56. Federal Act, with which the Insurance Supervision Act and the Financial Market Supervisory Authority Act are amended (VAG-Novelle 2007)

The National Council has decided:

Article I

This federal law provides for Directive 2005 /68/EC of the European Parliament and of the Council of 16 November 2005 on reinsurance and amending Council Directives 73 /239/EEC, 92 /49/EEC and Directives 98 /78/EC and Directives 98 /78/EC and 98 /78/EC, and 2002 /83/EC (OJ L 136, 31.3.2002 No. OJ L 323, 9.12.2005, page 1).

Article II

Amendment of the Insurance Supervision Act

The Insurance Supervision Act, BGBl. No 569/1978, as last amended by the Federal Law BGBl. No 37/2007, is hereby amended as follows:

1. In § 1a (1), first sentence, the citation shall be "§ § 9 and 9a" through the citation "§ 9 (1), § 9a" replaced, after the citation "§ 13c," the citation "§ 13d, first sentence,", after the citation "§ 14," the citation "§ 15," and after the citation "§ 17d," the citation "§ 17e," inserted.

2. § 2 shall be amended as follows:

(a) para. 1 reads:

" (1) Pensionskassen im Sinn des Pensionskassengesetz, BGBl. No. 281/1990, are not subject to this federal law. "

(b) (2) (1)

" 1.		§ 3 (1) and (3), § 4 (1), first sentence, second sentence, second sentence, second sentence, third and fourth sentence, para. 6 Z 1 and 3 to 7, para. 7 and 7a, para. 8 Z 1 and 3, para. 9, 10 and 11, § 4a para. 3, § 7 para. 1, § 7a para. 1, 1a, 3 and 4, § 7b para. 1, 1a and 3, § 7c para. 1, § 8 para. 1 to 3 and 5, § 10 para. 2 first sentence and 3, § 11 para. 1 and 3, § 11a, § 13d, § 17b, § 17c para. 1, 1a, 1b, 3 and 4, § 17e, § § 73b to 73d, § 73f para. 1, para. 2 Z 3a, para. 4 and 5, § 74, § 75 para. 1, § 76, § 77, § 79b para. 1a to 6, § 79c, § § 86a to 86m, § 99 (1), § § 100 to 102, § 102a (1) and (2), § § 103 and 104, § 104a (1) to 4a, § 105, § 107 (2) to (4), § 107b (1) (1), (1), (2), (2), (6) and (7), Section 108a (1), (1) and (3), § § 109 to 111, § 112 Z 4, § § 114 bis 118c, § 118e, § 118i (1) Z 1 to 3 and (1a), Z 24 of Appendix A and Section A of Annex D, "

c) In paragraph 2, Z 2, the citation "§ 81a" through the citation "Section 84 (5a)" replaced.

(d) Paragraph 2a shall be replaced by "(2b)" .

e) Paragraph 2a reads as follows:

§ 3 (2) and (3), Section 4 (1), first and second sentence, subsection (2), (6), (3) and (6), (7), (7a) and (10), § 4a (1), (5), § 6 (1) and (4), § 4, § 4, § 4 (1), § 4 (1) and (4). 6a, § 7a, § 7b (1), (1a) and (3), § 8 (1) to (3), § 8a, § 10 (2), first sentence and 3, section 11 (2) and (3), § 17b, § 17e, § 73b to 73d, § 73f para. 1, para. 2 Z 3a, para. 4 and para. 5, § 73g para. 1, 2, 4 and 6, § 74, § 75 para. 1, § 77, § 79b para. 1a bis 6, § 79c, § 99 (1), § § 100 to 102, § § 103 and 104, § 104a (1) to 4a, § 107b (1) Z 1, 2 and 7, § 108a (1) Z 1 and 3, § § 109 to 111, § 112 Z 4, § § 115 until 118a, § 118i (1) (1) to (3) and (1a), (24) of Appendix A and Section A of Annex D. "

3. The following sentence shall be added to section 3 (3):

" In the case of insurance undertakings operating exclusively the reinsurance business, the holding and management of holdings in a subsidiary undertaking of the financial sector may, in accordance with the provisions of Article 2 (8) of Directive 2002 /87/EC (OJ L 378, 31.12.2002, p. No. 1) are directly related to the contract insurance policy. "

4. § 4 shall be amended as follows:

(a) the third sentence of paragraph 1 is:

"The concession on the operation of insurance branches of life insurance and the concession of other classes of insurance other than accident insurance, health insurance and reinsurance exclude each other."

(b) Paragraph 2a is deleted.

(c) The following paragraph 11 is added:

"(11) The FMA has the right to inform the public of the fact that a named one of the named" Wiener Zeitung " or any other nationwide publication or via the Internet is entitled to inform the public on a case-by-case basis. Company shall not be entitled to operate the contract insurance or certain insurance business. "

(5) The following paragraphs 5 and 6 are added to § 7a:

" (5) The extinguisher of the concession shall result in the fact that insurance contracts must no longer be concluded and existing insurance contracts must be terminated at the ehestpossibility.

(6) After the concession has been extinguished, all appropriate measures shall be taken by the FMA in order to safeguard the interests of the insured persons. In particular, the free disposal of the assets of the company may be restricted or prohibited for this purpose. The FMA has made decisions about the restriction or disregard of the free disposal of assets in the "Official Journal of the Wiener Zeitung" and on the Internet. "

6. In Section 7c (1), the citation shall be "§ 56 (1) (1) and (2)" through the citation "§ 56 (1) (1) to (3)" replaced.

7. § 8 para. 2 Z 1 reads:

" 1.		the nature of the risks which the insurance undertaking intends to cover, in the case of the reinsurance acquired, also the nature of the reinsurance contracts which the insurance undertaking intends to conclude with pre-insurers, "

8. In Article 9 (1), the word shall be used in the introduction "Insurance Contract" by the word "direct insurance contract" replaced.

9. In Article 9a (1), the word shall be used in the introduction "Insurance Contract" by the word "direct insurance contract" replaced.

10. § 10 (2), first sentence reads:

" Changes in the nature of the risks which the insurance undertaking intends to cover, in the case of the reinsurance acquired, also the nature of the reinsurance contracts concluded by the insurance undertaking with pre-insurers, are the FMA "

11. § 11 (1) is amended as follows:

a) In the first sentence, the phrase "their Managing Directors" through the phrase "new Managing Directors" replaced.

(b) The third sentence reads:

"The election of new members of the Supervisory Board and the departure of elected members of the Supervisory Board shall be notified immediately to the FMA."

The first sentence of Article 13a (2) reads as follows:

" Where the acquiring undertaking is a domestic insurance undertaking or the domestic branch of an insurance undertaking established outside the Contracting States, the authorisation shall also be refused if a disadvantageous result is found to be detrimental to the The effect of the transfer on the total business of the acquiring insurance undertaking (the accepting branch) is to be feared or the acquiring insurance undertaking (the accepting branch) is to be feared after the transfer transfer does not have the necessary own resources or the FMA of the presentation of a solvency plan pursuant to section 104a (1) of the second sentence or of a recovery plan pursuant to section 104a (2a), and the reasons for this have not yet been omitted. "

13. In accordance with § 13c (2), second sentence, the following sentence shall be inserted:

"The insurance undertaking shall communicate this right to the policyholders concerned."

14. According to § 13c, the following § 13d is inserted:

" § 13d. The transfer of the stock of an insurance company which is exclusively subject to the operation of reinsurance is only § 13 para. 1, 2 first sentence, § 13a para. 1 first and second sentence, para. 4 and 6, § 13b para. 3 and § 13c , Where the acquiring undertaking is a domestic insurance undertaking, the authorisation shall be refused if there is a risk of a negative effect of the transfer on the overall business of the acquiring insurance undertaking or of the latter After transfer, the acquiring insurance company does not have the necessary own funds or the FMA is responsible for submitting a solvency plan pursuant to Section 104a (1), second sentence, or a remediation plan according to § 104a (2a) has asked for and the reasons for this have not yet been taken away. "

15. In § 14 para. 1, first sentence, the word "Insurance contracts" by the word "Direct insurance contracts" replaced.

16. § 15 reads:

" § 15. The provision of services also provides for insurance undertakings established in a Contracting State to enter into reinsurance contracts with a pre-insurer established in another Contracting State. § 14 (3) to (7) and § 16 shall not be applied in this case. "

17. § 17c is amended as follows:

(a) According to paragraph 1a, the following paragraph 1b is inserted:

"(1b) The obligations of insurance undertakings established in a Contracting State from the reinsurance acquired shall be deemed to be fulfilled in the sense of paragraph 1."

(b) In paragraph 3, second sentence, the word "reinsurance conditions" by the word "reinsurance relations" replaced.

18. § 17e reads:

" § 17e. Insurance undertakings may only cover insurance and reinsurance mediation services for the purposes of the conclusion of insurance contracts (Article 137 (1) of the contract 1994) only by registered insurance intermediaries (reinsurance intermediaries) to take advantage of it. "

19. In § 18f para. 1 Z 2, the citation " § 1 para. 2 and 2a of the Pensionskassengesetz, BGBl. No. 281/1990 (PKG), through the citation "Section 1 (2) and (2a) of the PKG" replaced.

20. § 21 (4) second sentence is deleted.

21. § 23 shall be amended as follows:

(a) (5) reads:

"(5) The Trustee shall immediately notify the FMA of any circumstances which are likely to raise concerns about the performance of the cover requirement or compliance with the provisions relating to the asset of the ceiling."

(b) According to paragraph 5, the following paragraph 5a is inserted:

" (5a) The Trustee shall have a written report on its activity in the preceding quarter (quarterly report) within six weeks after the end of each calendar quarter, and within three months of the end of the financial year, of the FMA. Report on its activity in the past financial year (annual report). The trustee also has the annual report to the Executive Board and the Supervisory Board or the management of a foreign insurance company to be informed. The FMA can set out more detailed rules on the content, structure and nature of the transmission of the quarterly report and the annual report. "

22. In accordance with § 23, the following § 23a is inserted:

" § 23a. (1) The trustee shall include in its annual report (section 23 (5a)) a confirmation notice. It shall expressly state whether the audit opinion is given in full or in a limited way.

(2) In an unqualified opinion, the trustee shall declare that the cover requirement is fully satisfied by the dedication of assets suitable for covering the cover.

(3) If objections are to be raised, the trustee shall have to restrict his declaration pursuant to paragraph 2 or to refuse to confirm the confirmation. The refusal shall be included in a note which shall not be called a confirmation notice. The restriction or failure shall be justified. If there are only minor deficiencies which can be remedied in the short term, the trustee may give an unrestricted endorsement.

(4) The trustee shall sign the endorsement or the endorsement of his/her failure to indicate the place and date.

(5) The responsibility of the institutions of the insurance undertaking shall not be affected by the endorsement of the trustee. "

Section 24a (1) first sentence reads as follows:

" The responsible actuary has to ensure that the production of the tariffs and the calculation of the technical provisions in life insurance and in the health insurance operated in the manner of life assurance and Accident insurance is carried out according to the applicable regulations and actuarial principles, and that the profit participation of the insured persons in life insurance (§ 18 para. 4) corresponds to the profit plan. "

24. § 24a (3) is amended as follows:

a) In the second sentence, the phrase "within three months" through the phrase "within five months" replaced.

(b) The following sentence is added:

"The FMA can establish more detailed rules on the content, structure and nature of the transmission of the report by regulation."

25. According to § 24a, the following § 24b is inserted:

" § 24b. (1) The responsible actuary has to include in his report (section 24a (3)) a confirmation notice. It shall expressly state whether the audit opinion is given in full or in a limited way.

(2) In an unqualified opinion, the responsible actuary has to declare that:

1.		the cover provision and the premium surcharges are calculated according to the rules and actuarial principles applicable in this respect and the actuarial principles used are appropriate and the principle of caution suffixed
2.		in life insurance
a)			the premiums for newly concluded insurance contracts are likely to be sufficient to ensure the permanent fulfilment of the obligations under the insurance contracts, in particular to enable adequate provisions to be made available;
b)			the profit participation of the insured persons corresponds to the profit plan.

(3) If objections are to be raised, the responsible actuary shall restrict his/her declaration pursuant to paragraph 2 or fail to confirm the opinion. The refusal shall be included in a note which shall not be called a confirmation notice. The restriction or failure shall be justified.

(4) The responsible actuary has to sign the confirmation note or the endorsement of his/her failure, stating the place and the day.

(5) The liability of the institutions of the insurance undertaking shall not be affected by the audit opinion of the responsible actuary. "

26. In § 56 (1), Z 3 and 4 are given the names 4 and 5, and after Z 2 the following Z 3 is inserted:

" 3.		after the end of a year from the departure of all concessions, "

27. In § 61b, para. 3, last sentence, the citation "§ 56 (1) to (3) and (5)," through the citation Section 56 (1) (1), (2), (4) and (5), (2), (3) and (5), and the citation "§ 57 (1) and (2), (5) and (6)," through the citation "§ 57 (1), (2), (5) and (6), § 59," replaced.

28. § 61e is amended as follows:

(a) The names of paragraphs 5 to 9 shall be designated "(4)" to "(8)" .

(b) In paragraph 1, third sentence, subsection 3 Z 5, first sentence and subsection 6 Z 4, the citation shall be: " 6 " in each case by the citation " 5 " replaced.

(c) In paragraph 8, the citation shall be "§ 80, § 81," through the citation "§ § 80 to 81," and the citation "§ § 83 to 85a," through the citation "§ § 83 to 85b," replaced.

29. § 63 shall be amended as follows:

(a) In paragraph 1, the following sentence shall be added:

"The dissolution by decision of the supreme body (§ 56 paragraph 1 Z 2) will be legally effective at the earliest with the approval of the decision by the FMA."

(b) para. 2 and 3 shall read:

" (2) § 4 (6) Z 4 and 5, § 11 para. 3, § 17b, § 17c para. 2, § 24a para. 3 and § 24b are not applicable to small insurance companies.

(3) § 4 (1) second sentence, para. 6 Z 3 and paragraph 8 Z 3, § 7c, § 10a, § 16, § § 73b to 73h, § 118b, § 118c (1) and (2), § 118e and § 118f are to be applied only to such small insurance companies whose calculated premiums in three consecutive the following financial years exceeded 5 million euros. Small insurance associations which do not fulfil this condition but have own funds in the extent necessary in accordance with § 73b (1), the FMA has to approve on request that § 4 (1), second sentence, § 10a and § 16 apply to them . § 118b, § 118c (1) and (2), § 118e and § 118f are to be applied in this case. "

30. § 71 shall be amended as follows:

(a) The following paragraph 2a is inserted after paragraph 2:

" (2a) With reference to the dissolution of the association, the liquiders have to ask the creditors of the association to declare their claims. The invitation is to be published in the "Official Journal of the Wiener Zeitung". "

(b) In paragraph 4, the citation is deleted "208," .

31. In § 73b (6), after the word "excluded" Insert a dash.

32. § 73f is amended as follows:

(a) The following Z 3a shall be inserted after paragraph 2 (3):

" 3a.		in the case of insurance undertakings operating exclusively reinsurance, EUR 3 million; "

(b) (3) reads:

" (3) In the case of insurance undertakings which are liable for damage and accident insurance other than those of the classes of insurance for land vehicles with their own propulsion, aircraft liability, maritime, inland waterway and river shipping liability, general Liability, credit and deposit (Z 10 to 15 of Appendix A) shall be subject to the guarantee fund referred to in paragraph 2 (3) and (2) (4) (4) (lit). c in each case at least EUR 2.2 million, provided that the following conditions are met:

1.		The calculated premiums of the indirect business of the accounts do not exceed 10% of the total calculated premiums of the accounts.
2.		The calculated premiums of the indirect business of the accounts do not exceed EUR 50 million.
3.		The technical provisions of the indirect business of the accounts do not exceed 10% of the total technical provisions of the accounts. '

(c) paragraph 4 reads:

"(4) The own funds must be at least equal to the guarantee fund from own resources in accordance with Section 73b (2), taking into account the provisions of Section 73b (3) to (7)."

33. § 74 with headline shall be deleted. Section 74a shall be replaced by the name " § 74. " .

34. § 79b is amended as follows:

(a) (1a)

" (1a) The insurance undertakings are obliged to make statements at the end of the financial year in accordance with Section 81c (2), items B. I., II., III., E and F. II, III and IV, which are not entered in the lists provided for in paragraph 1. shall be submitted within six weeks of the end of the financial year. The FMA has to regulate the minimum particulars to be included in the regulation. "

(b) (5) reads:

" (5) The presentation of the data referred to in paragraphs 1, 1a and 2 shall be carried out by electronic means. In doing so, the officially defined data features, including the record build-up, must be taken into consideration. "

35. According to § 79b, the following § 79c and heading is inserted:

" reinsurance

§ 79c. The FMA has adopted a regulation laying down detailed rules for covering the technical provisions of insurance undertakings operating exclusively reinsurance, in so far as it is necessary to do so in accordance with Art. 34 Directive 2005 /68/EC (OJ L 327, 22. No. OJ L 323 of 9 December 2005, page 1). '

36. § 80b (1) reads:

" (1) An insurance undertaking or parent undertaking of insurance undertakings which sets up a consolidated financial statements and group management report in accordance with Section 245a (1) or (2) of the UGB in accordance with international accounting standards has the requirements of § 245a (1) and (3) of the UGB. In any event, the consolidated financial statements must contain the information provided for in § 81n (1), (2) (2) (1) to (4), (7) to (13) and (15) to (19) and (6) (6), (6) and (7), (4). § 266 Z 4 UGB is not applicable. "

37. § 81a together with the title shall be deleted.

38. § 81n (2) is amended as follows:

a) In Z 3, the citation "B.III.5." through the citation "B.III.6." replaced.

b) In Z 7, the citation "B.III.7." through the citation "B.III.8." replaced.

c) In Z 12, the citation "§ 237 Z 4 HGB" through the citation "§ 237 Z 4 and 13 UGB" replaced.

39. § 84 shall be amended as follows:

(a) In accordance with paragraph 5, the following paragraph 5a is inserted:

" (5a) The confirmation of the trustee for the supervision of the cover stock (§ 23a) and the responsible actuary (§ 24b) or the endorsement of this confirmation note are to be submitted with the annual financial statements to the company's register and to publish in the "Official Journal of the Wiener Zeitung". "

(b) the second sentence of paragraph 7 is:

"The information shall be published in accordance with section 245a (3) of the UGB (German Commercial Code) and § 80b (2) as well as those which correspond to those referred to in paragraph 3 above."

40. § 85 (2) Z 7 reads:

" 7.		Rules on the requirement of independent signatures for the annual financial statements, the annual report and the auditor's report. "

41. § 85a (2) and (3) reads as follows:

" (2) The FMA has to lay down detailed rules on the content and the structure of the information provided for in paragraph 1. It may also lay down by Regulation that it should be required to submit certain information at shorter intervals than annually.

(3) The transmission of the information referred to in paragraph 1 shall be carried out by electronic means. In doing so, the data characteristics defined by the authorities, including the record build-up, must be taken into account. "

Section 86 (1) reads as follows:

§ 81 (1), 81b (5) and (6), 81f (1) (1) to (3), (6) and (7) and (2), 81h (1) and (2), 81i, 81j, 81l and 85a (1) and (2) shall apply to the accounts of small insurance associations. 81k. "

(43) § 86a is amended as follows:

(a) para. 1 reads:

" (1) shall be subject to supplementary supervision

1.		national insurance undertakings which are the participating undertakings of an insurance undertaking, in accordance with the conditions laid down in Articles 86c to 86l,
2.		national insurance undertakings, which are a subsidiary undertaking of an insurance holding company or a parent insurance undertaking established in a third country, in accordance with Articles 86c (2) to (5) and (86d) to 86l (l), provided that the parent insurance holding company or the parent insurance undertaking established in a third country itself does not have an insurance undertaking established in a Contracting State as has a parent company,
3.		Insurance undertakings which are sub-enterprises of a mixed insurance holding company in accordance with the conditions laid down in Articles 86c (2) to (5) and (86d) of the Treaty. "

(b) In Section 2 (6) and (7):

" 6.		an insurance holding company, a parent undertaking which does not have a mixed financial holding company within the meaning of Directive 2002 /87/EC (OJ L 327, 31.12.2002, p. No. 1), the principal activity of which is the acquisition and holding of shareholdings in a wider sense to sub-companies which are exclusively or mainly insurance undertakings and of which at least has its registered office in a Contracting State;
7.		a mixed insurance holding company, a parent undertaking which is neither an insurance undertaking nor an insurance holding company nor a financial holding company within the meaning of Directive 2002/87/EC, and which does not include an insurance undertaking or a holding company, at least one insurance undertaking having its head office in a Contracting State. "

44. § 86f reads:

" § 86f. (1) For the purposes of Article 86e (1), the insurance undertaking shall include all the undertakings concerned in the determination of the adjusted own resources, taking into account the provisions of Section 86b (2), provided that this is the case. Insurance undertakings or insurance holding companies which hold a shareholding in the wider sense of insurance undertakings (intermediated insurance holding companies).

(2) For the purposes of Article 86e (2), the insurance undertaking shall, taking into account the provisions of Section 86b (2), have all the undertakings concerned of the parent undertaking at the level of which the adjusted own resources are to be determined, provided that: to act as insurance undertakings or intermediary insurance holding companies, and to include the parent undertaking itself, provided that it is an insurance holding company or an insurance undertaking with Seat in a third country. "

45. § 86h para. 5 second sentence reads:

" For the purposes of determining the adjusted amount, the amount by which the sum of the fluctuation provisions shown in the individual accounts and the provisions similar to that of the fluctuation reserve has had an effect on own resources shall be the sum of the total amount of the adjusted amount. Own resources to be deducted from own resources. "

(46) § 107b (1) is amended as follows:

a) After Z 2b the following Z 2c is inserted:

" 2c.		on the display of significant changes in reinsurance relations pursuant to Section 17c (3), "

(b) Z 4 is:

" 4.		as trustees for display in accordance with section 23 (5), "

47. In accordance with § 110, the following paragraph 4 is added:

" (4) Those who take on risks beyond the maximum amount authorized by the FMA pursuant to § 64, second sentence, shall be subject to an administrative surrender, provided that the action does not constitute the offence of a criminal act falling within the jurisdiction of the courts. and is to be punished by the FMA with a fine of up to 10 000 euros. "

48. § 112 is amended as follows:

a) In Z 2, the citation "§ 81a (1)" through the citation "§ 23a (2)" replaced.

(b) Z 3 is:

" 3.		as the responsible actuary in breach of § 24b (2), it is erroneously confirmed that the circumstances referred to therein apply, or "

49. § 117 (5) deleted.

50. In § 118a (4) the citation shall be "Information for the FMA" through the citation "Information for the Supervisory Authority" replaced.

51. In § 118f paragraph 1 Z 1, the citation shall be "§ 56 (1) (1) and (2)" through the citation "§ 56 (1) (1) to (3)" replaced.

52. § 119i shall be amended as follows:

(a) In paragraph 11, after the citation "§ 86h (4a) and (5)" the phrase " in the version of the Federal Law BGBl. I No 93/2005 " inserted.

(b) In paragraph 12, the word "Before" by the word "from" replaced.

(c) The following paragraphs 14 to 18 shall be added:

" (14) § 7a (5) and (6), § 7c (1), § 13c (2), § 24a (1), § 56 (1), § 61b (3), § 63 (1) and (3), § 71 (2a) and (4), § 73f (3) and (4), § 79b (1) and (5), § 85a (2) and (3), § 86 (1), first sentence, § 107b (1) (c), (c), § 110 (4), § § 110 (4). 118a (4) and Section 118f (1), as amended by the Federal Law BGBl (Federal Law Gazette). I No 56/2007 will enter into force on 1 August 2007. Section 74 of the version in force before that date shall also be repeal.

(15) § 1a (1) in conjunction with § 9 in the version of the Federal Law BGBl. I n ° 56/2007 will enter into force on 1 December 2007.

(16) § 1a (1) in conjunction with § 13d, § 15 and § 17e, § 2 para. 1, para. 2 Z 1, para. 2a and 2b, § 3 para. 1, § 8 para. 2, § 9 para. 1, § 9a para. 1, § 10 para. 2, § 13d, § 14 para. 1, § 15, § 17c para. 1b, § 73f para. 2, § 79c, § 86a para. 1 and 2 and § 86f, Appendix A and Annex D, Section A) Z 1 lit. a second subparagraph (lit). b Second subparagraph and Z 1a and Section B) Z 1 lit. a and b and Z 1a in the version of the Federal Law BGBl. I No 56/2007 will enter into force on 10 December 2007. Section 4 (2a), in the version in force before that date, shall be repeal at the same time.

(17) § 2 para. 2 Z 2, § 23 para. 5 and 5a, § 23a, § 24a para. 3, § 24b, § 61e para. 8, § 63 para. 2, § 80b para. 1, § 81n para. 2, § 84 para. 5a, § 85 paragraph 2, § 86 para. 1 second sentence, § 86h para. 5, § 107b para. 1 Z 4 and § 112 in the version of the Federal Act BGBl. I No 56/2007 shall apply to financial years beginning after 31 December 2006. The previous § § 81a and 117 (5) are no longer applicable to these financial years.

(18) Regulations on the basis of the provisions referred to in paragraph 14, first sentence, para. 16, first sentence and para. 17, first sentence, may already be taken from the provisions of the Federal Law BGBl. I n ° 56/2007 shall be adopted but in the case of the first sentence of paragraph 14 at the earliest on 1 August 2007 and, in the case of paragraph 16, first sentence, enter into force at the earliest on 10 December 2007 and, in the case of paragraph 17, first sentence, at the earliest. "shall be applied after 31 December 2006."

53. In § 129a (5), second sentence, and in § 129h (3), the phrase in each case is deleted. "in the version in force in each case" .

54. The following paragraphs 9 to 14 are added to § 129i:

" (9) Domitic insurance companies which are exclusively responsible for the operation of reinsurance and at the time of the entry into force of Section 4 (1) in the version of the Federal Law BGBl. I n ° 56/2007 already have a concession, the reinsurance may continue to operate, but shall be subject to § 3 para. 3, § 77 and § 79c in the version of the Federal Law BGBl. I No 56/2007.

(10) From this date on, for domestic insurance undertakings which, at the time of the inaction of Article 4 (2a) in the version in force before 10 December 2007, operate reinsurance in addition to direct insurance, the Concession for the operation of reinsurance as granted. This is to be determined by the FMA within three months from this date.

(11) § 10 para. 2 in the version of the Federal Law BGBl. I No 56/2007 also applies to insurance contracts already concluded at the time of entry into force of this provision.

(12) Is the deadline in accordance with § 56 (1) Z 3 in the version of the Federal Law BGBl. I n ° 56/2007 at the time of entry into force of this provision has already expired, the resolution shall enter into force at that time.

(13) § 63 (1) in the version of the Federal Law BGBl. I No 56/2007 should be applied to a resolution adopted at the time of entry into force of this provision, but not yet approved.

(14) § 71 (2a) and (4) in the version of the Federal Law BGBl (Federal Law Gazette). I No 56/2007 shall apply to resolutions which, at the earliest, take effect with the entry into force of those provisions. '

The following Z 24 shall be added to Appendix A:

" 24.		Reinsurance
a)			Non-life reinsurance
b)			Life reinsurance "

56. Annex D shall be amended as follows:

(a) In Section A), Z 1 is lit. a second subparagraph and lit. b second subparagraph in each case after the citation "Reinsurers" the citation "and approved claims for special purpose vehicles" and inserted after Z 1 the following Z 1a:

" 1a.		The FMA has the deduction of a special purpose vehicle registered in a Contracting State within the meaning of Article 2 (1) (lit). p of Directive 2005 /68/EC (OJ L 206, 22.7.2005 No. L 323 of 9 December 2005, page 1) to be approved as reinsurance on request, if and to the extent that the insurance undertaking provides that the fulfilment of the claims by the special purpose company in accordance with the contract shall be guaranteed is. "

(b) In Section B) Z 1 lit. a and b will be in each case after the citation "Reinsurers" the citation "and approved claims for special purpose vehicles" and inserted after Z 1 the following Z 1a:

" 1a.		The FMA has the deduction of a special purpose vehicle registered in a Contracting State within the meaning of Article 2 (1) (lit). p of Directive 2005 /68/EC (OJ L 206, 22.7.2005 No. L 323 of 9 December 2005, page 1) to be approved as reinsurance on request, if and to the extent that the insurance undertaking provides that the fulfilment of the claims by the special purpose company in accordance with the contract shall be guaranteed is. "

(c) In Section B) Z 4 lit. d will be before the word "Expenses" the word "other" inserted.

Appendix E Z 2 second sentence reads:

"The repudiation is to be assessed in accordance with § 2 Z 2 of the Federal Law on International Insurance Contract Law for the European Economic Area."

Article III

Amendment of the Financial Market Supervisory Authority Act

The Financial Market Supervisory Authority Act, BGBl. I n ° 97/2001, as last amended by the Federal Law BGBl. I n ° 141/2006, is amended as follows:

(1) § 22a is amended as follows:

(a) Z 1 lit. h is:

" h)			Section 79b (1), third sentence and (1a) first sentence, VAG, "

(b) Z 2 lit. d is deleted. The lit. e, f, and g shall be given the name "d)" , "e)" and "f)".

(c) Z 2 lit. d and e is:

" (d)			Section 79b (1), fifth sentence and (2),
e)			Section 85a (1) and (2), "

(2) The following paragraph 11 is added to § 28:

" (11) § 22a in the version of the Federal Law BGBl. I n ° 56/2007 enters into force with 1 August 2007. "

Fischer

Gusenbauer