NACE 66 – Activities Auxiliary to Financial Services and Insurance Activities | Public Tenders

NACE 66 Auxiliary financial and insurance services: brokers, fund management and financial consultancy in public tenders. CPV codes.

Definition: NACE 66 covers auxiliary and ancillary services in the financial and insurance sector that do not themselves carry out financial intermediation but support it. These include securities and insurance brokers, exchange operators, fund management as well as financial consultancy companies.

Legal basis: NACE Rev. 2 (Regulation (EC) No 1893/2006) · Last updated: January 2026

What does NACE 66 cover?

NACE 66 (Activities auxiliary to financial services and insurance activities) classifies companies that support the financial and insurance market — brokers, agents, exchanges, administrators and advisors who accompany public contracting authorities in the procurement and management of financial services.

Division 66 within Section K (Financial and insurance activities) is broken down into three groups:

Group	Title	Typical services
66.1	Activities auxiliary to financial services	Exchange operation, securities administration, foreign exchange trading, financial consultancy
66.2	Activities auxiliary to insurance and pension funding	Insurance brokers, agents, loss adjusters, actuaries
66.3	Fund management activities	Administration of investment funds, pension funds, real estate funds

Public contracting authorities use services from this division in particular for insurance broker mandates, investment advice and the administration of municipal pension funds.

Public Tenders: Sector NACE 66

Public contracts for auxiliary financial and insurance services include consultancy and brokerage services that support public contracting authorities in the optimal structuring of their financing and risk hedging strategies.

Typical types of contract

Insurance broker mandates: Municipalities and federal states commission brokers to manage their insurance portfolios
Investment advice and asset management: Public pension funds and pension schemes award investment mandates
Actuarial opinions: Calculation of pension provisions and technical provisions
Fund management: Administration of public capital investments, municipal funds and special funds
Financing consultancy: Consultancy on municipal loan raising, bond issuance and interest rate hedging
Loss adjustment opinions: Independent assessors for claims in public insurance portfolios

Relevant CPV codes for NACE 66

The link between the NACE classification and tender search is provided by the CPV codes (Common Procurement Vocabulary), which must be stated in every contract notice on TED.

CPV Code	Title	Application
66171000	Financial consultancy services	Investment advice, capital market consultancy
66172000	Financial transaction processing and clearing-house services	Processing, clearing, settlement
66519300	Insurance consultancy services	Insurance brokers, risk analysis
66519400	Damage and loss assessment services	Loss adjustment opinions, valuations
66141000	Portfolio management services	Fund management, asset management
66131100	Pension fund management services	Administration of pension funds

Current tenders with these CPV codes can be found on TED (Tenders Electronic Daily) as well as on national procurement platforms.

For Contracting Authorities and Bidders

Public contracting authorities

Municipalities, districts, public pension schemes and pension funds of the public service are the main contracting authorities for NACE 66 services. Insurance broker mandates are tendered regularly, as municipalities have their complex insurance portfolios managed professionally. Public pension institutions (VBL, ZVK, BVK, BVAEB) award fund mandates to external asset managers. The European Central Bank and national central banks award reserve management mandates.

Companies and bidders

Brokers, advisors and fund managers participating in public tenders must typically provide the following evidence:

Authorisation and registration: Permission under section 34d GewO (DE) or broker concession (AT) for insurance brokers; BaFin/FMA authorisation for asset managers
Conflicts of interest: Evidence that no conflicts of interest exist (MiFID II, IDD)
References: Comparable mandates with public institutions of similar size
Liability insurance: Sufficient financial loss liability insurance as mandatory evidence

Frequently Asked Questions on NACE 66 and public tenders

Which companies fall under NACE 66?
Insurance brokers and agents, securities brokers, exchange operators, fund administrators, actuaries and independent financial advisors. This is distinct from NACE 64 (banks themselves) and NACE 65 (insurance companies themselves).

Are insurance brokerage services subject to tendering?
Yes — broker services are service contracts and are subject to public procurement law. Like insurance services, they fall under the simplified procedures under Annex XIV of Directive 2014/24/EU from the relevant national threshold (EUR 750,000 under VgV).

How is an insurance broker mandate tendered?
Typically, quality (service concept, experience, team) and fees (commission or fee) are weighted. As commission is paid by the insurance undertaking, the pricing model should be transparently addressed in the tender. Many contracting authorities today prefer a fee model for greater transparency.

Navigation: NACE 66 in context

NACE K – Financial and insurance activities: Parent section
NACE 64 – Financial service activities: Banks and investment funds
NACE 65 – Insurance, reinsurance and pension funding: Insurance undertakings
NACE 69 – Legal and accounting activities: Legal support of financial transactions

Last updated: January 2026
All information is provided without guarantee. For legally binding advice, please consult a law firm specialising in public procurement law.