Insurance Advisory Council

(1) To assist with supervision, an advisory council of experts in insurance matters exists at the Federal Institute.
(2) The Insurance Advisory Council consists of eight representatives of the insurance industry, representing the various insurance branches in a balanced manner, two of whom represent insurance distribution, eight representatives of policyholders, and eight representatives of insurance scholarship and specialist scientific associations. The representatives of policyholders are composed of four representatives of consumer protection organisations, and one representative each of insurance brokers, industry, associations of small and medium-sized enterprises, and trade unions.
(3) The members of the Advisory Council are appointed for a term of five years. A single reappointment is permissible.
(4) The members conduct their office as an unpaid honorary function; for their participation in meetings, they receive a daily allowance and reimbursement of travel expenses.