VDVM CODE OF CONDUCT – TRANSPARENCY GUIDELINES
The insurance broker’s choice is determined by the interests of his customer and not by his commercial self-interest.
Broker’s commission will remain the standard remuneration system for insurance brokers in Germany. Because of our Principle 1 it is not necessary to disclose commissions and their amounts automatically.
If an insurance broker has several sources of income, i.e. when the customer pays a fee to the broker, the latter has to disclose any other source of remuneration.
Any bonus or special payments based on results (for example profit participation) are critical and are not recommended by our association.