind of payments to the policyholder.
4 mins
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