What an insurance broker (Versicherungsmakler) is — and why it matters
The insurance broker (Versicherungsmakler) is an officially regulated reglementiertes Gewerbe under § 94 Z 76 GewO. To obtain the licence one must pass the aptitude examination (Befähigungsprüfung), register with GISA and carry mandatory professional liability insurance (Berufshaftpflicht).
The key difference from an agent: a broker (Makler) is independent (ungebunden). They act EXCLUSIVELY in the client's interest. They are not bound to any single insurer.
Der Versicherungsmakler hat trotz Tätigkeit für beide Parteien des Versicherungsvertrags überwiegend die Interessen des Versicherungskunden zu wahren.
— § 27 Abs. 1 MaklerG
Translation: «The insurance broker, despite acting for both parties of the insurance contract, must predominantly safeguard the interests of the client.»
This rule is mandatory — § 32 MaklerG prohibits any deviation to the disadvantage of the client.
OGH 7Ob37/22z
27.04.2022Der Versicherungsmakler ist als «Bundesgenosse» des Versicherungsnehmers anzusehen und wird dessen Sphäre zugerechnet.
Translation: «The insurance broker is to be considered the ally (Bundesgenosse) of the policyholder and is attributed to their sphere.»
The broker = «ally» (Bundesgenosse) of the client and belongs to the policyholder's (Versicherungsnehmer) sphere.
OGH 4Ob245/15f
23.02.2016Das Treueverhältnis begründet umfassende Schutzpflichten, Sorgfaltspflichten und Beratungspflichten.
Translation: «The fiduciary relationship gives rise to comprehensive duties of protection, diligence and advice.»
The broker's core task is to secure the best possible insurance protection (bestmöglicher Versicherungsschutz), managing risk with the most favourable cover available (möglichst günstige Deckung).
OGH 8 Ob 81/09h
28.01.2010Ohne ausdrückliche schriftliche Vereinbarung steht dem Versicherungsmakler aus dem Maklervertrag mit dem Versicherungskunden keine Provision, sonstige Vergütung oder Aufwandsentschädigung zu.
Translation: «Without an express written agreement, the insurance broker is not entitled to any commission, other remuneration or reimbursement of expenses under the brokerage contract with the client.»
The client pays the broker nothing unless this is expressly agreed in writing. The broker receives commission (Provision) from the insurance company, not from the client (§ 30 Abs. 1 MaklerG). This guarantees that the broker cannot issue an unexpected invoice to the client.
Versicherungsmakler agieren in Österreich als Bundesgenosse des Kunden.
— Verhaltensleitsätze des Fachverbandes (29.11.2023, in force since 2.5.2024)
Translation: «Insurance brokers in Austria act as allies (Bundesgenosse) of the client.»
Broker vs Agent — the key differences
The insurance broker (Versicherungsmakler) and the insurance agent (Versicherungsagent) are two fundamentally different roles in insurance.
| Criterion (Merkmal) | Versicherungsmakler (WENEXUS) | Versicherungsagent |
|---|---|---|
| Principal (Auftraggeber) | The client | The insurance company |
| Loyalty (Loyalität) | Predominantly with the client (§ 27 MaklerG) | With the insurer |
| Product selection (Produktauswahl) | All providers in the market | Only one/few insurers |
| Independence (Unabhängigkeit) | Fully independent (ungebunden) | Contractually bound to insurer |
| Legal attribution (Rechtliche Zuordnung) | Sphere of the policyholder (OGH) | Sphere of the insurer |
| Remuneration (Vergütung) | Provision or honorarium | Provision from the insurer |
| Claim handling (Schadensfall) | Represents the client's interests | Procedure as instructed by the insurer |
| Liability cover (Haftpflicht) | Mandatory by law (§ 137c GewO) | Mandatory by law |
Company information
Company
Gewerbe
Versicherungsvermittlung in der Form Versicherungsmakler und Beratung in Versicherungsangelegenheiten
Reglementiertes Gewerbe under § 94 Z 76 GewO
Rechtsgrundlage: § 94 Z 76 GewO 1994
Registration data
- Firmenbuchnummer:
FN 635890h - GISA-Zahl:
39387608 - Geschäftsführer: Johann Lehner
Our authority — the full scope of services
As an independent insurance broker (Versicherungsmakler), we act exclusively in the client's interest and hold a broad set of legally defined powers:
§ 28 Z 1 MaklerG
Pursuant to § 28 Z 1 MaklerG and the professional standards (Standesregeln), the broker is required to conduct a comprehensive analysis of all risks, including existential risks.
This is not a discretionary service but a statutory obligation. The analysis covers the personal, property and business risks of the client.
Bespoke insurance plan
Based on the risk analysis, an individual coverage concept is built, tailored to the specific needs of the client.
The client decides which risks to insure, based on the broker's expert advice. Every decision is documented.
§ 28 Z 2 MaklerG
Pursuant to § 28 Z 2 MaklerG, the broker has access to ALL products on the Austrian insurance market.
Objective analysis by price, scope of cover and insurer solvency. Unlike an agent, the broker is not limited to one insurer's products.
Additional contract terms
Ability to negotiate additional terms with insurers that are not available to an ordinary client.
Standard cover can be individually enhanced through broker clauses (Maklerklauseln) — special conditions the broker inserts into the insurance contract.
§ 28 Z 5 MaklerG
Pursuant to § 28 Z 5 MaklerG, the broker reviews the policy and the correctness of the premium calculation.
Detection of errors, deviations from the agreement and inconsistencies in the policy. Assurance that the client receives exactly the cover they pay for.
§ 28 Z 6 MaklerG
Pursuant to § 28 Z 6 MaklerG and the decision OGH 4Ob245/15f, the broker represents the client's interests in the event of a claim.
Negotiations with the insurer to maximise satisfaction of the client's claims. Monitoring of filing and processing deadlines.
§ 28 Z 7 MaklerG
Pursuant to § 28 Z 7 MaklerG, the broker performs full management of the client's policy portfolio.
Proactive improvement suggestions when the risk situation changes. Regular review of insurance terms and optimisation of coverage.
§ 138 GewO
Independent advice on a fee basis (without intermediation).
An objective second opinion for businesses. Analysis of existing policies, assessment of coverage adequacy and recommendations for optimisation.
§ 137g GewO
Pursuant to § 137g GewO, the broker is required to document the client's wishes and needs and the reasoning behind every recommendation given.
A guarantee of transparency and legal certainty. Every step of the advisory process is recorded in writing.
§ 137 Abs. 1 Z 4 GewO
Pursuant to § 137 Abs. 1 Z 4 GewO, confirmed by the decision OLG Innsbruck 2R188/21w.
The professional liability insurance (Berufshaftpflicht) also covers reinsurance activity. Full range of intermediary services in the field of reinsurance (Rückversicherung).
Cross-border activity
Cross-border activity (Grenzüberschreitende Tätigkeit) covers operations across the entire European Economic Area (EWR).
The professional liability insurance (Berufshaftpflicht) applies throughout the EU. Clients from other Member States receive the same level of protection.
All insurance branches (Versicherungssparten) — the full overview
As an insurance broker (Versicherungsmakler), we are entitled to mediate in ALL types of insurance:
| Insurance branch (Versicherungsbereich) | Examples (Beispiele) | Versicherungsmakler |
|---|---|---|
| Personal insurance (Personenversicherung) | Life (Lebens-), health (Kranken-), accident (Unfall-), long-term care (Pflege) | |
| Property insurance (Sachversicherung) | Fire (Feuer), burglary (Einbruch), motor (KFZ-Kasko), transport (Transport) | |
| Financial loss insurance (Vermögensversicherung) | Liability (Haftpflicht), legal expenses (Rechtsschutz), D&O, professional indemnity (Berufs-HPV) | |
| Life & pension insurance (Lebens- & Rentenversicherung) | Unit-linked life insurance (Fondsgebundene LV), disability (BU) | |
| Corporate insurance (Unternehmensversicherungen) | Business interruption (Betriebsunterbrechung), cyber insurance (Cyber) | |
| Reinsurance (Rückversicherung) | § 137 Abs. 1 Z 4 GewO |
Please note (Hinweis): Unlike the broker, a commercial financial adviser (Gewerblicher Vermögensberater) is limited to life and accident insurance only.
Professional liability insurance (Haftpflichtabsicherung)
Pursuant to § 137c Abs. 1 GewO 1994, insurance brokers (Versicherungsmakler) are required to hold mandatory professional liability insurance (Berufshaftpflichtversicherung):
Generali Versicherung AG
Insurance company
- Firmenbuchnummer:
FN 038641a - Address: Landskrongasse 1-3, 1010 Wien
- Date of assumption of liability (Tag der Haftungsübernahme): 09.03.2026
- Legal basis (Rechtsgrundlage): § 137c Abs. 1 GewO 1994
Policy number (Polizzennummer)
000-5956-7101Minimum sum insured per claim (Mindestversicherungssumme je Schadensfall)
EUR 1,564,610.00
Minimum sum insured per year (Mindestversicherungssumme pro Jahr)
EUR 2,315,610.00
Subsequent run-off cover (Zeitliche Nachdeckung)
Unlimited (Unbegrenzt)
Die Versicherungssummen entsprechen den technischen Regulierungsstandards gemäß Art. 10 Abs. 7 der Richtlinie (EU) 2016/97 über den Versicherungsvertrieb (IDD). Die zeitliche Nachdeckung ist nicht begrenzt.
The sums insured meet the regulatory technical standards under Art. 10(7) of the Insurance Distribution Directive (EU) 2016/97 (IDD). The subsequent run-off cover is unlimited.
Legal framework
The activity of an insurance broker (Versicherungsmakler) in Austria is governed by a comprehensive body of legal rules:
| Rechtsquelle | Inhalt | Bedeutung |
|---|---|---|
| § 94 Z 76 GewO 1994 | Gewerbeart, Befähigungsnachweis | Basis der Berechtigung |
| §§ 137-138 GewO | Definition Versicherungsvermittlung | Gewerberecht |
| § 137b GewO | 15h Weiterbildungspflicht/Jahr | Qualitätssicherung |
| § 137c GewO | Berufshaftpflicht mind. 1,25 Mio. EUR | Kundenabsicherung |
| §§ 26-31a MaklerG | Interessenwahrung, Pflichten, Vergütung | Zivilrechtlicher Kern |
| § 137g GewO | Beratungs- und Dokumentationspflichten | Beratungsqualität |
| Standesregeln BGBl. II 162/2019 | Verhaltensleitsätze, Berufsethik | Standesrecht |
| IDD (EU) 2016/97 | Kundenschutz, Wohlverhaltensregeln | EU-Recht |
| VersVG | Rechte/Pflichten aus Versicherungsverträgen | Vertragsrecht |
| VAG 2016 | Versicherungsaufsicht | Aufsichtsrecht |
Remuneration (Vergütung) — transparent and in the client's interest
The insurance broker's (Versicherungsmakler) remuneration is transparent and regulated by law:
Commission (Provision)
Standard model: the commission is paid by the insurer, not by the client. This creates no additional cost for the client.
Honorarium (Honorar)
By agreement, for independent advice (§ 138 GewO). The honorarium model guarantees maximum independence of advice.
Disclosure obligation (Offenlegungspflicht)
Mandatory disclosure of the remuneration structure to the client. Full transparency about how and from whom the broker is paid.
Conflict of interest ban (Interessenkonflikt-Verbot)
The broker is prohibited from recommending a product because of higher commission. Every recommendation must be based exclusively on the client's interest (IDD, Standesregeln).
Fiduciary duty (Treuhandpflicht) — your money is protected
Pursuant to § 31a MaklerG, client funds (Kundengelder) are held on fiduciary accounts (Treuhandkonten / Anderkonten) — dedicated trust-deposit accounts.
These funds are legally separated from the broker's own assets and are protected in the event of the broker's insolvency.
- Legal separation from the broker's assets
- Insolvency protection (§ 37 EO, § 44 IO)
- Management of fiduciary accounts (Treuhandkonten / Anderkonten)
Continuing education obligation (Weiterbildungspflicht) — 15 hours per year
Pursuant to § 137b Abs. 3 GewO and Art. 10 IDD, the insurance broker (Versicherungsmakler) must complete a minimum of 15 hours of continuing education per year:
Module 1: Legal competence (Rechtskompetenz)
- Insurance Contract Act (VersVG — Versicherungsvertragsgesetz)
- Brokers Act (MaklerG — Maklergesetz)
- Trade Code (GewO — Gewerbeordnung)
- Tax law (Steuerrecht), professional ethics (Berufsethik)
Module 2: Subject-matter and branch competence (Fach- und Spartenkompetenz)
- Specialist knowledge of insurance branches (Fachwissen zu Versicherungssparten)
- Market product developments (Produktentwicklungen am Markt)
- Risk analysis and coverage concepts (Risikoanalyse und Deckungskonzepte)
At least 10 hours of continuing education must be completed at independent institutions — free from any influence of insurers on the training content.
What is NOT covered by the insurance broker (Versicherungsmakler) licence
The insurance broker (Versicherungsmakler) licence has clear limits. The following activities do not fall within our scope:
| Activity (Tätigkeit) | Why not (Warum nicht) | Who may do it (Wer darf es?) |
|---|---|---|
| Credit brokerage (Kreditvermittlung) | GVB / § 136a GewO | Commercial financial advisers (Gewerbliche Vermögensberater) |
| Investment advice (Anlageberatung) | Requires WAG 2018 concession | FMA-licensed investment service providers (WP-DL) |
| Investment placement (Veranlagungsvermittlung) | Reglementiertes Gewerbe | Commercial financial advisers (Gewerbliche Vermögensberater) |
| Leasing financing (Leasing-Finanzierung) | GVB | Commercial financial advisers (Gewerbliche Vermögensberater) |
| Crypto-asset advice (Kryptowerte-Beratung) | MiCAR authorisation required | FMA-authorised CASP providers |
| Banking operations (Bankgeschäfte) | Requires BWG concession | Credit institutions (Kreditinstitute) |
What you also get from WENEXUS — beyond insurance
WENEXUS Consulting GmbH holds two official licences (Gewerbeberechtigungen) that complement each other and allow us to serve clients comprehensively:
| Licence | Legal basis | Scope |
|---|---|---|
| Insurance broker (Versicherungsmakler) | § 94 Z 76 GewO 1994 | All insurance products, all branches, client representation |
| Business consulting (Unternehmensberatung) | § 94 Z 74 GewO 1994 | Business advisory, risk analysis, strategy, optimisation |
Thanks to this combination, WENEXUS can support your business holistically: from analysing entrepreneurial risks and developing strategy — to selecting optimal insurance cover and representing your interests vis-à-vis insurance companies.
Please note: if your enquiry concerns financial planning, credit brokerage or wealth management (Vermögensberatung), those services fall outside our licence.
However: the insurance component of any financial issue — asset protection, credit-risk insurance, business insurance — falls entirely within our remit. We will be happy to advise you and, where necessary, deliver a full-service solution together with our Vermögensberater partners.
GISA register
GISA (Gewerbeinformationssystem Austria) is the official register of trade licences in Austria. Every insurance broker (Versicherungsmakler) must be registered in GISA.
The GISA-Zahl is mandatory on all business documents (Geschäftspapieren) (business correspondence, business cards, website etc.).
WENEXUS Consulting GmbH — GISA-Zahl
39387608Complaints management (Beschwerdemanagement)
In case of complaints or disputes, clients may turn to the Legal Service and Conciliation Body (Rechtsservice- und Schlichtungsstelle, RSS) of the Professional Association of Insurance Brokers and Advisers in Insurance Matters (Fachverband der Versicherungsmakler und Berater in Versicherungsangelegenheiten) at the Austrian Federal Economic Chamber (Wirtschaftskammer Österreich, WKÖ).
- Legal Service and Conciliation Body (Rechtsservice- und Schlichtungsstelle, RSS)
- Fachverband — statutory industry representation at Wirtschaftskammer Österreich (WKÖ)
- Consumer protection (Verbraucherschutz)
Initial information (Erstinformation)
Pursuant to § 137g GewO, before commencing activity an insurance broker (Versicherungsmakler) must provide the client with initial information (Erstinformation) — details about the broker, their authority, working methods and complaints procedure.
View ErstinformationOfficial sources
Related legal pages
This information is based on legal sources current as of March 2026. Legal basis: GewO 1994, MaklerG, IDD (EU) 2016/97, Standesregeln BGBl. II 162/2019.