Würzburg, January 29, 2007

It has long been possible to buy insurance at the same time at the dealership. Business is booming. Until now, however, no quality standards have been regulated, but soon there will be clarity. On July 1, 2007, the "Act on the Revision of Insurance Intermediary Law" will come into force in Germany. It transposes the corresponding EU directive into national law. For the first time, the law contains clear regulations on access to the profession and the exercise of the profession by insurance intermediaries. This refers, for example, to car dealers who offer their customers all types of insurance at the same time.

New: These dealers, for example, generally require a business license from a chamber of industry and commerce. Among other things, they must prove that their financial circumstances are in order, pass an expert examination and take out professional liability insurance, reports the industry magazine "kfz-betrieb" in its latest issue no. 3-4, which was published on January 25.

In future, customers will be able to view the centrally maintained register of intermediaries and check the reliability of their insurance intermediary. They can also demand detailed advice from the intermediary and are covered in the event of any incorrect advice. This regulation also applies to other sectors.

"kfz-betrieb" is a trade magazine published by Vogel Auto Medien, Würzburg. The most widely read trade magazine in the automotive industry celebrated its 95th anniversary in 2005 and is the official organ of the German Motor Trade (ZDK), the professional lobby for over 40,000 car dealerships and workshops.

If you have any questions and for the entire article, please contact

Elvira Minack

Editor Economy & Management

Editorial office "kfz-betrieb" weekly journal & online

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E-mail: elvira_minack@vogel-automedien.de