Code of Conduct
„As a sign of their high sense of responsibility, members of the BDVM commit to compliance with mandatory rules of conduct“.
You do not find any application form here. Please read the following text and our association articles and check whether your company meets the requirements of a membership. If this is the case, we look forward to receiving your or phone call (040 3698 200) to discuss the further proceeding with you.
VDVM is an advocacy group for professional and competent insurance brokers. The articles of association provide special requirements for the members. In addition to the requirements of the association articles each member company has to follow theof the association.
The profession defined in VDVM’s association articles describes the insurance broker as an insurance intermediary who is legally and financially independent of the parties of the insurance contract, thus the policyholder and the insurer.
Furthermore it says: “… he is a trustee of the interests of the policyholder and therefore his advisor and representative in all matters relating to risk and insurance.
The insurance broker arranges on behalf of the policyholder and according to his needs insurance contracts and places these contracts in the national or international market. He is authorized to administer insurance contracts and to safeguard the interests of the policyholder in case of a claim.”
Therefore a basic requirement for the membership is a high qualification. At least two people working full-time have to be employed by the insurance broker company and at least one of them needs the qualification of a “Versicherungsfachwirt” or rather that of an examined insurance broker and the other one needs the qualification of an insurance salesman. It is possible to accept other qualifications provided that sufficient professional experience can be proved.
Furthermore evidence of many years of work experience and an errors and omission liability insurance with a double limit of that required in accordance with section 9 of the Insurance Broking Act have to be provided
To assure that the applicants meet the requirements for a VDVM membership an admission committee examines in a conversation whether the company complies with the objective and subjective prerequisites described in the articles of association and whether it fits to the association’s comprehension of a broker.
It is important for VDVM that all applicants are qualified and experienced to investigate insurance needs, create concepts of cover, review policies, implement and administer new programmes and support claim settlements. In addition, they should have the knowledge of the insurance business and the actuarial practise, the insurance supervisory and contract law and the appropriate tax law.
Costs of Membership
VDVM charges a one-time admission fee of EUR 1,000 for smaller companies and EUR 2,000 for companies with more than 10 employees. The annual membership fee ranges according to the number of employees from EUR 825,00 for companies up to 3 employees to EUR 16,500 for companies with more than 1000 employees.