Versicherungsstelle Wiesbaden

Versicherungsstelle Wiesbaden (VSW) is the administrative office of the Versicherergemeinschaft für das wirtschaftliche Prüfungs- und Treuhandwesen, a German coinsurance community of insurers that provides professional liability coverage for auditors (Wirtschaftsprüfer), sworn accountants (vereidigte Buchprüfer), tax advisors (Steuerberater) and tax agents (Steuerbevollmächtigte), as well as their professional firms. The community is owned by Allianz (42.0%), AXA (34.0%) and ERGO (24.0%). The institution was established in 1938 in response to the creation of the German auditing profession by emergency decree in 1932. It offers professional liability insurance (Berufshaftpflichtversicherung) that protects insured professionals against claims for financial loss (Vermögensschäden) arising from statutory liability for professional errors. The cover addresses the financial consequences of professional mistakes, which in the tax and auditing fields can reach into the single- and double-digit millions of euros. VSW operates under the brand Versicherergemeinschaft für Steuerberater und Wirtschaftsprüfer and serves professionals and firms in Germany and Europe. Its activities include not only insurance but also events and seminars on risk and liability for auditors and tax advisors, which also count toward mandatory continuing education requirements. The organization has been the subject of antitrust scrutiny: in 2007 the German Federal Cartel Office (Bundeskartellamt) issued a prohibition order that would have restricted the community from 2009 to serving only the Big Four audit firms; this order was overturned by the Düsseldorf Higher Regional Court in 2008, and the Federal Court of Justice rejected the cartel office's appeal in 2009. VSW continues to offer professional liability insurance for its target professions and their firms.

The origins of the Versicherungsstelle Wiesbaden lie in the creation of the German auditing profession. In 1931 the spectacular collapse of Frankfurter Allgemeine Versicherungs-AG prompted the legislature to introduce mandatory balance-sheet audits for joint-stock and insurance companies. Responsibility for these mandatory audits fell to members of the newly created profession of Wirtschaftsprüfer (auditors). Because they were liable for possible financial losses, the newly founded professional association of auditors, the Institut der Wirtschaftsprüfer (IDW), concluded a professional liability insurance contract with Lloyd's of London, since no suitable alternative existed in Germany at the time. The Nazi takeover in 1933 led to conflicts between the National Socialist Lawyers' League (NSRB) and the IDW. The Lawyers' League wanted to centralize professionals in its organization and at the turn of 1933/1934 concluded a contract with Lloyd's that was also open to bookkeepers, tax advisors and other business trustees. The IDW was no longer allowed to conclude new contracts. At the same time, a dramatic shortage of foreign currency in the German Reich in 1934 required a domestic solution. Against this background, the Versicherungsstelle Wiesbaden was established in 1938 as the administrative office of the Versicherergemeinschaft für das wirtschaftliche Prüfungs- und Treuhandwesen, a coinsurance community of German insurers. It was a response to the establishment of the auditing profession by emergency decree in 1932. The community provided professional liability insurance for auditors, sworn accountants, tax advisors and tax agents, as well as their professional firms. Over the following decades the institution developed through the economic history of Germany and the changing regulatory framework of the professions it served. Its historical narrative is divided into phases: the early years of the Federal Republic, the period between the economic miracle and new professional laws, the era of changing markets, and the new millennium. In the 2000s the community became the subject of antitrust proceedings. The German Federal Cartel Office (Bundeskartellamt) initiated a cartel procedure against the Versicherergemeinschaft and on 10 August 2007 issued a prohibition order. Under that order, from 2009 the community would have been allowed to offer insurance services only to the Big Four audit firms: Deloitte Touche Tohmatsu, Ernst & Young, KPMG and PricewaterhouseCoopers International. By decision of the Düsseldorf Higher Regional Court (OLG Düsseldorf) of 17 September 2008, the prohibition order was annulled. The court found that the prohibition order was unlawful and that the community's activity was exempted from the cartel prohibition by the group exemption regulation for the insurance industry. An appeal on points of law was not admitted. The Bundeskartellamt lodged a non-admission complaint with the Federal Court of Justice (BGH), which was rejected by decision of the BGH of 23 June 2009. The Versicherergemeinschaft continues to offer professional liability insurance for auditors, sworn accountants, tax advisors and their professional firms in Germany and Europe. The community is owned by Allianz (42.0%), AXA (34.0%) and ERGO (24.0%). The Versicherungsstelle Wiesbaden acts as its administrative office.

• 2009

  BGH rejects the Bundeskartellamt's non-admission complaint on 23 June.

• 2008

  OLG Düsseldorf annuls the prohibition order on 17 September.

• 2007

  Bundeskartellamt issues a prohibition order against the Versicherergemeinschaft on 10 August.

• 1938

  Versicherungsstelle Wiesbaden is founded as the administrative office of the coinsurance community.

• 1932

  The profession of Wirtschaftsprüfer is established by emergency decree.

• 1931

  Collapse of Frankfurter Allgemeine Versicherungs-AG leads to mandatory balance-sheet audits and the creation of the auditing profession.

Specialist insurer for the professional liability risks of German auditors, tax advisors and related professions, operating as a coinsurance community of major insurers.

• Vermögensschaden-Haftpflichtversicherung für Wirtschaftsprüfer

  Professional liability insurance protecting auditors against claims for financial loss arising from statutory liability for professional errors.

• Vermögensschaden-Haftpflichtversicherung für Steuerberater

  Professional liability insurance for tax advisors, covering claims that can reach into the millions of euros.

1. 1VSW – Versicherergemeinschaft für Steuerberater und Wirtschaftsprüferv-s-w.de
2. 2Historie – VSWv-s-w.de
3. 3Versicherungsstelle Wiesbaden – Wikipediade.wikipedia.org
4. 4Versicherungsstelle Wiesbaden – Wikidatawikidata.org