Regulatory Alerts2015-04-24 | Circular 10/2014 (VA) - Cooperation with Insurance Intermediaries, Risk Management in DistributionAdded · Updated
Circular 10/2014 (VA) – Guidelines on Cooperation with Insurance Intermediaries and Risk Management in Product Distribution
The Federal Financial Supervisory Authority (BaFin) issued Circular 10/2014 to establish detailed risk management and compliance requirements for insurance undertakings cooperating with intermediaries. Insurers must verify the reliability, financial soundness, and product-specific qualifications of tied agents, brokers, and referrers before commencing cooperation, while maintaining continuous supervision and robust complaint-handling procedures. The guidelines mandate systematic documentation, clear internal work instructions, and strict data protection measures to mitigate operational, legal, and reputational risks across all distribution channels.
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