Remuneration for the mediation of payment protection insurance

(1) Where an insurance undertaking grants an insurance intermediary an acquisition commission for concluding a payment protection insurance policy, the remuneration granted may not exceed 2.5 percent of the loan amount or other sum of money secured by the payment protection insurance. Acquisition commission within the meaning of this provision means all distribution remuneration within the meaning of section 7, point 34b, that is linked to the conclusion or continuation of a contract or several contracts, or to any other success in promoting the conclusion, continuation, or amendment of one or more contracts. Where the loan amount or other sum of money includes a component for the payment of premiums, that component is disregarded in calculating the remuneration. The conclusion of more than one payment protection insurance policy relating to the same policyholder and having the same loan amount or other sum of money as its subject matter is void. Where the conclusion of several contracts is necessary to involve different risk carriers to cover different circumstances named in section 7, point 34c, or several insured persons under several individual contracts, this is regarded as the conclusion of only one payment protection insurance policy.
(2) Where an insurance undertaking grants an acquisition commission for concluding a payment protection insurance policy to a policyholder of a group insurance contract for payment protection insurance, or to an undertaking related to that policyholder within the meaning of section 7, point 30, to the parent undertaking of that policyholder, or to an undertaking that is a subsidiary undertaking of the same parent undertaking, subsection (1) applies correspondingly.
(3) Other remuneration for services of an insurance intermediary, an undertaking related to that insurance intermediary within the meaning of section 7, point 30, the parent undertaking of that insurance intermediary, an undertaking that is a subsidiary undertaking of the same parent undertaking, or a policyholder or undertaking named in subsection (2), or other third parties, used by the insurance undertaking, is permissible only where the insurance undertaking does not pay an acquisition commission within the meaning of subsections (1) and (2). Other remuneration under the first sentence must be limited to the amount that a prudent and conscientious manager, having regard to the interests of the insured, would agree with an unrelated undertaking. Where the insurance undertaking makes an advance payment on the basis of such a contract, that advance is regarded as other remuneration. Remuneration for services or any other benefit with a monetary value may be granted only where the agreed services result in a corresponding saving of expenses for the insurance undertaking.
(4) Subsection (1) applies correspondingly where an insurance undertaking, a policyholder named in subsection (2), or an undertaking named in subsection (2) grants acquisition commissions to its employees for payment protection insurance contracts mediated by them. The agreement of an acquisition commission or other remuneration within the meaning of subsection (3) by an insurance undertaking requires written form. The agreement is void insofar as it does not comply with the requirements of the second sentence and subsections (1) to (3).