Wholesale brokers in the sights of the insurance police

Published on 11 December 2022 at 11:10Updated on 11 December 2022 at 11:14

There are these insurance brokers who pretend to be Social Security agents or employees of mutual insurance companies on the phone to sell supplemental health insurance. There are also those who create fake email addresses to sign the contract documents for “customers” who never gave their consent.

These excesses, observed mainly among brokers specializing in distance sales, are not new. But they do not only concern the seller at the end of the chain, warns the Prudential Control and Resolution Authority (ACPR). The wholesale broker, transmission belt between the insurance company and the final broker, has a responsibility in this illegal practice, hammered the French gendarme of banking and insurance on December 5 during its annual congress.

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