Federal Ministry of Finance publishes draft bill on amended regulations for Insurance Supervision Act 2016

The Federal Ministry of Finance published a draft bill on 23 September 2015 for a “regulation to repeal regulations due to the Insurance Supervision Act” and for a “regulation to issue regulations under the Insurance Supervision Act”. The background is that the amendment of the Insurance Supervision Act makes new delegated legislation applicable. One major planned change is that initially no new regulation prohibiting the passing on of commission is to be issued. Instead, legislators should first review whether and possibly how a prohibition on passing on commission is to be issued as part of the implementation of the insurance broker directive.