Requirements for insurance distribution

(1) Insurance undertakings are obliged to cooperate only with those commercially active insurance intermediaries who 1. hold authorisation under section 34d(1) of the Trade Regulation Act, are exempt from the authorisation requirement under section 34d(6) of the Trade Regulation Act, or are not subject to the authorisation requirement under section 34d(7), first sentence, point 1, or (8) of the Trade Regulation Act, and 2. are authorised to receive assets of the policyholder or assets intended for the policyholder, or, insofar as required under a statutory instrument pursuant to section 34e(1), first sentence, point 2, letter b, of the Trade Regulation Act, can demonstrate a security deposit.
(2) Insurance undertakings must ensure that their employees directly or materially involved in insurance distribution are reliable, are in orderly financial circumstances, have the qualification appropriate to the intermediation of the respective insurance, and undergo regular further training. Insurance undertakings may cooperate with commercially active insurance intermediaries who 1. are not subject to the authorisation requirement under section 34d(7), first sentence, point 1, of the Trade Regulation Act, or 2. are exempt from the authorisation requirement under section 34d(6) of the Trade Regulation Act and act as an insurance intermediary on behalf of one or more insurance undertakings, only where those insurance intermediaries meet the conditions named in the first sentence and the requirements of Regulation (EU) 2022/2554 applicable to them. The appropriateness of the qualification is determined by the requirements associated with the products they distribute. The first to third sentences do not apply to persons within the meaning of section 24, insofar as they meet the requirements for reliability and professional qualification named there. The content, scope, and documentation of qualification measures to be demonstrated must comply with Division 1 of the Insurance Mediation Regulation.
(2a) Insurance undertakings must ensure, through appropriate business-organisation measures, that the requirements under subsections (1) and (2) are met, monitored, and documented by their employees and by intermediaries under subsection (1), points 1 and 2, and by their employees directly or materially involved in insurance distribution, insofar as compliance with these requirements is not already ensured by authorisation procedures under the Trade Regulation Act. For this purpose, they must issue corresponding internal policies, establish appropriate internal procedures, and set up a function for this that ensures proper implementation.
(3) Insurance undertakings may cooperate with commercially active insurance intermediaries from other member states or contracting states only insofar as the intermediaries are authorised, under the provisions of their home member state, to mediate insurance contracts.
(4) At the instigation of an insurance intermediary under section 34d(7), first sentence, point 1, of the Trade Regulation Act, the insurance undertaking or undertakings for which the insurance intermediary acts exclusively must notify the register authority of the particulars to be stored in the register under section 11a(1) of the Trade Regulation Act. The insurance undertaking or undertakings must ensure that the conditions under section 34d(7), first sentence, point 1, of the Trade Regulation Act are met.
(5) Insurance undertakings are obliged to notify the register authority under section 11a(1) of the Trade Regulation Act without delay of the termination of cooperation with an insurance intermediary not subject to the authorisation requirement under section 34d(7), first sentence, point 1, of the Trade Regulation Act, and to arrange for that intermediary's deletion from the register.
(6) Sections 48a to 50a do not apply to reinsurance distribution. For reinsurance distribution in connection with risks not situated in a member state or contracting state, sections 48 and 51 do not apply.