Insurance brokers broker insurance contracts between two parties, usually insurance companies and insurance brokers. → Policyholders. They are merchants under commercial law in accordance with § 7 Para. 2 No. 7 of the German Commercial Code (HGB) and are designated as commercial brokers in accordance with § 93 HGB. Insurance brokers are not contractually bound to an insurance company, but act as "trustee-like custodians" of the interests of the policyholder. → policyholder on its side.

Source reference: See VDT publication "VDT article series part 5 l Glossary" and the source indicated there.