MULTIPLE INSURANCE AGENCY (WITH SPECIAL REFERENCE TO THE POWERS OF THE AGENT AND HIS STATUS IN RELATION TO THE INTERMEDIARY – BROKER)

Insurance agency, as a form of insurance distribution, is receiving more attention than before in EU law, as well as in the national legislation of individual countries. Insurance agency is viewed and defined in conjunction with other forms of insurance distribution, such as insurance intermediary and brokerage, as well as advisory services regarding the selection of the most favourable insurer. However, in the acts governing these institutes, it departs from the general concepts, so that broader definitions of the work performed by agents, intermediaries, brokers etc., must be used. Serbian legislation differentiates and defines insurance agents and brokers but, at the moment, brokers are not specifically regulated, as are other professional activities whose main or secondary business is the distribution of insurance. The paper focuses, primarily, on the multiple insurance agency, i.e. to the possibility of one person to represent multiple insurers and the relationship of insurance agency to the other activities in the field of insurance distribution. One of the questions the author is trying to answer relates to an exclusivity clause, which is a clause defining the agency for one specific insurer or more insurers. Also, the author specifically defines the difference between agency and intermediation. He specifies the criteria for distinguishing between these two activities and specifically determines the relationship of the insurer with the agent. The author analyzes the domestic and German legislation in this field, as well as the EU act regulating the distribution of insurance – Directive (EU) no. 2016/97 on insurance distribution. The paper pays particular attention to the provisions of Directive 2016/97 relating to tied insurance intermediaries. These are persons bound by a contract for one or more insurers. The contract defines that these persons will intermediate only for one or only for specific insurers. In practice, these are usually insurance agencies that have already defined the exclusivity clause in their contract with their insurer. So, Directive 2016/97 defines the ability to perform insurance distribution business for multiple insurers, but such an option applies to all insurance distributors, not just agents. Within the Serbian legislation, the author analyzes the provisions of the Act on Obligations, the Act on Insurance and the Pre-Draft Civil Code. In the provisions of these acts there is a great problem with defining both agency and intermediation in insurance. Also, there is a problem with defining the authorities of an insurance agent. Within the framework of German legislation, the author analyzes the Act on Insurance Contracts and Act on the Supervision of Insurance Undertakings.