Germany is the country with the second highest number of insurance distributors in the European Economic Area, behind Italy.
The Insurance Distribution Directive has been adopted in Germany since 28 July 2017, well before the deadline imposed by the European Union. This law of adaptation does not merely reproduce the terms of the Directive in full, but imposes additional obligations on intermediaries (in terms of information, insurance coverage, written documentation, etc.).
The duty to advise in Germany is a rich source of litigation and focuses on the “best interests” of the client. Advice must be adapted and personalised depending on the client’s situation, and must respond to precise needs, the idea being to move away from purely formal advice proffered in a general and impersonal way.