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Insurance Supervisory Act Vag 2016 - 2016 As Well As Change Of Audit Quality Assurance Law, Banking Law, Company Employees And Selbständigenvorsorgegese...

Original Language Title: Versicherungsaufsichtsgesetz 2016 – VAG 2016 sowie Änderung des Abschlussprüfungs-Qualitätssicherungsgesetzes, des Bankwesengesetzes, des Betrieblichen Mitarbeiter- und Selbständigenvorsorgegese...

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34. Federal Law, which enacted a federal law on the operation and supervision of the contract insurance (Insurance Supervision Act 2016-VAG 2016) as well as the statutory audit-quality assurance law, the bank-in-law, which Company employee and self-employment law, the law on the law of the company, the valuation law in 1955, the Austrian Stock Exchange Act 1989, the e-commerce law, the income tax law in 1988, the Fern-Finanzdienstleistungs-Gesetz, the law of the Swiss Federal Ministry of Finance, the Financial conglomerate law, the Financial Market Supervisory Authority Act, which Financial market stability law, the financial collateral law, the law of the company law, the court organization act, the business order 1994, the equal treatment act, the bankruptcy law, the insolvency order, the The Investment Fund Act 2011, the Capital Insurance Funding Act, the Corporate Tax Act 1988, the Motor Vehicle Liability Insurance Act 1994, the Landarbeitsgesetz 1984, the Pensionskassengesetz, the Law-Law on the Rights of the Law, the Criminal Procedure Code 1975, the Reformation Tax Act, which Traffic-opper-compensation law, the Insurance Tax Act 1953, the Insurance Contracts Act and the Securities Supervision Act 2007 will be amended

The National Council has decided:

table of contents

Article 1

Implementation of European Union directives

Article 2

Federal Law on the Operation and Supervision of Contract Insurance (Insurance Supervision Act 2016-VAG 2016)

Article 3

Amendment of the statutory audit-quality assurance law

Article 4

Amendment of the Banking Act

Article 5

Change of company employee and self-employment law

Article 6

Amendment of the Law on the Law of the State

Article 7

Amendment of the 1955 Evaluation Act

Article 8

Amendment of the 1989 Stock Exchange Act

Article 9

Amendment of the e-commerce law

Article 10

Amendment of the Income Tax Act 1988

Article 11

Amendment of the Fern-Financial Services Act

Article 12

Amendment of the Financial Conglomerate Act

Article 13

Amendment of the Financial Market Supervisory Authority Act

Article 14

Amendment of the Financial Stability Act

Article 15

Amendment of the Financial Collateral Act

Article 16

Amendment of the Company Book Act

Article 17

Amendment of the Court of Justice Act

Article 18

Amendment of the Industrial Regulations 1994

Article 19

Amendment of the Equal Treatment Act

Article 20

Amendment of the Insolvency-Remuneration Assurance Act

Article 21

Amendment of the Insolvency Code

Article 22

Amendment of the Investment Fund Act 2011

Article 23

Amendment of the Capital Insurance Support Act

Article 24

Amendment of the Corporate Tax Act 1988

Article 25

Amendment of the Motor Vehicle Liability Insurance Act 1994

Article 26

Amendment of the Land Labour Act 1984

Article 27

Amendment of the Pensionskassengesetz

Article 28

Amendment of the Law on the Rights of the Law

Article 29

Amendment of the Code of Criminal Procedure in 1975

Article 30

Amendment of the Reformation Tax Act

Article 31

Amendment of the Transport Sacrifice Compensation Act

Article 32

Amendment of the Insurance Tax Act 1953

Article 33

Amendment of the Insurance Contracts Act

Article 34

Amendment of the Securities and Markets Act 2007

Article 1

Implementation of European Union directives

This federal law is designed to implement Directive 2009 /138/EC on the taking-up and pursuit of the business of insurance and reinsurance (Solvency II) (recast), (OJ L 136, 31.7.2009, p. No. OJ L 335, 17.12.2009 p. 1), as last amended by Directive 2014 /51/EU OJ L 327, 22.12.2014, p. No. OJ L 153 of 22.05.2014 p. 1.

Article 2

Federal Law on the Operation and Supervision of Contract Insurance (Insurance Supervision Act 2016-VAG 2016)

table of contents

1. Main item
General provisions

Section 1

Scope

§ 1

Scope

§ 2

Exceptions in personal insurance

§ 3

Exceptions in non-life insurance

§ 4

Exceptions in reinsurance

Section 2
Definitions

§ 5

Definitions

Section 3
Concession

§ 6

General provisions

§ 7

Scope of the concession

§ 8

Concession requirements

§ 9

Prior consultation of supervisory authorities of other Member States

§ 10

business plan

§ 11

Changes in business operations

§ 12

Quenchment of the concession

Section 4
Rules for third countries

§ 13

Domestic business of third country-insurance and third country reinsurance undertakings

§ 14

Special concession requirements

§ 15

Facilitation of concession contracts in several Member States

§ 16

Business plan of the branch

§ 17

Conditions for taking up the business

§ 18

Provisions applicable to current business operations

§ 19

Special provisions for the Swiss Confederation

Section 5
Rules applicable to the EEA

§ 20

Freedom of establishment: branch offices in Germany

Section 21

Freedom of establishment: branch offices in the Member States

Section 22

Freedom to provide services: domestic use

Section 23

Freedom to provide services: exercise in the Member States

6.
Shareholder control

§ 24

Shareholders

Section 25

Procedure for assessing the acquisition

Section 26

Criteria for the assessment of the acquisition

§ 27

Action in case of inappropriate shareholders

Section 7
Inventory transfer

§ 28

General provisions for transfers

§ 29

Approval by the FMA

§ 30

Participation of the FMA

Section 31

Legal effects of an inventory transfer

Section 32

Rules applicable to the Swiss Confederation

8. Section
Insurance mediation

§ 33

Agents hired

Section 34

Use of mediation services

2. Main piece
Mutual insurance associations

1. Section:
General provisions

§ 35

Term

§ 36

Name

Section 37

Statutes

§ 38

Publications

§ 39

Erection

§ 40

Membership

Section 41

Founding Funds

§ 42

Registration in the Company Book

Section 43

Emerging

Section 44

Contributions and surpluses

§ 45

Security residue

Section 46

Subordinated liabilities

§ 47

Use of the annual surplus

§ 48

Organs

§ 49

Board

§ 50

Supervisory Board

Section 51

Top Organ

Section 52

Special Check

Section 53

Assertion of replacement claims

§ 54

Record changes

§ 55

Countervailability

§ 56

Nullity

Section 57

Resolution

Section 58

Fulfillment

§ 59

Inventory transfer

§ 60

Merger

Section 61

Conversion into a joint stock company

Section 62

Introduction into a joint-stock company

§ 63

Effects of the introduction

Section 64

Rights of the supreme organ

Section 65

Effects of restructuring

Section 66

Formal transformation into a private foundation

Section 67

Mergers of private foundations

Section 2
Small insurance companies

Section 68

General provisions

Section 69

Applicability of the general provisions

Section 70

Own resources requirement

Section 71

Own resources

Section 72

Capital Asset

Section 73

Business Unit Overrun

Section 74

Port Liability Total

§ 75

Organs

Section 76

Board

Section 77

Supervisory Board

Section 78

Top Organ

§ 79

Accounting

§ 80

Fulfillment

§ 81

Merger

3. Main piece
Small insurance companies

Section 1
General provisions

Section 82

Applicability of the general provisions

Section 83

Concession

Section 84

business plan

Section 2
Governance

§ 85

General provisions

§ 86

Offload

§ 87

Reinsurance

Section 3
Own resources and capital investment

Section 88

Own resources requirement

§ 89

Own resources

§ 90

Capital Asset

4. Main piece
Rules applicable to certain types of insurance

Section 1
General provisions

Section 91

Contents of the insurance contract

Section 2
Life Insurance

§ 92

General provisions on life assurance

Section 93

Company collective insurance: General provisions

Section 94

Company collective insurance: obligation to participate

§ 95

Collective insurance: Termination

§ 96

Company collective insurance: transfer of legal rights

Section 97

Company collective insurance: Advisory Committee

Section 98

Company collective insurance: information requirements for transfers between company collective insurance and pension fund

Section 3
Non-life insurance

§ 99

Legal protection insurance

§ 100

Motor vehicle civil liability insurance

§ 101

Health insurance in the form of life insurance: General provisions

Section 102

Health insurance according to the type of life insurance: special provisions

Section 103

Accident insurance in the form of life insurance

Section 4
Financial reinsurance and special purpose companies

Section 104

Financial reinsurance

Section 105

Purpose Companies

5. Main piece
Governance

Section 1
General requirements

Section 106

Responsibility and responsibility of the Executive Board or of the Management Board

Section 107

Governance system requirements

Section 108

Governance functions

Section 109

Offload

Section 2
Risk Management

§ 110

Risk Management System

Section 111

Corporate risk and solvency assessment

Section 112

Risk Management function

Section 3
Actuarial function and responsible actuary

Section 113

Actuarial function

Section 114

Responsible actuary

§ 115

Order to the responsible actuary

Section 116

Tasks and powers of the responsible actuary

Section 4
Internal control, compliance and internal revision function

Section 117

Internal Control System

Section 118

Compliance function

§ 119

Internal revision function

Section 5
Professional qualification and personal reliability

§ 120

General provisions

Section 121

Proof of reliability

§ 122

Display to the FMA

§ 123

Regulations for the Supervisory Board

6.
Investments

Section 124

Principle of business caution

§ 125

Special provisions for fund-and index-linked life insurance

§ 126

Qualitative requirements for capital investments

§ 127

Acquisition and disposal of substantial shares

6. Main piece
Prevention of money laundering and terrorist financing

§ 128

Scope and definitions

Section 129

Duty of care to combat money laundering and terrorist financing

§ 130

Simplified due diligence obligations

Section 131

Increased due diligence obligations

Section 132

Execution by third parties

§ 133

Reporting requirements

Section 134

Storage of records and statistical data

§ 135

Internal procedures and training

7. Main piece
Accounting and Group Accounting

Section 1
General provisions

Section 136

Applicability of the UGB, the AktG and the SE Act

Section 137

General provisions on the annual accounts, the management report and the corporate governance report

§ 138

Special provisions relating to the consolidated financial statements

Section 139

Special accounting rules

Section 2
Outline and ID

§ 140

General principles for the breakdown of the annual financial statements and consolidated financial statements

Section 141

Special provisions for composite insurance undertakings

Section 142

Reinsurance with limited risk transfer

Section 143

Risk Backlog

Section 144

Breakdown of balance sheet and consolidated balance sheet

§ 145

Development of assets

Section 146

Breakdown of profit and loss account

Section 147

Collection of expenses and income

Section 3
Severity

§ 148

General evaluation rules

§ 149

Valuation of assets

Section 150

General provisions relating to technical provisions

Section 151

Premium surglees

Section 152

Cover return

Section 153

Provision for insurance cases which have not yet been uncovered

Section 154

Fluctuation reset

Section 4
Annex and management report

§ 155

Annex and Group Attachment

Section 156

Site report and group management report

8. Main piece
Solvency

Section 1
Solvency balance

Section 157

Valuation of assets and liabilities

Section 158

General provisions for technical provisions

Section 159

Calculation of technical provisions

§ 160

Best estimate

Section 161

Risk margin

Section 162

Financial guarantees and contractual options covered by the insurance and reinsurance contracts

Section 163

Recoverable amounts from reinsurance contracts and special purpose companies

Section 164

Quality of data and the application of approximate values, including individual case analyses of technical provisions

Section 165

Comparison with experience data

Section 166

Matching adaptation to the relevant risk-free curve curve

Section 167

Volatility adjustment of the relevant risk-free interest rate curve

§ 168

Use of the technical information to be provided by EIOPA:

Section 2
Own resources

§ 169

General provisions

§ 170

Basic own resources

Section 171

Supplementary own resources

Section 172

Classification of own resources in classes (Tiers)

Section 173

Creditability of the own resources components

Section 3
Solvency capital requirement

§ 174

General provisions

§ 175

Calculation of the Solvency Capital Requirement

Section 176

Frequency of calculation

Section 4
Calculation of the Solvency Capital Requirement with the Standard Formula

Section 177

Structure of the default formula

Section 178

Establishment of the base solvency capital requirement

§ 179

Base solvency capital requirement risk dule

§ 180

Durations-based sub-module share risk

§ 181

Measures of the FMA in case of substantial deviations from the assumptions underlying the standard formula

Section 5
Calculation of the Solvency Capital Requirement using an internal model

§ 182

General provisions for the approval of internal models in the form of full or partial models

Section 183

Special provisions for the approval of internal models in the form of partial models

Section 184

Return to the default formula

§ 185

Non-compliance with the internal model requirements

Section 186

Use Test

§ 187

Statistical quality standards

Section 188

Calibration standards

§ 189

Allocation of profits and losses

§ 190

Validation standards

Section 191

Documentation standards

§ 192

External models and data

6.
Minimum Capital Requirement

Section 193

General provisions

§ 194

Special provisions for composite insurance undertakings

9. Main piece
Group supervision

Section 1
Definitions and scope

§ 195

Definitions

§ 196

General provisions

§ 197

Group supervisor use cases

§ 198

Exclusion of companies from group supervision

§ 199

Sub-group supervision at the level of a national subgroup

§ 200

Subgroup supervision at the level of a sub-group comprising several Member States

Section 201

Mixed insurance holding companies

Section 2
Solvency of the Group

Section 202

General provisions

§ 203

Frequency of calculation

Section 204

Choice of method

§ 205

Taking into account the proportionate share

§ 206

Exclusion of the multiple consideration of eligible own resources

§ 207

Exclusion of capital creation within the Group

Section 208

Inclusion of certain enterprises

Section 209

Inclusion of related third country insurance and third country reinsurance undertakings

Section 210

Deduction of the participation book value if the necessary information is not available

Section 211

Default method: Consolidation method (Method 1)

Section 212

Intra-group models on Method 1

Section 213

Alternative method: withdrawal and aggregation method (Method 2)

Section 214

Intra-group models in Method 2

Section 3
Groups with centralised risk management

§ 215

Conditions

Section 216

Decision on the application

§ 217

Determination of the Solvency Capital Requirement

§ 218

Non-coverage of the Solvency Capital Requirement or the Minimum Capital Requirement

Section 219

End of derogation for a subsidiary

Section 4
Risk concentrations and intra-group transactions

Section 220

Risk concentrations

Section 221

Intra-group transactions

Section 5
Group-level governance

Section 222

General provisions

Section 223

Internal control mechanisms at group level

Section 224

Risk and solvency assessment at group level

Section 225

Management of insurance holding companies and mixed financial holding companies

6.
Measures to facilitate group supervision

§ 226

Determination of the group supervisor

Section 227

Rights and obligations of the group supervisor

Section 228

Colleges of supervisors

Section 229

Cooperation and exchange of information between supervisory authorities

Section 230

Mutual consultation of supervisory authorities

Section 231

Information rights of the FMA as the authority responsible for group supervision

§ 232

Cooperation with the authorities responsible for credit institutions and investment firms

Section 233

Professional secrecy and confidentiality

Section 234

Access to information

Section 235

Review of the information

Section 236

Compulsory measures

Section 7
Parent companies established in third countries

Section 237

Verification of equivalence

Section 238

Existence of equivalence

Section 239

Lack of equivalence

§ 240

Levels of supervision

10. Main piece
Information

Section 1
Publication obligations of insurance and reinsurance undertakings

Section 241

Solvency and financial situation report: content

Section 242

Solvency and financial situation report: non-publication of certain information

Section 243

Solvency and financial situation report: updates

Section 244

Solvency and financial situation report: written guidelines

§ 245

Solvency and financial situation report: group level

§ 246

Disclosure of certain information relating to financial reporting and accounting

Section 2
Reporting obligations of the insurance and reinsurance undertakings to the FMA

§ 247

General provisions

§ 248

Reports to the FMA

§ 249

Inventories and orders of assets dedicated to the cover stock

§ 250

Statistical data on cross-border activities

§ 251

Limitation of regular supervisory reporting

Section 3
Information obligations of insurance undertakings to policyholders

§ 252

General information requirements

Section 253

Special information requirements for life assurance

§ 254

Special information requirements for fund-and index-linked life insurance

§ 255

Special information requirements for health insurance and accident insurance in the manner of life insurance

Section 4
Disclosure requirements of the FMA

§ 256

Transparency and accountability

Section 5
Participation obligations of the FMA

§ 257

Communications to the European Commission and EIOPA

§ 258

Communications to the EIOPA

Section 259

Communications to the Insurance Association of Insurance Companies

6.
Auditor

Section 260

Election of the auditor

§ 261

Commissioning of accountants

§ 262

Temporary ban on activities

§ 263

Audit obligations of the auditor

§ 264

Reporting requirements of the auditor

Section 265

Auditor's obligation to notify

Section 266

Auditor's obligation to replace the auditor

11. Main piece
Supervisory authority and procedures

Section 1
General provisions

§ 267

Objectives of supervision

Section 268

Principles of prudential supervision

Section 269

Form of communication with the FMA-electronic transmission

§ 270

Participation of Bundesbilling Center GmbH

§ 271

Costs of insurance supervision

Section 2
Supervision

§ 272

Information, display and deposit requirements

Section 273

Supervisory review procedure

Section 274

On-site verification

Section 275

Arrangements of the FMA

Section 276

Convening of the Annual General Meeting or Supervisory Board

§ 277

Capital charge

§ 278

Measures in the event of deterioration of the economic situation: Solvency plan

§ 279

Non-coverage of the Solvency Capital Requirement: Sanation Plan

§ 280

Measures in the event of non-coverage of the minimum capital requirement: financing plan

§ 281

Common provisions for the Solvency, Sanation and Finance Plan

Section 282

Measures of the FMA in relation to technical provisions

§ 283

Disregard of the free disposal of assets

§ 284

Measures at the risk of the concerns of policyholders and beneficiaries

Section 285

Revocation of the concession

§ 286

Measures after revocation, erasal or revocation of the concession

§ 287

Label protection

§ 288

Manifestation in the case of unauthorised business operations

§ 289

Supervision in the context of freedom of establishment and freedom to provide services

§ 290

On-the-spot verification under the right of establishment

§ 291

Supervision of business operations in third countries

§ 292

Penalties

§ 293

International sanctions

Section 3
International cooperation

Section 294

Cooperation in the EEA

Section 295

Cooperation in the event of limitation or reduction of the disposal of assets

§ 296

Cooperation within the framework of freedom of service and establishment

§ 297

Cooperation on the dissolution of insurance undertakings or reorganisation measures in the EEA

§ 298

Cooperation with authorities of third countries

Section 299

Cooperation with the Supervisory Authority of the Swiss Confederation

12. Main piece
Cover stock, dissolution of an insurance or reinsurance undertaking, and provisions relating to the financial and insolvency law of insurance undertakings

Section 1
Cover stock

§ 300

Education of the cover stock

Section 301

Coverage requirement

§ 302

Dedication of assets

§ 303

Claims after setting up the business operations

Section 2
Trustee

§ 304

Order and powers

§ 305

Tasks

Section 3
Dissolution of an insurance or reinsurance undertaking

Section 306

Dissolution of an insurance or reinsurance undertaking

Section 4
Executive and insolvency law provisions for insurance undertakings

§ 307

Execution on the values of the cover stock

§ 308

Insurance claims

§ 309

Opening of the bankruptcy procedure

§ 310

Curator

§ 311

Erasing insurance relationships

§ 312

Cover in bankruptcy proceedings

§ 313

Login

§ 314

Rank

Section 315

Mutual insurance associations

§ 316

Prohibition and reduction of benefits

13. Main piece
Criminal provisions

Section 317

Violation of notification, reporting and complaint obligations

Section 318

Breach of the obligation to publish the Solvency and Financial Situation Report

Section 319

Breach of information obligations

§ 320

Cover reserve; deck stock

§ 321

Breach of secrets

Section 322

Money laundering and terrorist financing

Section 323

Mutual insurance associations

Section 324

Small insurance companies

§ 325

Group supervision

Section 326

Violation of orders

§ 327

Freedom of service and establishment

§ 328

Other breaches of duty

§ 329

Unauthorised Business

Section 330

Violation of label protection

Section 331

Statute of limitations

Section 332

Insolvency

14. Main piece
Transitional and final provisions

Section 1
Transitional provisions

§ 333

General transitional provisions

§ 334

Gradual introduction of Solvency II

§ 335

Transitional measures to facilitate the introduction of Solvency II

§ 336

Transitional measure in the case of risk-free interest rates

§ 337

Transitional measure for technical provisions

Section 338

Plan on the progressive introduction of transitional measures for risk-free interest and technical provisions

Section 2
Final provisions

§ 339

entry into force

Section 340

Entry into force of changes due to government templates of the Federal Minister for Finance

Section 341

Entry into force of other amendments

Section 342

References

§ 343

Linguistic equality

§ 344

Adjustment of the amounts indicated in euro

Section 345

Override

§ 346

Enforcement clause

Assets

Annex A

Appendix B

1. Main item

General provisions

Section 1

Scope

Scope

§ 1. (1) The supervision in accordance with the provisions of this Federal Act shall be subject to:

1.

insurance companies (§ 5 Z 1) and reinsurance undertakings (§ 5 Z 2), domestiated in Germany;

2.

small insurance companies (§ 5 (3)) in accordance with the provisions of the 3. the main item;

3.

small mutual insurance associations (§ 5 Z 4), in accordance with the provisions of the second section of the second main item;

4.

Third country insurance undertakings (§ 5 Z 5) and third country reinsurance undertakings (§ 5 Z 6) in accordance with the provisions of the fourth paragraph of this Article. Section;

5.

EEA insurance companies (§ 5 Z 7) and EEA reinsurance undertakings (§ 5 Z 8) in accordance with the provisions of the 5. Section;

6.

Insurance holding companies (§ 195 (1) (6)) and mixed financial holding companies (§ 195 (1) (8)), each with registered office in Germany, in accordance with the provisions of the 9. the main item;

7.

Insurance companies whose subject matter is limited to the management of property (Section 63 (3)) in accordance with § 63 bis § 65;

8.

Private foundations (§ 66 (1)), in accordance with § 66 and § 67 and

9.

Special purpose companies (§ 5 Z 33) with registered offices in Germany, in accordance with § 105 and the Implementing Regulation (EU).

The undertakings referred to in Z 2 to 9 shall be in addition to the provisions of the first subparagraph referred to in that paragraph. and 2. section, the 1. and 3. Section of the 11. Main piece, the 13. and 14. Use the main item as well as § 288, § 292 and § 293. The remaining provisions of this Federal Act shall be applied to these companies only if this is expressly arranged.

(2) Insofar as this Federal Act provides for special provisions for branches of third country insurance undertakings with registered offices in the Swiss Confederation and for branches in the Swiss Confederation of In the case of insurance undertakings domiciled in the country, they shall apply to the operation of all classes of insurance other than life assurance pursuant to Z 19 to 22 of Appendix A, under the conditions laid down in Decision 91 /370/EEC authorisations for the conclusion of the Agreement between the European Economic Community and the Swiss Confederation Swiss Confederation concerning direct insurance other than life assurance, OJ L 327, 31.12.2002, p. No. 2. These provisions shall no longer apply if Convention 91 /370/EEC is deemed to have laped pursuant to Article 39 (8) of this Agreement.

(3) EEA insurance undertakings, which only participate in insurance contracts concluded within the territory of the Union by means of co-insurance at Union level, are subject only to § 17 (4), § 30 (1), (2) and (4) and § 31. § 23 shall not apply to insurance undertakings which participate in insurance contracts concluded in the EEA by means of co-insurance at Union level. Insurance undertakings shall have statistical data to which the extent of these co-insurance operations in which they are involved and the Member States concerned shall be produced.

(4) Whether a company is subject to the provisions of this Federal Act, the Financial Market Supervisory Authority (FMA) shall decide.

Exceptions in personal insurance

§ 2. (1) Pensionskassen according to PKG, are not subject to the provisions of this Federal Law.

(2) The operation of insurance branches of personal insurance by bodies governed by public law, the policyholders of which are only their members, shall not be subject to the provisions of this Federal Law. This does not apply if such insurance companies are primarily covered by reinsurance.

(3) Companies operating only in the cost insurance scheme shall be subject, if the amount of their benefits does not exceed the average value of the funeral expenses in the event of a death, or if these benefits are provided in tangible form, only the provisions of the 3. Main piece.

Exceptions in non-life insurance

§ 3. (1) The following conditions are not considered to be an operation of the contract insurance.

1.

the assistance shall be provided on the occasion of an accident or a fir with a motor vehicle, provided that the accident or the fir has occurred within the Member State of the warranty;

2.

The service obligation is limited to the following services:

a)

On-the-spot assistance, for which the warranty in the majority of cases uses its own personnel and material;

b)

the transfer of the vehicle to the nearest or most appropriate location of the repair to which it may be carried out, and any carriage by the driver and passengers of the vehicle, normally with the same means of assistance, to the nearest the place from which they can continue their journey by other means, and

c)

the carriage of the vehicle concerned and, where applicable, the driver and passengers, up to their place of residence, the starting point or the original destination within the same Member State; and

3.

the assistance shall not be provided by a company subject to this Federal Act.

(2) In the paragraph 1, z 2 lit. (a) and (b), the condition that the accident or breakdown must have occurred within the Member State of the guarantee shall not apply if the claimer is a member of the guarantee and the breakdown assistance or the carriage of the vehicle solely on presentation of the membership card, without additional payment, by a similar institution of the country concerned on the basis of a reciprocity agreement.

Exceptions in reinsurance

§ 4. This federal law shall not apply to reinsurance exercised or fully guaranteed by the Republic of Austria as a reinsurer of the last resort for reasons of considerable public interest, including cases where this function is required on the basis of a market situation in which adequate commercial insurance protection is not to be obtained.

Section 2

Definitions

Definitions

§ 5. For the purposes of this federal law, the term

1.

Insurance undertakings: a company which has the object of operating the contract insurance and a concession pursuant to Article 6 (1) and (1) of the Treaty. Article 14 of Directive 2009 /138/EC, which is not limited to reinsurance, has been granted.

2.

Reinsurance undertakings: a company which, in the course of the operation of the contract insurance, has sole object to the operation of reinsurance and which, in accordance with Article 6 (1) and Article 14 of Directive 2009 /138/EC has received a concession for the exercise of reinsurance activities.

3.

Small insurance undertaking: a domestic company which has the object of the operation of the contract insurance and has received a concession pursuant to Section 83 (1).

4.

Small insurance association: an insurance association on a reciprocal basis domesised in Germany, who fulfils the conditions laid down in § 68, has the object of the contract insurance and has received a concession pursuant to section 68 (3).

5.

Third country insurance undertaking: a company which does not have its registered office in a Member State, is subject to the operation of the contract insurance and would require a concession as an insurance undertaking if its registered office is situated in Germany by-catches.

6.

Third country reinsurance undertaking: an undertaking which does not have its registered office in a Member State which, in the course of the operation of the contract insurance, has exclusively the holding of reinsurance and which is a concession Reinsurance undertakings would need to have their registered office domestiated.

7.

EEA insurance undertakings: an insurance undertaking which has its head office not in the territory of the country but in another Member State.

8.

EEA reinsurance undertaking: a reinsurance undertaking which has its head office not in the country but in another Member State.

9.

Reinsurance: one of the following activities:

a)

the taking-over of risks submitted by an insurance undertaking or a third country insurance undertaking or by another reinsurance undertaking or a third country reinsurance undertaking, or

b)

in the case of the association of insurers referred to as Lloyd's, the taking-over of risks which are assigned by a member of Lloyd's by insurance not belonging to the association of insurers referred to as Lloyd's; or reinsurance undertakings.

10.

Composite insurance undertaking: an insurance undertaking with domicilia domicilia which has received a concession to operate life assurance and at least one other type of insurance, with the exception of reinsurance.

11.

Member State: a Member State of the European Union or any other State Party to the Agreement on the European Economic Area, BGBl. No. 909/1993, as amended by the BGBl adaptation protocol. No 910/1993 (EEA).

12.

Third country: a State which is not a Member State.

13.

Services: the conclusion of insurance contracts by an insurance or reinsurance undertaking for risks situated in another Member State, provided that the conclusion is not established by a Member State in that Member State Branch is performed.

14.

Member State of origin:

a)

in the case of non-life insurance, the Member State in which the registered office of the insurance undertaking is situated, which covers the risk;

b)

in the case of life assurance, the Member State in which the registered office of the insurance undertaking which enters into the undertaking is situated; or

c)

in the case of reinsurance, the Member State in which the seat of the reinsurance undertaking is situated.

15.

Host Member State: the Member State which is not the home Member State in which an insurance undertaking or a reinsurance undertaking has a branch or provides services; in the case of: Life and non-life insurance, the Member State of the service shall designate the Member State of the obligation or the Member State in which the risk is situated if the obligation or the risk is taken by an insurance undertaking or a branch established in another Member State shall be covered.

16.

Supervisory authority: the national authority or national authorities of Member States which are responsible for the supervision of insurance undertakings or reinsurance undertakings on the basis of laws, regulations or administrative provisions are responsible.

17.

Branch of an insurance undertaking or reinsurance undertaking: an agency or branch of an insurance or reinsurance undertaking in a Member State in which the insurance or reinsurance undertaking does not have its seat. Any permanent presence of an undertaking in the territory of a Member State shall be deemed equivalent to a branch, even if that presence has not taken the form of a branch, but merely by an office , which is carried out by the company's own staff or by a person who, although independent, is responsible for acting on a permanent basis for this undertaking, such as an agency.

18.

Branch of a third country insurance undertaking or third country reinsurance undertaking: any permanent presence of a third country insurance or third country reinsurance undertaking in the territory of a Member State which is in the territory of a Member State Member State has received a concession and carries out insurance business.

19.

Establishment of a company: its registered office or one of its branches.

20.

The Member State in which the risk is situated shall be one of the following Member States:

a)

in non-life insurance:

aa)

in the case of the insurance of risks related to immovable property and superstructures, and the movable property covered by the same contract, the Member State in which the goods are situated;

bb)

in the case of the insurance of risks relating to registered vehicles of all types, the Member State in which the vehicle is registered, but, irrespective of this, in the case of vehicles imported from one Member State to another, during a period not exceeding 30 days from the date of delivery, provision or dispatch of the vehicle to the purchaser, the risk shall be located in the country of destination;

cc)

in the case of insurance for travel and holiday risks in insurance contracts for a period not exceeding four months, the Member State in which the policyholder has carried out the legal acts required to conclude the contract;

b)

in all others not expressly in lit. In the case of non-life insurance and life assurance, the Member State in which the following evidence is situated:

aa)

if the policyholder is a natural person, the place of habitual residence;

bb)

if the policyholder is a legal person, the place of establishment to which the contract relates.

21.

Parent undertaking: a parent undertaking in accordance with the provisions of Article 22 (1) and (2) of Directive 2013 /34/EU.

22.

Subsidiary: a subsidiary undertaking in accordance with Article 22 (1) and (2) of Directive 2013 /34/EU, including its own subsidiaries.

23.

Close links: a situation in which two or more natural or legal persons are connected by means of control or participation, or a situation in which two or more natural or legal persons with one or more natural or legal persons are connected with one and the same person Person is permanently connected by a control relationship.

24.

" control " means the relationship between a parent undertaking and a subsidiary undertaking in accordance with Article 22 (1) and (2) of Directive 2013 /34/EU, or a similar relationship between a natural or legal person and a company;

25.

Intra-group transaction: a transaction in which an insurance undertaking or a reinsurance undertaking, in order to comply with a liability, directly or indirectly to other undertakings within the same group or to undertakings of the A group of natural or legal persons connected by close links shall be based, whether on a contractual or non-contractual basis and on a basis of remuneration or free of charge.

26.

Participation: direct holding or holding under the control of at least 20 vH of the voting rights or capital of a company.

27.

Qualifying holding: the direct or indirect holding of at least 10 vH of the voting rights or of the capital of a company, or any other possibility of exercising a significant influence on the management of this Company.

28.

Financial enterprise: one of the following companies:

a)

credit institutions, undertakings with ancillary banking services or financial institutions in accordance with Article 4 (1), (1), (17) and (22) of Directive 2013 /36/EU;

b)

an insurance or reinsurance undertaking or an insurance holding company in accordance with Section 195 (1) Z 6;

c)

an investment firm or a financial institution pursuant to Article 4 (1) (1) (1) of Directive 2004 /39/EC, or

d)

a mixed financial holding company in accordance with Art. 2 Z 15 of Directive 2002 /87/EC.

29.

Company's own insurance undertaking: an insurance undertaking which is either a financial undertaking which is neither an insurance undertaking or a reinsurance undertaking nor a group of insurance or insurance undertakings; or a reinsurance undertaking in accordance with Article 195 (1) (3), or a non-financial enterprise, and the sole risk of the undertaking or undertakings to which it belongs, or to the risks involved, of one or more of the undertakings concerned; of several companies belonging to the group to which they belong.

30.

company reinsurance undertaking: a reinsurance undertaking which is either a financial undertaking which is neither an insurance undertaking or a reinsurance undertaking nor a group of insurance or reinsurance undertakings; or reinsurance undertakings within the meaning of Article 195 (1) (3), or a non-financial enterprise, and the sole risk of the undertaking or undertakings to which it belongs, or to the risks of one or more of the undertakings which are not part of the financial sector; of several companies belonging to the group to which they belong.

31.

UCITS: an organism for collective investment in transferable securities pursuant to § 2 para. 1 InvFG 2011.

32.

Financial reinsurance: reinsurance with limited risk-taking, in which the assumed total economic risk arising from the acquisition of both a significant technical risk and the risk in respect of the the duration of the settlement, the amount of the premium over the total duration of the insurance contract exceeds a limited but significant amount, with at least one of the following characteristics being added:

a)

explicit and material consideration of the time value of the money, or

b)

contractual provisions with the aim of compensating for the economic results between the contracting parties over the overall duration of the contract in order to allow for targeted risk transfer.

33.

Purpose-based company: a company, whether it is a capital company or not, which is not an existing insurance or reinsurance undertaking, and whether it is a risk of insurance or reinsurance undertakings , taking full account of these risks by way of debt issuance or any other financing mechanism in respect of which the repayment entitlements of the investors via such debt instruments or a financing mechanism are in relation to the reinsurance obligations of the undertaking are subordinated.

34.

Major risks:

a)

Transport and transport liability risks according to Z 4 to 7, 11 and 12 of Appendix A;

b)

credit and security risks according to Z 14 and 15 of Annex A, where the policyholder pursues an activity in the industrial or commercial sector or a freelance activity and the risk is related to that;

c)

Risks according to Z 3, 8, 9, 10, 13 and 16 of Appendix A, provided that the policyholder exceeds the upper limit for at least two of the following criteria:

aa)

6,2 million Euro balance sheet total;

bb)

12.8 million euro net sales;

cc)

an average employee number of 250 employees during a financial year.

If the policyholder belongs to a group of companies for which the consolidated financial statements are drawn up in accordance with the provisions of Directive 2013 /34/EU, they shall be referred to in lit. (c) shall apply to the consolidated accounts.

35.

Assistance: benefits in respect of persons who are in difficulty when travelling or during the absence of their residence or permanent residence, and which are due to the prior payment of a premium the obligation to provide direct assistance to the beneficiary of a contract of assistance in the cases provided for in the Treaty and under the conditions laid down in that contract if, after the occurrence of a random contract, the beneficiary has Event in difficulty. The material assistance can be in cash or in natural services. The natural services may also be provided by the use of the staff or material of the provider of the service. Maintenance services and customer service, as well as simple instructions for help or simple mediation of aid without their takeover, are not covered by the assistance.

36.

Disposal: an agreement of any form concluded between an insurance undertaking or a reinsurance undertaking and a service provider which may be a regulated or non-regulated entity, on the basis of: which the service provider provides, directly or through other outsourcing, to a process, service or activity that would otherwise be provided by the insurance or reinsurance undertaking itself.

37.

Function: an internal capacity within the governance system for the adoption of practical tasks; the governance system includes the risk management function, the compliance function, the internal revision function and the actuarial Function with.

38.

Insurance-related risk: the risk of loss or adverse change in the value of the insurance liabilities resulting from undue price fixing and non-reasonable recovery assumptions.

39.

Market risk: the risk of loss or adverse changes in the financial situation arising directly or indirectly from fluctuations in the amount and volatility of the market prices of the assets, liabilities and financial instruments results.

40.

Credit risk: the risk of loss or adverse changes in the financial situation arising from fluctuations in the creditworthiness of the issuers of securities, counterparties and other debtors, against which the insurance and Reinsurance undertakings shall be subject to claims arising in the form of counterparty risk, spread risk or market risk concentrations.

41.

Operational risk: the risk of loss resulting from the inadequacy or failure of internal processes, employees or systems, or by external events.

42.

Liquidity risk: the risk that insurance and reinsurance companies will not be able to implement capital investments and other assets in order to meet their financial obligations on maturity.

43.

Concentration risk: all risks associated with a risk of default, which is extensive enough to jeopardise the solvency or financial position of the insurance or reinsurance undertakings.

44.

Risk mitigation techniques: all techniques that enable insurance and reinsurance undertakings to transfer part or all of their risks to another party.

45.

Diversification effects: a reduction in the risk potential of insurance and reinsurance companies and groups by diversifying their business activities, resulting from the fact that the negative result of an insurance company and reinsurance undertaking is Risk can be offset by the more favourable outcome of a different risk if these risks are not fully correlated.

46.

Probability distribution prognosis: a mathematical function that assigns an occurrence probability to a sufficient number of future events that exclude each other.

47.

Risk ate: a mathematical function that determines a monetary amount under a certain probability distribution forecast and increases monotonically with the risk potential on which the probability distribution forecast is based.

48.

Co-insurance at Union level: co-insurance operations involving one or more of the risks listed under Z 3 to 6, Annex A, and which meet the following conditions:

a)

the risk is a major risk;

b)

the risk shall be carried out under a single contract for the payment of a total premium for a single period of insurance by a number of insurance undertakings, one of which is the leading insurance undertaking, and from each of them individually as Co-insurers take over without there being a total debt ratio between them;

c)

the risk is situated within the EEA;

d)

in order to ensure risk coverage, the leading insurance undertaking shall be treated as an insurance undertaking covering the whole risk;

e)

at least one co-insurer is involved in the contract through an establishment (a registered office or a branch) in a Member State other than that of the leading insurance undertaking;

f)

The leading insurance undertaking shall take full account of the function which it has in the practice of co-insurance, and shall in particular determine the conditions of insurance and premiums.

49.

Qualified central counterparty: a central counterparty, which has been recognised either in accordance with Article 14 of Regulation (EU) No 648/2012 or under Article 25 of that Regulation.

50.

External credit rating agency or "ECAI" means a credit rating agency which is authorised or certified in accordance with Regulation (EC) No 1060 /2009/EC, or a central bank which provides credit ratings and is exempt from the application of the said Regulation.

51.

EIOPA: the European Insurance and Occupational Pensions Authority in accordance with Regulation (EU) No 1094/2010.

52.

EBA: the European Banking Authority in accordance with Regulation (EU) No 1093/2010.

53.

ESMA: the European Securities and Markets Authority (Securities and Markets Authority) in accordance with Regulation (EU) No 1095/2010.

54.

Implementing Regulation (EU): Regulation (EU) No 35/2015 OJ L 136, 31.5.2015, p. OJ L 12 of 17.01.2015, p. 1).

55.

Technical standards (EU): regulatory technical standards under Articles 10 to 14 of Regulation (EU) No 1094/2010 and technical implementing standards under Article 15 of Regulation (EU) No 1094/2010.

56.

Guidelines (EIOPA): Guidelines under Art. 16 Regulation (EU) No 1094/2010.

57.

Recommendations (EIOPA): Recommendations under Art. 16 Regulation (EU) No 1094/2010.

Section 3

Concession

General provisions

§ 6. (1) The operation of the contractual insurance in Germany is required, unless expressly stated otherwise, the concession of the FMA.

(2) Before issuing a concession to a company, the FMA has to communicate to the Federal Minister of Finance.

(3) In addition to the contract insurance, insurance undertakings or reinsurance undertakings may only operate such transactions which are directly related to them. This may in particular be the provision of building savings contracts, leasing contracts, UCITS and the provision of services in the field of automation-assisted data processing as well as the distribution of credit cards. In the case of reinsurance undertakings, the holding and management of holdings in a sub-company of the financial sector may, in accordance with Article 2 (8) of Directive 2002/87/EC, be directly related to the insurance contract.

Scope of the concession

§ 7. (1) The concession of an insurance undertaking or reinsurance undertaking shall apply to the territory of all Member States.

(2) The concession of insurance undertakings or reinsurance undertakings which are subsidiaries of undertakings established in a third country shall, by way of derogation from paragraph 1, apply only to the territory of the Member States of the European Union, as long as a it is established that the host State of the parent undertaking shall have branches of insurance undertakings established in a State Party to the Agreement on the European Economic Area, which is not the Member State of the European Union, shall be limited in quantity or restrictions imposed on these , which it does not apply to insurance undertakings established in a Member State of the European Union.

(3) The concession on the operation of insurance branches of life assurance and the concession on the operation of other classes of insurance other than accident insurance, sickness insurance and reinsurance, shall exclude each other. The concession for the operation of reinsurance can be granted for non-life reinsurance, life reinsurance or for all types of reinsurance.

(4) The concession shall be issued separately for each insurance branch. The concession shall apply to the whole of the insurance sector in the case of insurance and reinsurance undertakings, unless the insurance undertaking or reinsurance undertaking has requested the concession for only a part of the risks, that belong to this insurance branch. In this case, the coverage of additional risks within the insurance branch shall be subject to a further concession. The classification of the classes of insurance shall be determined by Annex A.

(5) An insurance undertaking which has one or more concessions within the classes of insurance referred to in Z 1 to 18 of Annex A may take additional risks not covered by the concession, in the presence of all the insurance undertakings. meeting the following requirements:

1.

It is a risk related to a risk (main risk) covered by a concession, subject to the same subject matter and covered by the same contract.

2.

It is a risk that is of secondary importance to the main risk.

3.

It is not a risk that falls under the Z 14, 15 and 17 of Appendix A. By way of derogation, a risk covered by Z 17 of Appendix A may be regarded as an additional risk for Z 18 of Appendix A if the main risk is:

a)

-only assistance in respect of persons who are in difficulties during travel or during the absence of their place of residence or habitual residence, or

b)

relates to disputes or claims arising out of the use of ships at sea or associated with their use.

Concession requirements

§ 8. (1) Insurance or reinsurance undertakings may only be operated in the form of a joint stock company, a European Company (SE) or an insurance association on a reciprocal basis.

(2) The concession shall be refused if:

1.

the head office is not located in the country,

2.

According to the business plan, the interests of policyholders and claimholders are not sufficiently safeguarded, in particular the obligations under the insurance contracts are not to be regarded as being permanently fulfilled,

3.

the company does not have the basic own resources available to cover the absolute lower limit of the minimum capital requirement in accordance with Article 193 (2) (1), (2) or (3);

4.

the company cannot demonstrate that it will be able to hold the eligible own funds in order to cover the Solvency Capital Requirement in accordance with Section 174,

5.

the company cannot demonstrate that it will be able to hold the eligible base own funds in order to cover the minimum capital requirement in accordance with section 193 (1) on an ongoing basis,

6.

the company can't prove that it will be able to do the provisions of the 5. to comply with the governance system;

7.

the Management Board does not consist of at least two persons or Not at least two managing directors are appointed or the statutes do not exclude all individual power of representation, individual prokura or single-hand power for the entire business operation,

8.

Persons holding a qualifying holding in the undertaking shall not comply with the requirements to be met in the interests of sound and prudent management of the insurance undertaking,

9.

is to be expected to

a)

close links between the company and other natural or legal persons, or

b)

Difficulties in the application of laws, regulations and administrative provisions of a third country to which a natural or legal person is closely associated with the undertaking

the FMA is prevented from being properly monitored,

10.

the lack of transparency in the structure of the group affects the interests of policyholders and beneficiaries, or that the FMA is prevented from fulfilling its duty of supervision, or

11.

in the case of application for a concession for the operation of motor vehicle liability insurance (Z 10 of Appendix A), with the exception of the liability of the carrier, the name and address of all claims representatives appointed pursuant to section 100 (1) of the claims representative shall be communicated.

(3) The determination of the voting rights shall be subject to Article 91 (1a) to (2a) of the Austrian Stock Exchange Act, in conjunction with Section 92 and Section 92a (2) and (3) of the Austrian Stock Exchange Act, whereby voting rights or shares of capital, the investment firms or credit institutions as a result of a takeover of the issue of financial instruments or placement of financial instruments with a firm takeover obligation according to § 1 Z 2 lit. f WAG 2007, do not have to be taken into account, provided that these rights are not exercised or otherwise used to intervene in the management of the issuer, and shall be made within one year after the date of purchase shall be sold.

(4) In the case referred to in paragraph 2 (2) (8) and (9), the FMA may grant the concession subject to conditions which enable it to fulfil its obligation to monitor properly.

(5) An insurance undertaking which already operates life assurance (branches 19 to 22 in accordance with Annex A) and applies for a concession on the operation of the accident insurance and/or health insurance (branches 1 and 2 in accordance with Annex A); or which already operates the accident insurance and/or health insurance and applies for a concession on the operation of life insurance (branches 19 to 22 in accordance with Annex A), must also prove that:

1.

it has the eligible own funds to cover the absolute lower limit of the minimum capital requirement for composite insurance undertakings in accordance with Article 193 (2) (4) (4) (4) (4) (4) (4),

2.

it will be able to continuously cover the fictitious life insurance minimum capital requirement in accordance with § 194 (1) Z 1 and the fictitious non-life insurance minimum capital requirement in accordance with § 194 (1) Z 2.

(6) An insurance or reinsurance undertaking or a modification of its business object, which requires a concession, may be entered in the company register only if the communication with which the concession has been issued has been issued in the The original or publicly certified copy is available. The Company's Court of Appeal has to deliver orders and decisions on such entries also to the FMA.

Prior consultation of supervisory authorities of other Member States

§ 9. Before granting the concession to a company which:

1.

a subsidiary of an EEA insurance or EEA reinsurance undertaking, a credit institution or an investment firm which is authorised in another Member State;

2.

a subsidiary undertaking of an undertaking which is also a parent undertaking of an EEA insurance or EEA reinsurance undertaking, a credit institution or an investment firm which is authorised in another Member State; or

3.

controlled by the same natural or legal persons, such as an EEA insurance or EEA reinsurance undertaking, a credit institution or an investment firm authorised in another Member State,

the FMA has to obtain an opinion from the supervisory authority of that other Member State. This may, in particular, affect the suitability of the shareholders and the requirements for the professional qualification and personal reliability of all persons who actually lead the company or other key functions in the companies or in another company of the same group.

business plan

§ 10. (1) The business plan shall be submitted with the application for concession.

(2) The business plan shall contain:

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 reinsurance undertaking intends to conclude with pre-insurers;

2.

the basic principles of reinsurance and retrocession;

3.

the basic own resources to cover the absolute lower limit of the minimum capital requirement § 193 (2);

4.

the estimate of the expenditure on the development of the administration and the distribution and the evidence that the necessary resources are available; and

5.

for the operation of the insurance branch referred to in Z 18 of Annex A, information on the funds available to the undertaking in order to comply with the promised assistance.

(3) In addition to the information set out in paragraph 2 above, the business plan for the first three financial years shall contain the following information:

1.

a forecast of the Solvency Balance;

2.

estimates of the future Solvency Capital Requirement on the basis of the forecast of the Solvency Balance according to Z 1 and the calculation method used to derive these estimates;

3.

estimates of the minimum capital requirement on the basis of the forecast of the Solvency Balance according to Z 1 and the calculation method used to derive these estimates;

4.

estimates of the financial resources likely to cover the technical provisions referred to in the first paragraph. Section of the 8. the main item, the minimum capital requirement and the Solvency Capital Requirement;

5.

in terms of non-life insurance and reinsurance,

a)

the estimated commission expenses and the other expenses for the insurance business (excluding the expenses for the administration),

b)

the estimated premium and the likely insurance benefits

and

6.

in relation to life assurance, also a plan from which the estimates of revenue and expenditure in direct transactions, as well as in the active and passive reinsurance business, emerge in detail.

(4) The Articles of Association shall be part of the business plan if the enterprise does not yet have a concession to operate the contract insurance.

Changes in business operations

§ 11. (1) Amendments to the Articles of Association shall be subject to the approval of the FMA. The authorisation shall be refused if, on the basis of the amendment of the statutes, the interests of policyholders and beneficiaries are not sufficiently safeguarded, in particular if the obligations arising from the insurance contracts are not considered to be permanent are to be regarded as fillable.

(2) Changes in the nature of the risks which an insurance or reinsurance undertaking intends to cover, or the nature of the reinsurance contracts which the insurance undertaking intends to conclude with pre-insurers, are to be reported to the FMA. In the case of insurance undertakings, the change in the coverage of additional risks within an insurance branch shall not be made until after that notification. If additional risks are to be covered to a substantial extent, the FMA may request the information in accordance with § 10 (2) (2) (2) and (4) and (3).

(3) The intended establishment of a branch in a third country shall be notified to the FMA; for the advertisement, § 21 para. 1 shall apply mutagentily. If the insurance company requires a certificate in accordance with Section 16 (3) (1) (1), the FMA is obliged to issue such a certificate. A rejection of the issue of the certificate shall be made with a communication.

(4) In the case of an insurance undertaking applying for the concession for a branch in the Swiss Confederation, the FMA has submitted a report on the concession issued by the Swiss Supervisory Authority with a report. Business plan to be held within three months. A rejection of the issuing of a certificate in accordance with section 19 (1) must be made with a communication.

(5) The FMA shall object to the transfer of the registered office of a European Company (SE) pursuant to Article 8 (14), second subparagraph of Regulation (EC) No 2157/2001, if the interests of policyholders and beneficiaries are not sufficiently protected.

Quenchment of the concession

§ 12. (1) The concession shall be granted for branches of insurance;

1.

the holding of which has not been received within one year after the concession or the extension of the concession, or whose operation has been suspended for more than six months,

2.

on whose holding the insurance undertaking has waived,

3.

whose total insurance portfolio has been transferred to other insurance undertakings.

(2) The concession of a European Company (SE) shall be replaced by the registration in the register of the new Member State of the host State.

(3) The concession of a third country insurance or third country reinsurance undertaking shall also cease to exist insofar as it loses the right to operate the contract insurance in the host Member State.

(4) Insurance and reinsurance undertakings shall immediately notify the FMA of the occurrence of the circumstances referred to in paragraph 1. The FMA has issued a notice of the deletion of the concession.

(5) Before the end of a year after the expiry of the concession pursuant to paragraph 1 (1) and (2), a concession may not be granted unless there is an overriding public interest in the granting of the concession.

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

(7) After the granting of the concession, all appropriate measures shall be taken by the FMA in order to safeguard the interests of policyholders and beneficiaries. In particular, the free disposal of the assets of the company may be restricted or prohibited for this purpose. § 283 shall apply.

Section 4

Rules for third countries

Domestic business of third country-insurance and third country reinsurance undertakings

§ 13. (1) The operation of the contractual insurance in the territory of the country may be exercised by a third country insurance undertaking or a third country reinsurance undertaking only through a domestic branch and requires the concession by the FMA. The concession of third country insurance and non-member countries reinsurance undertakings shall apply only to the domestic market. A domestic operation is available to the extent that insurance contracts are concluded domestily or are advertised for domestic use. § 6 (2) and (3) and Section 7 (2) to (5) shall apply mutatily.

(2) An insurance contract shall be deemed to have been concluded domestily if the declaration of intent, which gives the surcharge for the benefit of the insurance contract, is made domestiy. In any event, an insurance contract with natural persons who have their habitual residence in the country or with legal persons who have their establishment in the territory of the country to which the contract relates, shall be deemed to have been concluded domestiy, if the contract has been concluded with the participation of a professional mediator or consultant in any form whatsoever. This shall not apply to reinsurance contracts or if the risk is not in accordance with § 5 Z 20 in Germany.

(3) In respect of the activities of the branch of the 7, third country insurance undertakings and third country reinsurance undertakings shall be established. and 8. Section of the 1. Main piece, the 4. to 8. The main piece, the 10. Main piece, the 12. The main part and § 272 bis § 286, § 291 and § 316 shall apply mutatily, unless otherwise expressly determined. The management of the branch shall be responsible for the rights and obligations imposed by the statutory representatives of a domestic company under this Federal Act.

(4) If, pursuant to Article 172 (2) or (4) of Directive 2009 /138/EC, the European Commission has established the equivalence of the solvency system of a third country, the provisions of this section shall apply to: Third country reinsurance undertakings established in that third country shall not apply. Reinsurance contracts with these companies must be treated in the same way as those with reinsurance undertakings.

Special concession requirements

§ 14. (1) A third country insurance undertaking or a third country reinsurance undertaking shall refuse the concession, in addition to Article 8 (2) (2), (9) and (11), (3) and (5) thereof, if:

1.

it does not have a legal form equivalent to or comparable to the one referred to in Article 8 (1),

2.

it is not entitled under the law of the host Member State to operate the contract insurance in the insurance sector concerned,

3.

it does not establish a branch under its own domestic management, consisting of at least two natural persons who have their principal residence in the country,

4.

it does not commit itself, at the branch of the branch, to the business activities it carries out there, separately in accordance with the 7. To take account of the main item and to keep all business records available there and a solvency balance according to the 1. Section of the 8. to establish the main part,

5.

it is not obliged to hold own funds in order to cover the Solvency Capital Requirement on an ongoing basis and to hold the basic own resources in order to cover the minimum capital requirement on an ongoing basis;

6.

it does not have assets situated in the country at the level of the absolute lower limit of the minimum capital requirement in accordance with Section 193 (2) and is not obliged to pay half of this for the duration of the operation of the branch as a security deposit . The concession statement shall specify the appropriate assets and fix the nature and content of the security deposit in such a way that the third country insurance or third country reinsurance undertaking does not have the consent of the FMA through the assets,

7.

it cannot demonstrate that it will be in a position to do so with regard to the activities of the branch, the provisions of the 5. to comply with the governance system; or

8.

the State of residence of insurance and reinsurance undertakings established in Germany does not offer the same competitive opportunities as third country insurance and non-EU reinsurance undertakings established in that third country, and Non-national reinsurance undertakings, which are comparable to that of the Austrian side of third country insurance and third country reinsurance undertakings established in that third country, shall not have effective market access , unless an overriding public There is an interest in the granting of the concession; this does not apply to States Parties to the World Trade Organisation.

(2) In the case of third country insurance undertakings, the concession for the operation of insurance branches of life assurance and the concession of other classes of insurance shall exclude each other.

(3) The own resources and the basic own resources referred to in paragraph 1 (1) (5) shall be understood to mean the own resources and the basic own resources allocated to the branch.

(4) § 8 (4) and (6) and § 9 are to be applied in a reasonable way.

Facilitation of concession contracts in several Member States

§ 15. (1) A third country insurance undertaking which already holds or has applied for a concession in at least one other Member State may submit a request to the FMA to:

1.

the Solvency Capital Requirement shall be calculated on the basis of the entire business activities of its branches in the EEA;

2.

it has to be paid only in one of the Member States in which it carries out its activities; and

3.

the assets constituting the equivalent of the minimum capital requirement may be fully situated in one of the Member States in which the undertaking carries out its activities.

(2) The request for the granting of the facilities referred to in paragraph 1 shall also be submitted to the supervisory authorities of all Member States in which the third country insurance undertaking has a concession or has applied for. The application shall be selected by the Supervisory Authority, which will in future be responsible for monitoring the solvency of the whole business of branches established in the EEA. The company shall give reasons for the election of the supervisory authority.

(3) If the FMA is the supervisory authority elected pursuant to paragraph 2, second sentence, it may only approve the application if it is objectively justified, does not jeopardise the interests of the policyholders and the beneficiaries and the Supervisory authorities of all Member States where the application has been submitted. The security deposit is to be made domesticly in accordance with § 14 paragraph 1 Z 6. The facilitation shall be effective at the time when the FMA has notified its approval to the supervisory authorities of the other Member States concerned. From this point on, the FMA has to assume the supervision of solvency for the entire business activities of branches established in the EEA. This includes the arrangement of the disregard of the free disposal of assets pursuant to § 283 (1) Z 1 to 3. § 295 shall apply mutatily. FMA has to withdraw the authorisation from the supervisory authority of one or more of the Member States concerned and to inform the supervisory authorities of the other Member States concerned.

(4) If the FMA is not the supervisory authority elected pursuant to paragraph 2, second sentence, the FMA may only agree to the granting of relief if the election of the supervisory authority is objectively justified in the application and this does not constitute the interests of the Policyholders and beneficiaries are at risk. The facilitations shall take effect at the time when the elected supervisory authority of the FMA has notified its approval pursuant to Article 167 (3) of Directive 2009 /138/EC. The FMA shall provide this supervisory authority with the information necessary for the monitoring of the overall solvency requirements concerning the domestic branch. If this supervisory authority has made an order pursuant to Art. 137, Art. 138 (5) or Article 139 (3) of Directive 2009 /138/EC, Section 295 (4) shall apply mutatily. The facilitation shall be no longer applicable at the same time as the supervisory authority of one or more of the Member States concerned is at the initiative of all supervisory authorities.

Business plan of the branch

§ 16. (1) The statutes of a third country insurance or non-member country reinsurance undertaking shall not be part of the business plan. However, if the company does not yet have a concession on the operation of the contract insurance in Germany, the business plan shall be presented with the statutes and the names of the members of the institution empowered to represent the legal representation and of the to inform the supervisory bodies of the FMA company. Amendments to the Articles of Association and amendments to the members of the above institutions shall be notified to the FMA.

(2) § 10 (2) and (3) shall apply mutatily. In addition, the business plan also has

1.

a presentation of the composition of the own resources and basic own resources eligible for the coverage of the Solvency Capital Requirement and the Minimum Capital Requirement; and

2.

Information on the structure of the governance system

to be included.

(3) The business plan shall be submitted to:

1.

a certificate issued by the competent authority of the host Member State as to the classes of insurance which the undertaking has the power to operate in the host Member State and which it actually operates and

2.

the balance sheet and the profit and loss account for each of the last three financial years, provided that the undertaking does not yet have a concession on the operation of the contract insurance in Germany. If the company has not been present for so long, these documents shall be submitted for the financial years already completed.

Conditions for taking up the business

§ 17. (1) The business operations of a third country insurance or third country reinsurance undertaking in the territory of the country may not be included in the Company Book before the registration of the domestic branch and its management. § 8 (6) shall apply to the registration of the company and to a change in the activities of its branch.

(2) In order to represent the domestic branch, two members of the management board are authorized jointly or one of them in communion with a prokurist. Any power of individual representation for the entire business operation in Germany is excluded. § 73 and § 76 of the German Stock Corporation Act (AktG) are to be applied

(3) Third country insurance and non-member countries reinsurance undertakings may, after the concession of the concession, conclude insurance contracts on risks situated in the territory of the country only through their domestic branch. This shall not apply to risks associated with the classes of insurance referred to in Z 4 to 7, 11 and 12 of Appendix A.

(4) The jurisdiction of Section 99 (3) of the JN may not be excluded for claims arising from domestic business operations.

Provisions applicable to current business operations

§ 18. (1) branches of third country insurance and third country reinsurance undertakings shall have eligible own funds to cover the Solvency Capital Requirement and eligible base own resources to cover the Minimum capital requirement. The security deposit in accordance with Section 14 (1) Z 6 shall be credited to the basic own funds which are eligible for the cover of the minimum capital requirement.

(2) The calculation of the Solvency Capital Requirement and the Minimum Capital Requirement shall be based only on the activities of the branch concerned.

(3) The assets devoted to the cover must be situated in the territory of the country. The assets constituting the equivalent of the Solvency Capital Requirement must be situated in a Member State up to the level of the minimum capital requirement in the country and the other part in excess of that.

(4) § 11 and § 12 are to be applied in a reasonable way.

Special provisions for the Swiss Confederation

§ 19. (1) Third country insurance undertakings with registered offices in the Swiss Confederation shall also submit a certificate issued by the Swiss Supervisory Authority with the business plan

1.

the fact that the company has the necessary own resources and the necessary resources pursuant to Article 10 (2) (4) and (5),

2.

about the nature of the risks actually covered,

3.

on the fact that the company has adopted an admissible legal form,

4.

that, in addition to the contract insurance, the enterprise operates only those transactions which are directly related to it.

(2) Before issuing the concession to a third country insurance undertaking based in the Swiss Confederation, the FMA has issued a report on the business plan containing an opinion of the Swiss Supervisory Authority for its opinion on , If it has not been expressed within three months of the submission of the documents, it shall be assumed that it has no objection to the concession.

(3) Before revocation of the concession of a third country insurance undertaking with registered office in the Swiss Confederation, the Swiss Supervisory Authority shall be consulted. If the FMA takes a measure pursuant to Section 284 (1) (3) of this Directive before a statement of the opinion of that authority, it shall inform the Swiss Supervisory Authority without delay.

(4) Branch offices of third country insurance undertakings with registered offices in the Swiss Confederation shall not be subject to a separate own-aid requirement. § 10 (2) (3) and (3), Section 14 (1), (5), (6) and (8) and Section 16 (2) shall not apply.

Section 5

Rules applicable to the EEA

Freedom of establishment: branch offices in Germany

§ 20. (1) Branch offices in the territory of the EEA-insurance undertakings and EEA reinsurance undertakings do not require a concession under this Federal Act. The operation of the contract insurance by EEA insurance undertakings through a branch shall be permitted where the supervisory authority of the home Member State of the FMA

1.

the information provided to it by the EEA insurance undertaking in accordance with Article 145 (2) of Directive 2009 /138/EC on the branch, and

2.

a certificate certifying that the EEA insurance undertaking covers the solvency and minimum capital requirement calculated in accordance with Articles 100 and 129 of Directive 2009 /138/EC,

, The EEA insurance undertaking shall, if the business of the branch extends to the insurance against civil liability in respect of the use of motor vehicles (Z 10 of Appendix A), with the exception of the liability of the carrier, the FMA shall have: To submit a certificate that it has been involved in the establishment in accordance with § 30 KHVG 1994.

(2) The operation of the contract insurance may be recorded at the FMA after two months after the notification has been submitted in accordance with paragraph 1. If, before the expiry of that period, the FMA has notified the supervisory authority of the home Member State which conditions apply to the operation of the contract insurance within the territory of the country for reasons of general interest, the holding may, after the entry into force of that period, be Notification shall be notified to the supervisory authority of the home Member State.

(3) In the event of alterations to the operation of the branch which relate to the information referred to in paragraph 1 (1), paragraph 2 shall apply mutagenly. The holding shall no longer be permitted once a final decision has been taken by the supervisory authority of the home Member State to the effect that, as a result of the changes made in the information referred to in paragraph 1 (1), against the continued operation of the branch, the holding shall be subject to the following conditions: Concerns exist.

(4) In the case of risks situated within the territory of the European Union, which are not major risks, the policyholder must be notified before the conclusion of the insurance contract of the Member State in which the EEA insurance undertaking has its registered office. If documents are made available to the policyholder, this communication must be included in the document.

(5) In respect of the activities of the branch, in addition to the provisions of the latter, EEA insurance and EEA reinsurance undertakings which have their registered office in a Member State and establish a branch in the territory of a Member State shall be subject to the following provisions: § § § 17, § 33, § 34, § 91, § 93 bis § 96, § 98, § 101, § 128 bis § 135, § 246 paragraph 1 second and third sentence as well as paragraphs 2 and 4, § 252 to § 255, § 289 and § 290 para. 2 and 3 apply accordingly. If these provisions are applicable only to domestic operations or to risks situated within the country, this shall remain unaffected.

Freedom of establishment: branch offices in the Member States

§ 21. (1) If an insurance undertaking intends to establish a branch in another Member State, it must notify the FMA and state the following:

1.

the Member State in which the branch is to be established;

2.

a business plan for the branch containing, in particular, the organisational structure and the components referred to in Article 10 (2) (1), (1), (4) and (5) and (3);

3.

the address in the Member State of the branch where the documents relating to the business operations of the branch are requested and to which the communications for the principal authorised representative may be sent; and

4.

the name of the principal authorised representative of the branch, who must be provided with sufficient authority to oblige the insurance undertaking to third parties and to make it available to the authorities and to the courts of the State of Branch to be represented.

(2) If the business operation of the branch is to cover the insurance against civil liability in respect of the use of motor vehicles (Z 10 of Annex A), with the exception of the insurance of the carrier ' s liability, the insurance undertaking shall have the declaration on the Proof of accession or membership of the national insurance office pursuant to Article 1 (3) of Directive 2009 /103/EC and of the national guarantee fund as referred to in Article 10 (1) of Directive 2009 /103/EC of the Member State of the branch.

(3) In view of the appropriateness of the governance system and the financial situation of the insurance undertaking against the establishment of the branch, there are no concerns and the principal representative shall have the responsibility for the operation of the If necessary, the FMA shall forward to the supervisory authority of the Member State, within three months of the date of entry of all the information and evidence referred to in paragraphs 1 and 2, the information provided by the supervisory authority in the Member State in which the A branch office is to be established. At the same time, it is necessary to certify that the insurance undertaking has the necessary own funds to cover the Solvency Capital Requirement and the necessary basic own resources to cover the minimum capital requirement. The FMA may not certify this if the insurance company has indicated a non-coverage of the Solvency Capital Requirement or the Minimum Capital Requirement of the FMA or the FMA has initiated proceedings pursuant to § 279 and § 280 and the reasons for the FMA they have not yet fallen away. The FMA shall immediately notify the insurance undertaking of the transmission of the information and evidence referred to in paragraphs 1 and 2 to the supervisory authority of the host Member State.

(4) The operation of the branch shall be admitted to the supervisory authority of the host Member State in accordance with paragraph 3 after two months after the date of transmission of the information and evidence. If, within these two months, the supervisory authority of the host Member State shall transmit to the FMA the conditions applicable to the general good in the host Member State pursuant to Article 146 (3) of Directive 2009 /138/EC, the FMA shall immediately forward it to the insurance undertaking concerned. In this case, the insurance undertaking may commend the operation of the branch as early as the date of the entry. If the conditions for the transmission are not available in accordance with paragraph 3, the FMA shall inform the insurance company accordingly. The FMA is obliged to issue this communication no later than three months after the entry of all information and evidence in accordance with paragraphs 1 and 2 of this article.

(5) Changes in the information referred to in paragraph 1 shall be reported no later than one month before the implementation of the FMA measure in question. If, on the basis of these changes, the conditions for the operation of the branch are no longer available within the meaning of paragraph 3, the FMA shall inform the insurance undertaking in this respect. As soon as this decision is final, the supervisory authority of the host Member State shall be notified immediately.

Freedom to provide services: domestic use

§ 22. (1) EEA-insurance and EEA reinsurance undertakings do not require a concession under this Federal Act for the provision of services. In the case of an EEA insurance undertaking, the latter shall be permitted if the supervisory authority of the home Member State of the FMA

1.

the classes of insurance which the insurance undertaking is entitled to operate and the nature of the risks it intends to cover in the service sector; and

2.

a certificate has been issued that the EEA insurance undertaking has the necessary own resources.

The EEA insurance undertaking shall, in so far as the activities carried out in the provision of services cover the insurance against civil liability in respect of the use of motor vehicles (Z 10 of Appendix A), with the exception of the liability insurance of the carrier, shall be subject to the FMA submit a certificate that it has been involved in the establishment in accordance with § 30 KHVG and has the name and address of the claims representative (§ 31 KHVG) to be communicated domestily.

(2) EEA insurance undertakings shall not accept the provision of services until they have been notified by the supervisory authority of the home Member State of the notification provided for in paragraph 1.

(3) If the nature of the risks which the EEA insurance undertaking wishes to cover in the service trade, the provision of services shall be permitted only if the supervisory authority of the home Member State has notified the FMA to that effect. The provision of services may be included as soon as the supervisory authority of the home Member State has brought to the attention of the EEA insurance undertaking this communication.

(4) In the case of risks which are not major risks, the EEA insurance undertaking shall inform the policy-holder before the conclusion of an insurance contract of which Member State is to be concluded from the contract in the service sector. If documents are made available to the policyholder, this communication must be included in the document.

(5) EEA insurance undertakings and EEA reinsurance undertakings which have their registered office in a Member State and which cover risks in respect of services which are situated in the territory of a Member State shall be subject to the same conditions as those provided for in the service provision Activities in addition to the provisions of this paragraph, § 17 para. 4, § 30 para. 1 and 2, § 31, § 33, § 34, § 91, § 93 bis § 96, § 98, § 101, § 128 bis § 135, § 246 paragraph 1 second and third sentence as well as para. 2 and 4, § 252, to § 255, § 289, § 290 para. 2 and 3 appropriate to apply. If these provisions are applicable only to domestic operations or to risks situated within the country, this shall remain unaffected.

Freedom to provide services: exercise in the Member States

§ 23. Where an insurance undertaking intends to enter services in one or more other Member States, it shall indicate this to the FMA and shall indicate the nature of the risks it intends to cover.

(2) If the provision of services is to cover the insurance against civil liability in respect of the use of motor vehicles (Z 10 of Appendix A), with the exception of insurance for the liability of the carrier, the insurance undertaking shall:

1.

the declaration of accession or membership of the national insurance office pursuant to Art. 1 Z 3 of Directive 2009 /103/EC and of the national guarantee fund referred to in Article 10 (1) of Directive 2009 /103/EC of the Member State of the service , and

2.

to disclose the name and address of a representative for the settlement of claims in respect of the insurance contracts concluded in the service sector (claims representative).

(3) There are no objections to the inclusion of the provision of services, the FMA, within one month after the notification referred to in paragraph 1, has received the documents referred to in paragraph 2, shall have the supervisory authorities of the Member States in which the notification has been submitted. the provision of services should include the classes of insurance which the undertaking may operate and the nature of the risks it intends to cover in the service sector. At the same time, it is necessary to certify that the insurance undertaking has the necessary own funds to cover the Solvency Capital Requirement and the necessary basic own resources to cover the minimum capital requirement. The FMA may not certify this if the insurance company has indicated a non-coverage of the Solvency Capital Requirement or the Minimum Capital Requirement of the FMA or the FMA has initiated proceedings pursuant to § 279 and § 280 and the reasons for the FMA they have not yet fallen away. The FMA has to notify the insurance undertaking of this communication without delay.

(4) Insurance undertakings may accept the provision of services as soon as the FMA has agreed to the assurance undertaking from the transmission of the information and evidence to the supervisory authority of the host Member State in accordance with paragraph 3. If the conditions for the communication provided for in paragraph 3 are not met, the FMA shall inform the insurance company accordingly. The FMA is obliged to adopt this communication no later than one month after the date of receipt of the notification referred to in paragraph 1.

(5) Changing the nature of the risks which the insurance undertaking intends to cover in the service trade, or the name or address of the claims representative, shall be notified by the insurance undertaking to the FMA. If, on the other hand, there are no concerns, the FMA shall inform the supervisory authorities of the Member States concerned, within one month of the notification of the insurance undertaking, of the modification and the notification of the change. An insurance undertaking shall be notified without delay. If the conditions for this communication are not met, the FMA shall inform the insurance undertaking in this respect. The FMA is obliged to issue this communication no later than one month after the notification of the insurance undertaking has been received.

(6) For the claims representative (par. 2) 2) the following conditions apply:

1.

He must have the personal reliability and professional competence required to perform his duties and, in particular, be able to do so in the official language or languages of the State in which the insurance undertaking is located. the provision of services, to be processed.

2.

It must be domicated or domicated in the State in which the insurance undertaking carries out the provision of services.

3.

It must be responsible for collecting all the necessary information on claims which the insurance undertaking has to deal with in the context of the provision of services and to take the necessary measures to ensure that the damage is damaged.

4.

It must have sufficient powers to deal with insurance undertakings in the treatment and satisfaction of claims arising from insurance contracts concluded in connection with the provision of services in relation to the injured parties. to be represented outside of the court and in court and to meet these requirements.

6.

Shareholder control

Shareholders

§ 24. (1) Persons (interested acquirers) who are alone or together with other persons

1.

they wish to acquire, directly or indirectly, a qualifying holding in an insurance or reinsurance undertaking established in the country, or

2.

already have such a qualifying holding, and increase their share directly or indirectly in such a way that they reach or exceed the limit of 20 vH, 30 vH or 50 vH of the share capital or voting rights, or in a way ensure that the insurance or reinsurance undertaking becomes its subsidiary,

To notify the FMA in writing, specifying the amount of such participation and the information in accordance with section 26 (3) in writing. The display can be made individually by all, several or each of the persons acting in common. § 8 (3) shall apply to the determination of the voting rights.

(2) The shareholder shall notify the FMA in writing, indicating the scope of the qualifying holding, if a qualifying holding referred to in paragraph 1 is to be abandoned or reduced in such a way that the share of the shareholders is not 20 vH, 30 vH or 50 vH of the share capital or of the voting rights, or the insurance or reinsurance undertaking is no longer a subsidiary.

(3) Insurance or reinsurance undertakings shall immediately notify the FMA of any acquisition and task of shareholdings which must be indicated in accordance with paragraphs 1 and 2, as soon as they become aware of it. In addition, they shall indicate to the FMA at least once a year the names and addresses of the shareholders who hold notifiable qualifying holdings and the extent of such qualifying holdings, as is particularly the case in the on the occasion of the Annual General Meeting, or from the information received pursuant to § 91 bis § 94 BörseG.

Procedure for assessing the acquisition

§ 25. (1) The FMA shall immediately, in any event within two working days after receipt of the complete notification in accordance with Section 24 (1) and any subsequent receipt of the information referred to in paragraph 2, notify the interested acquirer in writing of its receipt. shall, at the same time, confirm the date of the expiry of the assessment period. If the FMA indicates to the interested acquirer of any documents or information which are manifestly missing on the display, § 13 para. 3 last sentence AVG shall not apply.

(2) The FMA may be up to 50 years. Ask for further information in writing on the working day of the assessment period, insofar as this is necessary for the assessment. The assessment period referred to in paragraph 5 shall be inhibited from the date of this request until the receipt of the reply of the interested acquirer, but highest for 20 working days.

(3) The FMA may extend this period from 20 working days to 30 working days, if the interested acquirer

1.

has its head office outside the EEA or is supervised outside the EEA; or

2.

is not subject to supervision in accordance with Directives 2009 /65/EC, 2009 /138/EC, 2004 /39/EC or 2013 /36/EU.

(4) The request for further additions or clarifications on this information does not lead to any further inhibition of the assessment period.

(5) The FMA has acquired a right of acquisition of shares as indicated in section 24 (1), subject to the provisions of paragraphs 2 and 3, within an assessment period of 60 working days from the date of the written confirmation of receipt of the notification in accordance with paragraph 1 and of the , in accordance with Article 26 (3), if, after examination of the criteria pursuant to section 26 (1), there are reasonable grounds for this, or if the information provided by the interested acquirer is incomplete. If the acquisition is not prohibited in writing by the FMA within the assessment period, it shall be deemed to have been approved. If the acquisition is not prohibited, the FMA may set a time limit within which the acquisition must take place. This period may be extended if necessary.

(6) The decision to discontinue the intended acquisition is to be sent by the FMA within two working days of the decision. At the request of the interested acquirer, the FMA shall also issue a communication in the event of non-subsatiation. In the event that the acquirer concerned is a regulated entity in accordance with paragraph 7, the FMA shall, in the explanatory statement of the decision, have all the comments or reservations on the part of the competent authority responsible for the interested acquirer. -note. The communication may be accompanied by conditions and conditions in order to ensure compliance with the criteria in accordance with § 26. The FMA may be subject to compliance with the requirements of § 22c Z 3 lit. a to c FMABG, make the communication publicly known at the request of the interested acquirer together with the reasons.

(7) The FMA shall cooperate closely with the competent authorities of the other Member States in assessing an intended acquisition or increase of a qualifying holding in accordance with Section 24 (1) and shall immediately exchange the information , which are essential or relevant to the assessment, if the interested acquirer

1.

a credit institution, an insurance undertaking or a reinsurance undertaking, an investment firm or a management company in accordance with Article 3 (2) (2) (1) of the InvFG in 2011;

2.

a parent undertaking of a credit institution, an insurance undertaking or a reinsurance undertaking, an investment firm or a management company in accordance with Article 3 (2) (2) (1) of the InvFG 2011;

3.

a credit institution, an insurance undertaking or a reinsurance undertaking, an investment firm or a UCITS management company,

which is authorised in a Member State other than the one in which the acquisition is intended, or by a competent authority for another sector.

(8) In the case of a procedure referred to in paragraph 7, the FMA shall, at the request of a competent authority, communicate all essential or relevant information to the competent authority and shall, on its own behalf, inform the competent authorities of all essential information, including in particular: inform the assessment of the acquisition and of any ominy of the acquisition. In particular, the FMA has to obtain opinions from the competent authorities on the criteria in accordance with Section 26 (1) (1), (2) and (5).

Criteria for the assessment of the acquisition

§ 26. (1) In assessing the notification and the information referred to in Article 24 (1), the FMA has, in the interests of sound and prudent management of the insurance or reinsurance undertaking in which the acquisition is intended, and under Taking into account the likely influence of the acquirer on the insurance or reinsurance undertaking, the suitability of the acquirer and the financial soundness of the intended acquisition with a view to: check all the following criteria:

1.

the reliability of the acquirer;

2.

the reliability and the experience of any person who will manage the business of the insurance or reinsurance undertaking as a result of the intended acquisition, in accordance with Section 120 (1) and (2);

3.

the financial soundness of the acquirer concerned, in particular as regards the nature of the actual and planned operations of the insurance undertaking or reinsurance undertaking in which the acquisition is intended;

4.

whether the insurance or reinsurance undertaking will be able and will remain in a position to comply with the rules applicable to the operation of the contract insurance and the provisions of the FKG and, in particular, whether the group to which the insurance undertaking is responsible shall be Insurance or reinsurance undertakings shall have a structure which enables effective supervision to be carried out in an effective exchange of information between the competent supervisory authorities; and the division of responsibilities between the competent supervisory authorities; determine;

5.

whether there is a sufficient suspicion that money laundering (§ 165 StGB-including assets which stem from a criminal act of the perpetrator itself) or the intended acquisition of money laundering (§ 165 StGB) is sufficient to ensure that the acquisition is carried out. terrorist financing (Section 278d of the StGB), has taken place, or whether these offences have been attempted and whether the intended acquisition could increase the risk of such behaviour.

(2) In the assessment of the intended acquisition, the economic needs of the market shall not be put to an end.

(3) The FMA, taking account of European practices in this area, has to establish by means of a Regulation a list of the information to be provided in accordance with Article 24 (1). The information must be appropriate and necessary for the prudential assessment of the performance of the criteria referred to in paragraph 1. The extent of the information to be provided shall be proportionate and adapted to the nature of the acquirer concerned and the nature of the proposed acquisition. The scope and nature of the qualifying holding as well as the size and business units of the interested acquirer and of the insurance or reinsurance undertaking in which the acquisition is intended shall be taken into consideration. In the regulation, the FMA also has to regulate the nature and form of the transmission of information in order to enable a rapid and precise identification of the content of the application.

(4) Where the FMA is notified to one and the same insurance or reinsurance undertaking in respect of two or more projects relating to the acquisition or increase of qualifying holdings in accordance with Article 24 (1), the FMA has all interested parties To treat purchasers in a non-discriminatory manner.

Action in case of inappropriate shareholders

§ 27. (1) Where there is a risk that persons holding a qualifying holding in accordance with Section 24 (1) exercise an influence which has an effect on the damage of sound and prudent management of the insurance or reinsurance undertaking, The FMA shall take the measures necessary to eliminate this risk, in particular measures pursuant to § 284. At the request of the FMA, the Court of Justice of the European Communities responsible for the seat of the insurance undertaking or reinsurance undertaking for the exercise of jurisdiction in matters relating to the first instance shall have the right to vote in respect of the shares held by the shares in the shall be held. The rest of the voting rights shall cease if the Court of First Instance, at the request of the FMA or the persons concerned, has established that the risk no longer exists, or if the shareholders ' rights have been acquired by third parties and for that acquisition, to the extent that: Obligation to notify pursuant to section 24 (1), the time limit for the acquisition of the purchase pursuant to section 25 (5) has expired. The Court of First Instance shall decide, in accordance with the above provisions, in proceedings other than disputes

(2) Paragraph 1 shall also apply if a notice prescribed in accordance with Section 24 (1) has not been displayed. If the shares were acquired contrary to a violation in accordance with Section 25 (5), the voting rights associated with it shall be suspended until the FMA has established that the reason for the undersawing is no longer present.

(3) If the court orders the suspension of the voting rights in accordance with paragraph 1, second sentence, it shall at the same time appoint a trustee to take the lead in the interests of sound and prudent management of the insurance or reinsurance undertaking shall comply with the exercise of the voting rights. In the case of the second sentence of paragraph 2, the FMA shall, in the case of the court competent pursuant to paragraph 1, second sentence, request the appointment of a trustee immediately if it becomes aware that the voting rights are resting. The trustee shall be entitled to the replacement of his/her outlays and to remuneration for his activities, the amount of which shall be determined by the court. The insurance or reinsurance undertaking and the shareholders whose voting rights are to be held shall be held liable for the undivided hand. The recourse is open to decisions, which determines the amount of the remuneration of the trustee and of the expenses to be replaced. The decision of the Oberlandesgericht (Oberlandesgericht) does not take place in the event of further legal proceedings.

Section 7

Inventory transfer

General provisions for transfers

§ 28. (1) The stock of insurance and reinsurance contracts concluded on the basis of a concession pursuant to this Federal Act may, in accordance with the following provisions, be without the consent of the policyholders in its entirety or will be partially transferred.

(2) An insurance or reinsurance undertaking having its head office in Germany may transfer its stock to another insurance or reinsurance undertaking. The stock may also be transferred to a branch of a third country insurance undertaking or a third country reinsurance undertaking established in the territory of the country or in another Member State, provided that it contains only risks in respect of which it is subject: The Member State in which the branch is established shall be situated in the Member State where the branch is established. The evidence of the risk is based on § 5 Z 20.

3. The domestic branch of a third country-insurance or third country reinsurance undertaking may transfer its stock to an insurance or reinsurance undertaking.

Approval by the FMA

§ 29. (1) Inventory transfers in accordance with § 28 (2) and (3) require the approval of the FMA. In the same way, legal transactions require the authorisation which will bring about a complete succession of rights. The authorisation shall be refused if the interests of policyholders and beneficiaries are not sufficiently protected.

(2) If the entire insurance business of an insurance undertaking established in Germany, which is operated in the form of a joint-stock company, is transferred by division to a public limited-liability company established for that purpose and having its registered office in Germany, the concession for the operation of the contract insurance and the authorisations granted for the dissociated insurance business shall be transferred from the transferring to the acquiring public limited company. The approval pursuant to paragraph 1 may only be granted to FMA if compliance with the provisions in force for the operation of the contract insurance is ensured by the acquiring public limited liability company.

(3) Where the acquiring undertaking is an insurance or reinsurance undertaking established in the territory of the country or the domestic branch of a third country insurance or non-member-country reinsurance undertaking, the authorisation shall be based on: Paragraph 1 shall also fail if:

1.

the negative effects of the transfer on the overall business of the accepting company or of the accepting branch are to be feared,

2.

the acquiring undertaking or the receiving branch, taking into account the transfer of the stock, does not have the necessary own funds to cover the Solvency Capital Requirement; or

3.

the accepting company or the accepting branch has indicated a non-coverage of the Solvency Capital Requirement or the Minimum Capital Requirement of the FMA, or the FMA has initiated proceedings pursuant to § 279 and § 280 and the reasons for the they have not yet fallen away.

If the solvency of the branch is monitored by the supervisory authority of another Member State on the basis of an authorisation in accordance with Section 15, the authorisation referred to in paragraph 1 may only be granted if the supervisory authority certifies that the Branch, taking into account the transfer of the existing own resources, to cover the Solvency Capital Requirement.

(4) Where the acquiring undertaking is an EEA insurance or an EEA reinsurance undertaking, the authorisation referred to in paragraph 1 may be granted only if the supervisory authority of that Member State certifies that the acquiring company is under To take account of the transfer of the necessary own resources to cover the Solvency Capital Requirement.

(5) In the case of an insurance undertaking whose head office is situated in the territory of a Member State, or where the transferred stock involves risks which are situated in other Member States, the authorisation referred to in paragraph 1 may only be granted: shall be granted if the supervisory authorities of those Member States agree to the transfer. If such a supervisory authority has not expressed its opinion within three months of the date on which the communication on the transfer of assets has been notified to it, the consent shall be deemed to have been granted.

(6) If a transfer of data is linked to the transfer of data to another country for which the data protection authority is authorised in accordance with § 13 of the German Data Protection Act (DSG 2000), the authorisation referred to in paragraph 1 may only be granted if the data are also provided by the data protection authority. Authorisation of the data protection authority.

Participation of the FMA

§ 30. (1) An EEA insurance undertaking shall carry over the stock of a domestic branch or, in the case of the transferred stock, which are situated within the territory of the Member State, the FMA has to do so vis-à-vis the supervisory authority of the Member State within the of three months after the communication on the transfer of the stock has been notified to it. The FMA shall refuse to consent to the transfer if the interests of the policyholders and the beneficiaries are not sufficiently protected.

(2) An EEA insurance or EEA reinsurance undertaking shall transfer a stock to an insurance or reinsurance undertaking established in the territory of the country or a domestic branch of a third country insurance or insurance undertaking; or non-member-country reinsurance undertaking, the FMA shall certify to the supervisory authority of the transferring insurance undertaking that the acquiring undertaking or the receiving branch shall, taking into account the Transfer of stocks via the necessary own resources to cover the Solvency capital requirement. The FMA may not certify this if the acquiring company or the accepting branch has indicated a non-coverage of the Solvency Capital Requirement or the Minimum Capital Requirement of the FMA or the FMA is a proceeding according to § 279 and § 280, and the reasons for this have not yet been taken away.

Where a third country insurance or third country reinsurance undertaking carries out the existence of a branch in another Member State in respect of an insurance or reinsurance undertaking with a registered office in Germany, the FMA shall: to certify that the acquiring company has the necessary own funds to cover the Solvency Capital Requirement, taking into account the transfer of the stock. The FMA may not certify this if the acquiring company has indicated a non-coverage of the Solvency Capital Requirement or the Minimum Capital Requirement of the FMA, or the FMA has initiated proceedings pursuant to § 279 and § 280 and the reasons for the FMA they have not yet fallen away.

(4) if the conditions for the transmission of the certificate provided for in paragraphs 2 and 3 are not met, the FMA shall inform the company concerned.

Legal effects of an inventory transfer

§ 31. (1) The rights and obligations arising from insurance contracts relating to the transferred stock shall be entered in the register of the company or, if such registration is not to be effected, with the approval of the transfer of the stock to the accepting companies.

(2) In the event of insurance contracts relating to risks situated within the territory of the country, the acquiring company or the receiving branch shall immediately, after the approval by the FMA, inform the policyholders concerned of the risks. to communicate the transfer. These are entitled to terminate the insurance contract at the end of the insurance period during which they have become aware of the transfer of the stock and to the part which is due to the period after termination of the insurance relationship. to recover the premium, with the deduction of the costs incurred for that period. The insurance undertaking shall communicate this right to the policyholders concerned. The insurer cannot rely on an agreement which deviates from this provision.

(3) There is a risk that, in the event of a transfer of the insurance order for the purpose of remediation, the interests of the other policyholders and beneficiaries are infringed upon termination in accordance with paragraph 2, or a transfer of the insurance order shall be made. If only the structural change within a group is covered, without thereby affecting the interests of the policyholders and the beneficiaries, the FMA has to exclude the dismissal upon request.

(4) The second and third sentences shall not apply to legal transactions which result in the transfer of the stock by way of an overall succession of rights.

Rules applicable to the Swiss Confederation

§ 32. (1) Where the acquiring undertaking is the domestic branch of a third country insurance undertaking established in the Swiss Confederation, proof that the undertaking is situated in the light of the transfer of the stock shall be: have sufficient creditable own funds to cover the Solvency Capital Requirement, by means of a certificate issued by the Swiss Supervisory Authority.

(2) The branch in the Swiss Confederation of an insurance undertaking established in Germany for the purpose of acquiring a certificate of sufficient own resources within the meaning of paragraph 1 shall be required by the branch office in the Swiss Confederation to issue the FMA to the competent Swiss authority. The issuing of the certificate shall be refused if the insurance undertaking has indicated a non-coverage of the Solvency Capital Requirement or the Minimum Capital Requirement of the FMA or the FMA has initiated proceedings pursuant to § 279 and § 280 and the reasons for this have not yet been taken away.

(3) In the event that the conditions laid down in paragraph 2 do not exist, the FMA shall inform the insurance undertaking in this respect.

8. Section

Insurance mediation

Agents hired

§ 33. (1) Insurance undertakings may only use such service holders for the purposes of concluding insurance contracts in the territory of the country which possess the professional competence required for their respective use. This also applies to the use in the exchange of insurance contracts for other insurance undertakings.

(2) In assessing the professional suitability of the persons referred to in paragraph 1 above, regulations issued by the Federal Minister for Economic Affairs and Labour on the basis of § 18 GewO 1994 in conjunction with Section 137b (2) and (4) of the Economic and Monetary Affairs Committee (WTN) shall be taken into account.

Use of mediation services

§ 34. 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 or by insurance intermediaries. Take advantage of reinsurance intermediaries.

2. Main piece

Mutual insurance associations

1. Section:

General provisions

Term

§ 35. An association which operates the insurance of its members in accordance with the principle of reciprocity (mutual insurance association), requires the holding of the business operation of a concession pursuant to § 6 para. 1.

Name

§ 36. In the name of the association it is to be expressed that insurance is operated on reciprocity.

Statutes

§ 37. (1) The Articles of Association shall be established in the form of a notarial act.

(2) The Articles of Association shall be determined:

1.

the name and seat of the association;

2.

the object of the undertaking,

3.

the form of publications of the association,

4.

the beginning of membership,

5.

the Founding Fund,

6.

the application of the appropriations by the members,

7.

the security reserve,

8.

the use of the surplus,

9.

the organs of the association and its composition and

10.

the number of members of the supreme body required for the exercise of minority rights.

(3) The concession or the approval of an amendment to the Articles of Association shall be refused to an insurance association on reciprocity if the provisions of the statutes do not sufficiently protect the interests of the members from the membership relationship shall be respected.

Publications

§ 38. § 18 of the German Stock Corporation Act (AktG) applies to the publications of the association.

Erection

§ 39. The association is established with the granting of the concession pursuant to § 6 (1).

Membership

§ 40. (1) Membership of an insurance association on a reciprocal basis shall be subject to the existence of an insurance contract in the case of this insurance association.

(2) The association may, insofar as expressly provided for in the articles of association, conclude insurance contracts even without the reasons for membership. In this case, the Articles of Association shall determine the classes of insurance in which insurance contracts and the extent to which insurance contracts may be concluded without the grounds of membership, taking into account the fact that the Insurance contracts shall not outweigh any reasons for membership.

(3) The members shall not be liable to the creditors of the association.

(4) A member may not charge a claim to the association against a request from the association for payment of contributions and after-payments.

(5) Contributions and additional payments made by the members as well as the performance of the association on the basis of the membership relationship may only be measured according to the same principles in the case of equal conditions.

Founding Funds

§ 41. (1) In order to cover the costs of the establishment and the first establishment of the association, the organisational costs and the other costs incurred by the commence of the business operation, a founding fund shall be formed. It may also be used to cover losses if the articles of association do not determine anything else.

(2) The Articles of Association shall contain provisions concerning the repayment of the Founding Fund and, if it is not repaid, its use.

(3) The business operations shall not be admitted until the foundation fund has been paid in full and in cash.

(4) The FMA has to make the concession for further classes of insurance conditional on a corresponding increase in the foundation fund, if it has not yet been repaid and the denying of the operation by the commending of the establishment the costs incurred by these classes of insurance are not otherwise guaranteed.

(5) The foundation fund may only be repaid from net profit. The repayment made in one year shall not exceed the amount supplied in the same year to the security reserve § 45. A repayment of the Founding Fund is excluded, in so far as the distribution would lead to an underwrite of the most recently reported Solvency Capital Requirement.

(6) No right to early repayment may be granted to persons who have made available the Founding Fund. The articles of association may determine that and to what extent these persons shall be entitled to participate in the administration of the association, or that they shall be entitled to a return from the annual income and to participate in the annual accounts. the resulting surplus.

Registration in the Company Book

§ 42. (1) Mutual insurance associations shall be entered in the company's register.

(2) The registration for entry in the company register shall be made by all the members of the Management Board and the Supervisory Board. The application may not be filed until the concession has been granted for the operation of the contract insurance and the foundation fund has been fully paid in. In this case, it must be demonstrated that the Board of Management is not limited in the disposal of the amount paid in, in particular not by counterclaims. The registration shall also indicate the date of birth and the power of representation of the members of the Management Board.

(3) The registration of the association is the statutes, the communication of the FMA with which the concession for the operation of the contract insurance has been issued, the documents concerning the appointment of the Executive Board and the Supervisory Board as well as a list of the The members of the Supervisory Board shall be accompanied by an indication of their name and date of birth.

(4) The members of the Management Board shall have their name signed for storage at the court of law.

(5) The documents must be submitted to the original copy, copy or publicly certified copy and must be included in the collection of documents (§ 12 FBG).

(6) The Court of First Instance has to examine whether the association is properly constructed and registered. If this is not the case, it shall refuse registration.

(7) In the case of the registration of the association in the company register, the company, the registered office and the business address of the association, the insurance branches to which the holding is to extend, shall be the name and date of birth of the chairman, its deputy and the other members of the Supervisory Board, the amount of the founding fund, the date on which the concession was granted, and the name and date of birth of the members of the Management Board. In addition, the members of the Management Board shall be responsible for the power of representation. If the statutes contain provisions relating to the duration of the association, these provisions shall also be incorporated.

(8) The publication of the registration shall include the form of the publications of the association and the name and date of birth of the members of the first Supervisory Board.

Emerging

§ 43. The mutual insurance association is created with the registration in the company's book. § 34 (1), second sentence, and para. 2 AktG shall apply mutatily.

Contributions and surpluses

§ 44. (1) The Articles of Association shall contain provisions relating to the application of the funds by Members. The annual requirements shall be subject to pre-determined contributions by the members.

(2) The statutes shall determine whether and to what extent the members shall be obliged to surcharge if other means are not sufficient to cover losses. The Articles of Association may also provide for the reduction of insurance benefits in place of or in addition to the obligation to provide proof of succession.

(3) Where surpluses are provided for, the members who have entered or have taken part in the course of the financial year shall also contribute in proportion to the duration of their membership in this financial year. If, during the financial year, the contributions or the sums of insurance have been changed as the basis for the assessment of the surpluses, the surpluses shall be calculated on the basis of the higher amount.

Security residue

§ 45. The Articles of Association shall provide for a reserve to cover losses from the business (security reserve) and determine the amounts to be supplied to it each year and the minimum amount to be reached.

Subordinated liabilities

§ 46. Mutual insurance associations may, with the consent of the supreme institution, enter into subordinated liabilities in accordance with Section 170 (1) (2) and issue securities on this basis.

Use of the annual surplus

§ 47. (1) A net profit resulting from the annual accounts shall be distributed to the members in so far as they are not supplied with the security reserve or other reserves provided for in the Statute, for the purpose of repaying the Founding Fund or for the purpose of: The performance of statutory remuneration is used or will be presented for the next financial year.

(2) The Articles of Association shall set out the principles governing the distribution of the annual surplus and, in particular, determine whether the annual surplus shall also be distributed to members who have been eliminated during the financial year. Participation in the surplus of a financial year must not be left solely for the reason that membership is loaned after the end of the financial year.

(3) A distribution of the annual surplus to the members shall be excluded, in so far as the distribution would lead to an underwrite of the most recently reported Solvency Capital Requirement.

Organs

§ 48. (1) The association must have a board of directors, a supervisory board and, as the supreme body, a general assembly (member representation).

(2) In cases where, in the case of existing mutual insurance associations, countries or national institutions have the right to perform certain functions in accordance with their statutes, the Statute may continue to provide for the exercise of functions by national bodies, if the institutions otherwise required for mutual insurance are to be established.

Board

§ 49. (1) The Board of Management shall, under its own responsibility, lead the association in such a way as to require the good of the association, taking into account the interests of the members and the service takers as well as the public interest.

(2) Member of the Executive Board may only be a natural, fully acting person.

(3) The association shall be represented by the Executive Board in court and out of court. The Management Board is obligated to comply with the restrictions which the Articles of Association or the Supervisory Board have set for the scope of its power of representation, or which are based on a decision of the supreme body pursuant to § 51 (3) . A third party is not in any position to limit the powers of representation of the Executive Board.

(4) In addition, the management and representation of the association by the Management Board, the drawing of the Executive Board as well as the amendment of the Executive Board and the power of representation of its members shall apply in accordance with Section 70 (2), Section 71 (2) and (3), Section 72 and Section 73 of the AktG.

(5) § 75 (1), (3) and (4) and § 76 of the German Stock Corporation Act (AktG) shall apply mutas to the appointment and dismise of the Executive Board.

(6) For the rights and obligations of the members of the Management Board, § 77 bis § 82 and § 84 para. 1, 2 and 4 to 6 AktG shall apply in a meaningful way. The members of the Management Board are obligated to the association, in particular for damages, if contrary to this federal law or the articles of association

1.

the founding fund shall be disbursed or repaid,

2.

the club assets are distributed,

3.

Payments shall be made after the association has become insolvent or has surrendered its debt; this shall not apply to payments which, even after that date, are subject to the care of a prudent and conscientious business manager , or

4.

Credit is granted.

(7) § 100 and § 101 of the German Stock Corporation Act (AktG) shall apply for action to the detriment of the association for the purpose of obtaining non-compliance with the advantages of the association.

(8) The rules applicable to the members of the Management Board shall also apply to their substitutes.

Supervisory Board

§ 50. (1) The members of the Supervisory Board shall be elected by the supreme institution. In addition, for the election, the dismissibility and the appointment of members of the Supervisory Board, the incompatibility of the membership of the Management Board and the Supervisory Board and the publication of the changes in the Supervisory Board § 86 (1) to (3), (5) and (6) AktG, § 87 (1), second sentence, para. 2 to 5 and 7 to 10 AktG and § 89 bis § 91 AktG analogously. Section 110 (2) and (3) of the ArbVG remain unaffected.

(2) In the application of Section 86 (2), (3) and (6) of the German Stock Corporation Act (AktG) and Section 30a (2), (3) and (5) of the GmbHG, mutual insurance companies are to be held in the same way as capital companies.

(3) For the internal order of the Supervisory Board, the participation in its meetings and those of its committees as well as the convening of the Supervisory Board, § 92 bis § 94 AktG shall apply in accordance with the sensual. Section 110 (4) of the ArbVG shall remain unaffected.

(4) The Supervisory Board shall monitor the Management Board. He has to convene the supreme organ, if the welfare of the club requires it. In addition, the tasks and rights of the Supervisory Board shall apply in accordance with Section 95 (2), (3), (4), (5) and (6) AktG, as well as § 96 and § 97 AktG. Section 110 (3) of the ArbVG shall remain unaffected.

(5) § 98 of the German Stock Corporation Act (AktG) shall apply in the case of remuneration to Supervisory Board members. Section 110 (3) of the ArbVG shall remain unaffected.

(6) The duty of care and the responsibility of the members of the Supervisory Board shall apply in accordance with Section 84 (1), (2) and (4) to (6) of the German Stock Corporation Act (AktG) and § 49 (6), second sentence. Section 110 (3) of the ArbVG shall remain unaffected.

(7) For action to the detriment of the association for the purpose of obtaining non-exclusive benefits, § 100 and 101 AktG shall apply in a reasonable way.

Top Organ

§ 51. (1) The members shall exercise their rights in the affairs of the association in the supreme body, unless the law otherwise determines otherwise.

(2) The supreme body is either the assembly of all the members (general assembly) or the assembly of representatives of the members who themselves must be members of the association (member representation). If a member representation is provided for, its composition and the appointment of the representatives shall be governed by the statutes, including the possibility of drawing up nominations by a qualified minority of members. .

(3) The supreme body shall decide in the cases expressly determined by law or in the statutes. The Board of Management can only decide on questions of management if the Management Board or, if the Management Board is acting in accordance with Section 95 (5) AktG of its consent, the Supervisory Board is required to do so.

(4) Insofar as the provisions of the AktG applicable under this Federal Act grant rights to a minority of shareholders whose shares reach a certain part of the share capital, the statutes shall have the necessary minority of the members of the the highest organ.

(5) § 102 (2) to (6), § 104, § 105, § 106 Z 1 to 4, 7 lit shall apply to the convocation, participation in and the implementation of the assembly of the supreme organ, the negotiating document and the right of information of the members of the supreme body. b first half sentence, § 107 para. 1, 2 and 4, § 108 para. 1 to 3 and 5, § 109 para. 1 and 2 first and second sentence, § 116, § 118, § 119 para. 1 and 3, § 120, § 121 para. 1, § 122, § 126 para. 1, 3 and 4, § 127 para. 1, 3 and 4, § 128 para. 1 and 3 AktG analogously. To the extent that these provisions are referred to by shareholders, the members of the supreme body shall be replaced by their bodies.

(6) A list of the members and representatives of Members with an indication of their name and place of residence shall be drawn up in the assembly of the supreme institution. The list shall be submitted for consultation before the first vote; it shall be signed by the chairman.

(7) The decisions of the supreme body require a majority of the votes cast (simple majority of votes), unless a larger majority of the law or statutes require a majority. The Statute may lay down other provisions for elections.

(8) If the supreme body is a General Assembly, the right to vote may be exercised by an authorized representative. The written form is required for the power of atonation; the authority remains in the custody of the association.

(9) A member of the supreme body which is to be relieved or exempted from an obligation by decision-making cannot exercise the right to vote for itself or for another. The same shall apply where a decision is taken on whether the association is to claim a claim against the member. In addition, the conditions and the form of exercise of the voting rights shall be governed by the Statute.

Special Check

§ 52. (1) For the examination of operations at the foundation or the management, the supreme body may appoint examiners with a simple majority of votes. When taking a decision, Members who are also members of the Management Board or of the Supervisory Board shall not be able to vote for themselves or any other if the audit is intended to cover operations which are carried out with the discharge of the Executive Board or of the Supervisory Board or the initiation of a legal dispute between the association and the members of the Management Board or the Supervisory Board.

(2) In addition, the special exams § 130 (2) to (4) and § 131 bis § 133 AktG shall apply in a reasonable way.

Assertion of replacement claims

§ 53. (1) The claims of the association from the management against the members of the Management Board or Supervisory Board must be asserted if it decides the supreme body.

(2) In other respects, the assertion of replacement claims § 134 para. 1 second sentence and 2 and § 135 AktG shall apply in a reasonable manner.

Record changes

§ 54. (1) Any amendment of the statutes shall be subject to a decision of the supreme body. The Board of Governor may delegate to the Supervisory Board the power to amend the amendments only.

(2) The decision may only be taken if the proposed amendment to the sentence has been expressly and promptly announced in accordance with its essential content (Section 119 (1) second sentence AktG).

(3) The Board of Management has to register the change in the statutes for registration in the Company Book. The application shall be accompanied by the full text of the statutes; it must be accompanied by the certification of a notary that the amended provisions of the statutes shall be accompanied by a decision on the amendment of the statutes and the unchanged provisions, the full text of the Articles of Association which was last submitted to the Company Book. The application shall be accompanied by the communication of the FMA with which the amendment of the sentence has been approved.

(4) As far as the amendment does not concern information pursuant to section 41 (4), the reference to the documents filed with the court is sufficient for the registration. Where a modification concerns provisions to be published in accordance with its content, the amendment shall also be published in accordance with its content.

(5) The change shall have no effect before it has been entered in the company's register of the registered office of the association.

Countervailability

§ 55. (1) A decision of the supreme body may be appealed by action for infringement of the law or the statutes (appeal proceedings). The dispute may also be based on the fact that a member of the supreme body, with the exercise of the voting rights, intentionally sought to obtain special advantages for himself or a third party to the detriment of the association or its members. the decision is appropriate to serve this purpose. § 100 para. 3 AktG is to be applied.

(2) In addition, the grounds of appeal, the power of appeal and the challenge of appeal shall apply in accordance with Section 195 (3) and (4), first sentence, and § 196, § 197 and § 198 AktG. Insofar as these provisions are referred to by the shareholders, the members of the association, in all other cases the members of the supreme body, shall enter their place in the case of Section 198 (1) of the German Stock Corporation Act (AktG).

Nullity

§ 56. (1) A decision of the supreme body shall be void if:

1.

the supreme body has not been convened in accordance with § 105 (1), § 106 (1) or § 107 (2) of the German Stock Corporation Act (AktG), unless all members of the supreme body have participated either by themselves or by representatives of the Assembly and not a member of the decision-making process contradicted

2.

he was not certified according to § 120 (1) and (2) AktG,

3.

it is irreconcilable with the essence of an insurance association, or violates by its content provisions which are exclusively or mainly for the protection of the creditors of the association or otherwise in the public interest; or

4.

he is in breach of good morals by his content.

(2) An annual financial statement established by the supreme institution shall be void if no final examination has taken place in accordance with Section 268 of the UGB.

(3) The annual financial statements, which are established by the Management Board with the approval of the Supervisory Board, shall be void if:

1.

the Management Board or the Supervisory Board did not properly participate in its determination,

2.

the conditions referred to in paragraph 1 (1) (3) or (4) shall be

3.

no final examination according to § 268 UGB has taken place.

(4) In addition, for the reasons of invalidity, the healing of the nullity and the annulment of annulment, § 199 (2), § 200, § 201 and § 202 (2) and (3) AktG shall apply mutagenly.

Resolution

§ 57. (1) The Mutual Insurance Association shall be dissolved

1.

by decision of the supreme body,

2.

after the end of a year from the end of all concessions,

3.

by the opening of the bankruptcy procedure concerning the club's assets, or

4.

with the legal force of the decision which does not open the bankruptcy procedure in the absence of cost-covering assets.

(2) The dissolution by decision of the supreme body shall require a majority of at least three quarters of the votes cast.

(3) A resolution decision of the supreme institution shall require the approval of the FMA. The authorisation shall be refused only if the interests of the members from the membership relationship are not sufficiently safeguarded.

(4) If the association has been dissolved by decision of the supreme body, the insurance relationships between the association and its members shall be extinguaged at the time the decision is determined, but at the earliest four weeks after the effectiveness of the decision. Resolution decision.

(5) § 204 of the German Stock Corporation Act (AktG) shall apply to the registration and registration of the dissolution. A decision of the FMA with which the resolution of the resolution has been approved is to be attached to the application.

Fulfillment

§ 58. (1) After the dissolution of the association, the settlement shall take place, if not the assets of the association have opened the bankruptcist.

(2) During the settlement, the same provisions shall apply as before the dissolution, insofar as the provisions of this Federal Act and the purpose of the settlement do not result in anything else.

(3) In the course of the settlement, new insurance companies may not be taken over, the existing insurance companies will not be increased or extended.

(4) The foundation fund may not be repaid until the claims of other creditors, including members of insurance relationships, are satisfied or are provided for security. Repayments may not be made for repayment.

(5) The assets remaining after dispute or freezing of all debts shall be distributed to the persons who were members at the time of dissolution, if the articles of association are not otherwise determined. The distribution shall be carried out in accordance with the principles governing the distribution of the annual surplus.

(6) Furthermore, the provisions of Section 206 (1) and (2) of the first, third and fourth sentences, § 207 bis § 211, § 213 and § 214 AktG shall apply in a reasonable way.

Inventory transfer

§ 59. (1) Convention which transfers the insurance stock of an association in its entirety or in part to another undertaking requires, without prejudice to § 29, the consent of the supreme body. A decision on the transfer of the entire stock shall require a majority of at least three quarters of the votes cast.

(2) The authorisation of the transfer of the stock by the FMA shall also be refused if the interests of the members from the membership relationship are not sufficiently safeguarded.

Merger

§ 60. (1) Vereine can be combined (merged) to the exclusion of the settlement. The merger may take place

1.

by transferring the assets of an association (transferring association) as a whole to another (overtaking association), whereby the members of the transferring association become members of the acquiring association (merger by admission) or

2.

through the formation of a new association, to which the assets of each of the unifying clubs as a whole merges, whereby the members of the unifying associations become members of the new association (fusion by new formation).

(2) The merger shall require the approval of the supreme organs of the clubs involved in their effectiveness. The decisions of the supreme institutions shall require a majority of at least three-quarters of the votes cast.

(3) The decision of the FMA to be approved by the merger shall be submitted to the Company Book.

(4) For the merger by admission § 220 para. 3, § 222, § 225 para. 1, para. 2 first and second sentence and para. 3, § 225a para. 1 and para. 3 Z 1, 2 and 4 as well as § 226 bis § 230 AktG mutas shall apply.

(5) § 220 (3), § 222, section 225 (2) of the first and second sentences, § 225a (1) and (3) (3) Z 1, 2 and 4, § 226 bis § 228, § 230 and § 233 (1), second sentence, para. 2, 4 and 5 AktG shall apply mutas to the merger.

Conversion into a joint stock company

§ 61. (1) An association may be converted into a public limited company by decision of the supreme body. This decision shall require a majority of at least three quarters of the votes cast.

(2) Each member shall be entitled to object to the conversion with registered letter until the end of the third day before the decision is taken.

(3) At the latest at the same time as the convening of the supreme body, the Management Board has the content of the proposed conversion decision (paragraph 1) to all members of the Association. 5 and 6) in the manner prescribed for publication of the association. In this connection, the possibility of the collection of an objection (para. 2) and the rights arising therefrom.

(4) The conversion decision shall be subject to approval by the FMA. The authorisation shall be refused if the conversion jeopardises the interests of the members.

(5) In the case of a conversion decision, the share capital and, in the case of par value shares, the nominal amount, shall be the number of shares in the case of no par value shares. The nominal amount of the share capital shall not exceed the total assets remaining after the deduction of the debt. In the case of the shares issued on the occasion of the conversion, the nominal amount or the amount of the share capital which is due to the individual share capital shall not be higher than 100 euros.

(6) If no other provision is made in the conversion decision, the members of the association shall be involved in the share capital. Participation, if not all members receive equal share of the share capital, may only be fixed in accordance with one or more of the following:

1.

the amount of the insurance sum,

2.

the amount of contributions,

3.

the level of cover provision in life assurance,

4.

the principles governing the distribution of the annual surplus, or

5.

the duration of membership.

(7) In the case of a Member not having the lowest denominator of the shares or the proportional amount of the share capital which is based on the individual share, it shall remain in the case of the determination of the shares in the share capital. Consideration, unless several such members would be combined with their consent to a legal community on a share in the sense of Section 63 AktG. In addition, the shares shall be rounded in such a way that they are divisible by the lowest denomination of the shares or the proportionate amount of the share capital which is due to the individual share capital and that the share capital is exhausted.

(8) If the nominal value of the share is higher than the quota corresponding to the distribution, the amount of the difference shall be paid to the public limited liability company. If it is lower or if the member is not involved, the difference or proportion shall be deducted from the payment of the public limited liability company.

(9) § 19, § 20, § 24, to § 27, § 31, § 39 to § 47, § 245 (3), § 246 (2) and (3), § 247 (2) to (4), § 248, § 249 and § 251 of the German Stock Corporation Act (AktG) shall apply mutaly.

(10) The notification of the conversion for entry in the company's register shall be accompanied by the communication of the FMA with which the conversion decision has been approved.

(11) From the registration of the conversion to exists the association as a public limited company. The members of the Association shall be shareholders from that date on the basis of the conversion decision.

(12) Any member of the association which has contradicted the conversion in accordance with paragraph 2 shall have the right to appropriate cash payment to the company or to a third party who has offered the cash settlement. Section 253 of the second and third sentences of the AktG shall be applied mutatily.

(13) Following the registration of the conversion into the company's book, the shareholders must be required in writing to correct the shares to which they are due, in the form of a period of at least six months. Section 179 (3) of the German Stock Corporation Act (AktG) shall apply mutadenly for shares not raised in time

Introduction into a joint-stock company

§ 62. (1) An insurance association on a reciprocal basis may bring its entire insurance business into one or more public limited liability companies in the course of the overall succession of rights under the following provisions.

(2) The contribution shall be made at the end of a financial year as a material deposit to book values. Several entry procedures on the same cut-off date shall be considered to be uniform. The application for entry in the registered office of the registered office of the registered office of the company shall be subject to the presentation of a record of application, which has been verified and confirmed by the statutory auditor of the association. The insurance business introduced is to be described in the articles of association, in the contract of incorporation or in an annex to it in such a way that the exceeding creditor and debtor positions are recognizable. The balance sheet to be taken into account shall be drawn up at a time which is not more than nine months prior to the registration for registration in the company's register. With the exception of subordinated liabilities or untaxed reserves, the resulting own funds are to be supplied to the share capital or to the tied capital reserve (§ 229 (5) UGB).

(3) The introduction shall be admissible only

1.

in one or more limited companies established for this purpose, as their sole shareholder,

2.

in one or more limited companies established for that purpose, together with other associations or

3.

in one or more existing insurance companies alone or together with other clubs.

(4) The submission shall be subject to the consent of the supreme body. The decision of the supreme institution shall require a majority of at least three-quarters of the votes cast. The approval of the application by the FMA pursuant to § 29 shall also be refused if the interests of the members from the membership relationship are not sufficiently safeguarded.

(5) The application shall be deemed to be established with contributions in kind (Article 20 (1) AktG). § 226 AktG shall apply to the protection of creditors.

Effects of the introduction

§ 63. (1) The overall succession of rights associated with the introduction pursuant to § 62 shall enter into the Company Book by the registration of the Aktiengesellschaft or the capital increase. The transition in the path of the overall succession must be entered in the company's register. The registration for registration shall be accompanied by the communication of the FMA with which the application has been approved.

(2) The transfer of rights in the course of the overall succession shall comprise all the assets belonging to the insurance business being introduced and all the rights and obligations associated with the insurance business being brought into effect. In particular, the concession for the operation of the contract insurance and the authorisations granted for the insurance undertaking shall be issued.

(3) The insurance association shall remain in place. Its subject-matter is limited to asset management. Amendments to the Articles of Association shall be subject to approval by the FMA. The activities of the members of the Executive Board shall not be considered as the main professional activity in accordance with Section 120 (2) Z 4. The Board of Management has to consist of at least two persons and the Articles of Association have to exclude any individual power of representation, individual prokura or single-handed authority for the entire business operation. § 37, § 38, § 42, § 47 bis § 56, § 57 (1) Z 1, 3 and 4, para. 2, 3 and 5, § 58 (1), 2, 5 and 6, § 60, § 85 (3) to 6, § 122 (1) Z 1, first sentence, § 123 (3), § 136 bis § 139, § 140 (5) and (6), § 144 bis § 148, § 149 (1) bis (1) bis (6) § § § § § § 148, § § 148, § 149 (1) to § § § § § § § § § § § § § 148, § 149 ( 3, § 155, § 246, § 248 (2), 3 and 7 to 9, § 260, § 263, § 264, § 272 (1), (4) and (5), § 274 (1) to (7), § 275 (1) and (3), § 276 and § 309 are to be applied in a reasonable way. § 287 shall not apply.

(4) The membership of the insurance association is tied to the existence of an insurance relationship with a public limited company into which the insurance company was brought in. The conclusion of an insurance contract with the joint-stock company establishes the membership of the insurance association, in the case of the participation of several clubs the membership of all clubs. Membership may also be made by taking over the insurance stock of another insurance association or a public limited company into which the insurance business of an insurance company has been brought in accordance with § 62, by means of the Public limited liability company. Insofar as this is expressly provided for in the Articles of Association, the Company may conclude insurance contracts without the reasons for membership.

(5) In the event that the share of the association in a public limited company into which it has contributed its insurance business is less than 26 vH of the voting shares, the FMA shall be notified immediately. The FMA has

1.

to apply to the association within a reasonable period of time to establish the legal condition;

2.

to dissolve the club in the event of a repeat or continuation. After the dissolution by the FMA, the supreme body of the association shall carry out the settlement in accordance with § 58 and decide on a settlement plan. The settlement plan shall require the approval of the FMA. The authorisation shall be refused if the interests of the members are not sufficiently safeguarded.

The association is not to be dissolved if the supreme body of the association decides within the period the conversion to a private foundation according to § 66. In this case, the FMA has set a time limit for the implementation of the conversion. If several clubs have placed their insurance business in a joint-stock company, if the sum of their shares is less than 26 vH, all these clubs shall be required to act in accordance with this paragraph.

(6) Paragraph 5 shall not apply if the members insured with a public limited liability company receive a severance payment in full of their rights in accordance with Section 58 (5) and other participating interests in accordance with § 62 continue to be in the amount of at least 26 vH exist. The determination of the total amount of the severance payment requires the approval of the FMA. The authorisation shall be refused if the interests of the members from the membership relationship are not sufficiently safeguarded.

Rights of the supreme organ

§ 64. (1) After an application in accordance with § 62, the following provisions shall apply to the supreme organ of the association in addition to Section 51:

1.

The Board of Directors of the Association must also demand the decision of the supreme body in all matters that fall within the competence of the Annual General Meeting of a joint-stock company. The right of information of the members also extends to the affairs of the Aktiengesellschaft, which are related to the subject matter of the decision.

2.

For the examination of operations at the foundation or the management of the joint-stock company, the supreme body can appoint examiners with a simple majority of votes. In addition, § 52 applies.

3.

The claims of the Aktiengesellschaft from the Management Board against the members of its Management Board or its Supervisory Board must be asserted if it decides the supreme body. In addition, § 53 applies.

(2) Article 51 (8) is to be applied to the decision-making pursuant to paragraph 1.

Effects of restructuring

§ 65. (1) Where a legal transaction requires an authorisation pursuant to § 29, the entire insurance business or insurance portfolio or substantial parts thereof, one of the public limited liability companies referred to in § 62 (3) to another company. is not to be applied, Section 63 (5) shall not apply,

1.

if the Board of Directors of the Association has been shown to provide evidence of evidence of the effects of the transaction and the supreme body, by a majority of at least three quarters of the votes cast, consent to this transaction , and

2.

if and as long as the club

a)

in the case of the other company holding at least 26 vH of the voting shares directly,

b)

at least 26 vH of the voting shares in the public limited liability company, which in turn holds more than 50 vH of the voting shares in the other company and the decisive influence of the association at the other company by provisions or other legal basis shall be guaranteed; or

c)

in the case of the other company or company holding voting rights directly and by means of statutory provisions or by any other legal basis in the sense of the lit. a more comparable decisive influence of the association on the other company or one in the sense of the lit. b comparably significant influence of the association on the joint stock company and the other company is ensured.

The influence possibilities after lit. b and lit. c as well as any change in the influence possibilities are to be proven by the FMA.

(2) In the scope of the restructuring provided for in paragraph 1, section 63 (4) must be applied with the proviso that the membership of the association is bound by the existence or conclusion of an insurance contract with the other company as defined in paragraph 1; the rights of the supreme body referred to in § 64 shall also apply in the same way as to the other undertaking referred to in paragraph 1.

(3) Any violation of the provisions of paragraph 1 Z 2 shall be notified immediately to the FMA. The FMA has

1.

to apply to the association within a reasonable period of time to establish the legal condition;

2.

to dissolve the club in the event of a repeat or continuation. After the dissolution by the FMA, the supreme body of the association shall carry out the settlement in accordance with § 58 and decide on a settlement plan. The settlement plan shall require the approval of the FMA. The authorisation shall be refused if the interests of the members are not sufficiently safeguarded.

(4) A number of insurance companies have been incorporated into a joint-stock company on the same date in accordance with § 62 and are these insurance companies

1.

in the case of paragraph 1 Z 2 lit. a at the other company,

2.

in the case of paragraph 1 Z 2 lit. b to the Aktiengesellschaft

participate, their shares shall be counted together. In the case of paragraph 1 Z 2 lit. c is the jointly practicable influence of these clubs.

Formal transformation into a private foundation

§ 66. (1) Mutual mutual insurance associations which have incorporated their entire insurance business into one or more public limited liability companies may, by decision of the supreme body, in accordance with the following provisions, be transferred to a private foundation in accordance with PSG, which are transformed into a form-changing conversion. The decision shall require a majority of at least three-quarters of the votes cast. At least during one month before the day of the meeting of the supreme body, which is to decide on the agreement to be converted, the foundation's statement of foundation and the final balance sheet of the insurance association shall be at the seat of the association (paragraph 1). 5) to be viewed by the members. All members of the association are to be informed of the documents in the manner prescribed for publications of the association before the documents are published.

(2) The conversion decision shall be subject to approval by the FMA. The approval shall be refused if the foundation's declaration does not comply with the requirements of this federal law or through the conversion in connection with the content of the foundation's declaration the interests of the members as future beneficiaries of the private foundation.

(3) For the private foundation created as a result of the transformation of the association, the following shall apply:

1.

The association is deemed to be the founder; it cannot reserve the right to change the foundation's declaration, on the establishment of an endowment plea, on the revocation of the private foundation and other rights of design.

2.

The private foundation is to be built indefinitely. § 35 para. 2 Z 3 PSG is not to be applied.

3.

The private foundation has more than half of its total assets to be held in companies, as measured by the last audited balance sheet, the same group (§ 195 para. 1 Z 3 lit. (a) belong, such as the joint-stock company, into which the converted association has introduced the insurance business in accordance with § 62. As an assessment within the meaning of this paragraph, only shares in the share capital as well as subordinated liabilities in accordance with Section 170 (1) (2), which can be credited to cover the group's Solvency Capital Requirement, shall be considered. In addition, the companies of the group together have to hold more than 50 vH of the voting shares of the joint stock company, into which the converted association had introduced the insurance business according to § 62. If the private foundation is involved in a subsidiary of the group, the calculation of the total assets may, in addition, include all the assets of the subsidiary company in proportion to the level of participation of the private foundation in the subsidiary companies; the share of the private foundation in the subsidiary is to be eliminated in this case. In the course of the audit of the annual financial statements, the auditor has to examine the compliance with this provision and report it. In the interests of the beneficiaries, the Board of Trustees must ensure the permanent fulfilment of this provision.

4.

Any violation of the provisions of Z 3 shall be notified immediately to the FMA. The FMA has

a)

to apply the private foundation to establish the legal status within a reasonable period of time;

b)

to dissolve the private foundation in the event of a repeat or continuation. After the dissolution by the FMA, the Board of Trustees shall carry out the settlement in accordance with § 58, whereby the private foundation and the members of the members of the Association shall be replaced by the beneficiaries, and a settlement plan shall be made available to the Board of Directors. decision. The settlement plan shall require the approval of the FMA. The authorisation shall be refused if the interests of the beneficiaries are not sufficiently protected.

The provisions of Z 3 shall be deemed not to be infringed as long as the share of the private foundation in the joint-stock company, into which the converted association has contributed its insurance business, does not fall below 26 vH of the voting shares. If the private foundation is involved in a joint-stock company into which several clubs have contributed their insurance business, the provisions of the Z 3 shall be deemed to be infringed only if their share in the joint-stock company together with the The share of the clubs concerned or, if they have been converted into a private foundation, the private foundations in question fall below 26 vH. Similarly, the provisions of Z 3 shall be deemed not to be infringed if a restructuring is carried out within the meaning of Section 65. In this case, Section 65 (1) (2) and (2) shall apply with the proviso that, in each case, the private foundation, to the place of the interests of the members, the interests of the beneficiaries and the membership of the association shall be applied to the place of the club. Preferential treatment in the private foundation.

5.

Subsequent amendments to the Foundation's declaration must be decided by the Foundation's organs. The decision of the amendment shall require the approval of the FMA. The authorisation shall be refused if the amended declaration of the Foundation does not comply with the requirements of this Federal Law or if the amendment of the Foundation's declaration jeopardises the interests of the beneficiaries. The amendment to the Foundation's declaration must be notified by the Board of Trustees for registration in the Company Book. The notification shall be accompanied by the notarized change decision and the communication of the FMA with which the decision of the amendment has been approved. The court (§ 40 PSG) has to deliver the decision on the registration of the amendment of the foundation's declaration of foundation.

6.

The beneficiary in the private foundation is bound by the existence of an insurance relationship with the joint-stock company, into which the converted association has brought in the insurance business or insurance part-holding company. The conclusion of an insurance contract with this joint-stock company establishes the position of the beneficiary in the private foundation, in the case of the participation of several private foundations, the position of the beneficiary in the case of all private foundations. Insofar as this is expressly provided for in the Articles of Association, the Company may conclude insurance contracts in the private foundation without the reasons for a beneficiary's position. The more detailed conditions for this can be laid down by contract between the private foundation and the public limited company. Even without such a contractual arrangement, the Aktiengesellschaft is obliged to disclose to the private foundation upon its written request the name and address of the persons who have concluded an insurance contract with the name and address of the persons. Have acquired a favourable position. The end of the insurance relationship shall result in the end of the beneficiary's position.

7.

This is from the final balance sheet (paragraph 1). 5) the resulting assets of the association shall remain permanently dedicated to the private foundation and shall be preserved; a net profit resulting from the annual accounts shall be paid out to the beneficiaries as far as they do not profit reserves or other in the Provided reserves provided for in the PSG, are used for remuneration provided for in PSG or are presented on new account. In any event, the reserves may be transferred to those amounts which are necessary to maintain the private foundation's participation in the joint-stock company, to which the converted association has contributed its insurance business. Section 47 (2) is to be applied, whereby the foundation's declaration shall be replaced by the body of the Articles of Association. In the case of Z 3, the reserves may also be transferred to companies of the same group in the amount of the shares in the share capital and the subordinated liabilities in accordance with § 170 (1) Z 2.

8.

The most recent beneficiaries are the persons who were beneficiaries under Z 6 at the time of dissolution. The assets remaining after settlement shall be distributed to those beneficiaries in accordance with the principles governing the distribution of the annual surplus, in so far as the Foundation's declaration does not provide otherwise.

9.

The private foundation may, in its name (§ 2 PSG), also refer to the term "mutual insurance association" or a name in which the word "Versicherungsverein" is included.

(4) The institutions of a private foundation arising from the transformation of an association shall apply:

1.

The private foundation has a supervisory board.

2.

§ 15 (2) and (3) and section 23 (2) of the last sentence of PSG are not applicable to the private foundation.

3.

The previous members of the Board of the Association will be members of the first Board of the Private Foundation, those of the Supervisory Board members of the first Supervisory Board.

4.

Subsequent or additional members of the Board of Management of the Private Foundation shall be appointed by the Supervisory Board. The Supervisory Board is also responsible for the early dismise of a member of the Management Board for important reasons, if this is provided for in the Foundation's declaration.

5.

The appointment of subsequent or additional members of the Supervisory Board shall be made by the remaining Supervisory Board members with a majority decision. Any intended order must be made known to the Wiener Zeitung in advance at the expense of the private foundation in the Official Journal. The beneficiaries are entitled, within three weeks of publication, to submit a written order to the Board of Management of the private foundation. The foundation's statement of foundations is to regulate how many beneficiaries of the order proposal must be supported in order to be treated. If several order proposals fulfil this requirement, only those which are supported by most of the beneficiaries must be treated. The order proposal is not binding. If the Supervisory Board does not yet belong to a member proposed by the beneficiaries, the order proposal requires a majority of two thirds of the remaining members of the Supervisory Board to be sent.

6.

The activities of the members of the Board of Trustees shall not be considered to be the main professional activity within the meaning of Section 120 (2) (4). The Board of Trustees shall consist of at least two persons and the Articles of Association shall have the right to exclude any individual power of representation, individual procuration or individual power of action for the entire business operation.

(5) The Board of the Insurance Association shall draw up a final balance sheet, which shall be subject to the provisions of the 7. The main item on the accounting and consolidated financial statements is in accordance with Section 63 (3). Article 220 (3) of the German Stock Corporation Act (AktG) applies The Board of Management has to submit the final balance sheet together with the FMA's foundation statement in the course of the collection of its approval.

(6) The conversion of the association is to be registered by the board of directors for entry in the company register. In any case the application shall be accompanied by

1.

the conversion decision which has been assessed in a notarial way;

2.

proof of publication of the presentation of the statement of foundations and the final balance sheet,

3.

the communication of the FMA with which the conversion decision was approved,

4.

the final balance sheet of the association referred to in paragraph 5; and

5.

the examination report in accordance with § 11 para. 3 PSG.

(7) With the registration of the conversion into the company's book, the association continues as a private foundation. The court (§ 40 PSG) has to submit the decision on the registration of the private foundation of the FMA.

(8) On the private foundation § 38, § 85 para. 3 to 6, § 122 (1) Z 1 first sentence, § 123 (3), § 136 bis § 139, § 140 (5) and 6, § 144 bis § 148, § 149 (1) to 3, § 155, § 246, § 248 (2), 3 and 7 to 9, § 260, § 263, § 264, § 272 (1), 4 and 5, § 274 (1) to (7), § 275 (1) and (3), § 276 and § 309 mutatily. § 287 shall not apply.

Mergers of private foundations

§ 67. (1) Private foundations in accordance with § 66 may be merged with one another to the exclusion of the settlement.

(2) The merger agreement shall be concluded in writing.

(3) The merger shall require the approval of the Supervisory Board of each private foundation. The decision shall require the presence of at least two-thirds of the members of the Supervisory Board and the attainment of a majority of three-quarters of the votes cast.

(4) The merger shall require the approval of the FMA. The authorisation shall be refused if the merger seems likely to endanger the interests of the beneficiaries.

(5) The Board of Directors of each private foundation shall notify the merger for entry in the company's register with the court in whose Sprengel the private foundation has its registered office. The merger agreement as well as the decisions of the supervisory boards of the private foundations involved in the merger are to be connected to the application of the accepting private foundation in a certified copy or in certified copy.

(6) The court, in the course of which the acquiring private foundation has its registered office, has to enter the merger at the same time for all the private foundations involved. With the registration of the merger with the acquiring private foundation, the assets of the transferring private foundation, including the debt, are transferred to the receiving private foundation. The beneficiaries of the transferring private foundation will become beneficiaries of the accepting private foundation. At the same time, the transmitting private foundation is issued with the registration. § 226 AktG is to be applied mutaly.

Section 2

Small insurance companies

General provisions

§ 68. (1) The business unit of a small insurance association shall have local, factual and restricted access to the group of persons. The business area is deemed to be restricted locally if it extends to the state in which the association is located and to certain areas directly adjacent to it. The business unit shall be deemed to be objectively limited if only the risks listed in Z 8 and 9 of Annex A are covered, with the exception of damage caused by nuclear energy. The division shall be deemed to be restricted to the group of persons if the association does not belong to more than 20 000 members.

(2) Whether a mutual insurance association is a small insurance association, the FMA decides.

(3) The concession of a small insurance association is valid only within the Federal territory. The coverage of risks that are located abroad is excluded.

(4) Paragraph 83 (2) and (7) of the second sentence shall apply mutatily.

Applicability of the general provisions

§ 69. (1) For small insurance companies, the provisions of the 1. Section § 39, § 40, paragraph 2, § 42, § 43, § 46, § 47 para. 3, § 48 paragraph 1, § 49 para. 3 to 6, § 50 para. 1 to 3, paragraph 4 third sentence, para. 5 and 6, § 51 para. 5 and 6, § 52 para. 2, § 53 para. 2, § 54 para. 3 bis 5, § 56 (1), (1) and (2), (2) and (3) (3), § 57 (5), § 58 (6), § 60 (3) to (5), § 61 to § 67.

(2) A small insurance association shall be created with the concession. § 6, § 7 (4), § 8 (2) (2) (1), (2) and (4) and (6), § 12 (1) and (4) to (7) and (84) shall apply in a reasonable way. Section 8 (2) Z 4 shall apply with the proviso that the cover of the Solvency Capital Requirement shall be replaced by the cover of the own resources requirement in accordance with Section 70 (2).

(3) Changes in the statutes shall be legally valid with the approval by the FMA.

(4) Small mutual insurance associations can voluntarily register in the company register. In this case, § 42 (2) to (8) and § 54 (3) to (5) shall apply in the appropriate sense.

(5) On small insurance companies § 28, § 29 (1) to (3) and (6), § 31, § 33, § 34, § 86, § 87 (1) to 4, § 91, § 246 (1) and (2), § 247 (2), § 248 (2) and (3) Z 1, para. 7 to 9, § 252, § 272, § 274 (1) to (8), § 275, § 276, § 278, § 279 para. 1 and 2, § 281, § 283 paragraph 1 Z 1 first case, Z 2 and Z 4, para. 2 to 4, § 284 and § 285 para. 1, 2 and 4, § 286, § 306 and § 308 bis § 311, § 313 bis § 316 mutamutuerly. § 278 and § 279 (1) and (2) shall apply with the proviso that the cover of the Solvency Capital Requirement shall be replaced by the cover of the own resources requirement in accordance with Section 70 (2).

(6) The dissolution by decision of the supreme organ (§ 57 para. 1 Z 1) shall be legally effective at the earliest with the approval of the decision by the FMA.

Own resources requirement

§ 70. (1) The own resources requirement of small insurance companies must be determined on the basis of the limited premiums on own retention and the total insurance sum in the equity. The more detailed provisions for determining the own resources requirement must be laid down by the FMA with a regulation, taking into account the special circumstances of the small insurance companies, in particular the restricted business area, is taken.

(2) Small insurance companies have to cover the own resources requirement at any time by own funds in accordance with § 71.

Own resources

§ 71. (1) The own funds of small insurance clubs shall consist of the founding fund, where it can be used to cover losses, the profit reserves, the risk-taking situation, the security reserve and the other reserves.

(2) The own funds must, at the time of their calculation, be free of any foreseeable tax liability or be adjusted, provided that income taxes reduce the amount up to which the said own resources components for the risk or Loss coverage can be used.

Capital Asset

§ 72. (1) For the capital investment of small insurance companies, assets belonging to the following categories are appropriate:

1.

Debt securities;

2.

shares and other shares with a fluctuating yield;

3.

Shares in UCITS and other Community capital investments;

4.

Loans;

5.

Land rights and equal rights; and

6.

Credit for credit institutions and cash balances.

(2) The FMA shall, by means of a regulation, regulate the details of the capital investment, in particular the assets and ceilings for the categories and for individual assets, to the extent that this is necessary in order to ensure that the assets are To ensure the fulfilment of the obligations arising out of the insurance contracts.

Business Unit Overrun

§ 73. (1) If the business operation of a small insurance company exceeds the limits laid down in Article 68 (1), the FMA shall order, with the setting of a reasonable period of time, that, after the choice of the association of the business operation, return to these limits is restricted or the association applies for a concession pursuant to § 6 (1) or § 83 (1). If the business operation of a small insurance company exceeds the amounts referred to in § 83 (2), Section 83 (5) shall apply in the appropriate manner.

(2) The small insurance association does not restrict its business activities to the limits laid down in section 68 (1) or does not grant the FMA a concession pursuant to § 6 para. 1 or § 83 para. 1, the FMA has to prohibit the business operation. The undersap acts like a resolution decision.

Port Liability Total

§ 74. (1) The statutes of a small insurance association shall set an amount up to which the association may bear the risks in its own retention (the amount of liability in the case of a court liability amount). This decision shall be subject to the approval of the FMA.

(2) The authorisation shall be refused if the interests of policyholders and beneficiaries are not sufficiently safeguarded, in particular the obligations arising from the insurance contracts are not to be regarded as being permanently refillable.

Organs

§ 75. (1) Small insurance companies must have a board of directors and the supreme body of a general assembly or member representation.

(2) The Articles of Association may provide for the appointment of a Supervisory Board. Small insurance companies with more than 2 000 members must have a supervisory board.

Board

§ 76. (1) The association shall be represented by the Executive Board in court and out of court. The Management Board can also only consist of one person if the business enterprise does not require a higher number of Management Board members.

(2) The members of the Management Board must have the professional competence and personal reliability required for the performance of their duties. Personal reliability must be assessed in accordance with Section 120 (2) (2) (2).

(3) The Management Board is obligated to the Association to comply with the restrictions which the Articles of Association or the Supervisory Board have set for the scope of its power of representation or which result from a decision of the supreme institution. Third, a restriction on the power of representation is ineffectable. Moreover, the Executive Board and the drawing of the Executive Board, Section 70 (2), Section 71 (2) and Section 72 of the German Stock Corporation Act (AktG) apply mutaly to the management and representation of the association.

(4) The members of the Management Board are, if the Articles of Association expressly determine this, to be appointed by the Supervisory Board for a maximum of five years, otherwise by the highest body, until the end of the assembly of the supreme body, which is responsible for the discharge of the the fourth financial year shall be the following of the financial year running at the time of the order. A repeated order is allowed. The institution responsible for the order may withdraw the order if there is an important reason. Such a reason is, in particular, a gross breach of duty or an inability to properly conduct business.

(5) Insofar as the necessary members of the Management Board are missing, they shall be ordered by the FMA in urgent cases pending the resolution of the defect at the request of a participant.

(6) The members of the Board of Management may be granted an appropriate charge for their time and work expenses. The amount of the remuneration shall be determined by the supreme institution or, if a supervisory board is appointed, with a fixed amount, taking into account the assets of the association and the workload of the management board.

(7) The association may grant loans only with the consent of the FMA to the members of the board of directors and employees of the association, their spouses and underage children, as well as to third parties acting on behalf of one of these persons. The consent shall be refused if otherwise the interests of the policyholders and the beneficiaries are at risk.

(8) Article 84 (1) of the German Stock Corporation Act (AktG) makes sense for the duty of care of the members of the Management Board. Members of the Management Board who culpably infringe their duties shall be bound by the association to compensate for the damage resulting therefrom as a total debtor. Claims of the association arising from this obligation must be asserted if it decides the supreme body or requires one-tenth of the members of the supreme body.

(9) In the course of proceedings against members of the Management Board, the association shall be represented by the Supervisory Board or, if one is not appointed, by plenipotentiaries who are elected by the supreme body.

Supervisory Board

§ 77. (1) The members of the Supervisory Board shall be elected by the supreme institution at the latest until the end of the assembly of the supreme body, which decides on the discharge for the fourth financial year, which shall be the financial year running at the time of the election is followed. Re-election shall be admissible. The appointment to the Supervisory Board member may be revoked by the supreme institution before the end of the operating period.

(2) The members of the Supervisory Board must be members of the Association. You cannot at the same time be board members or permanent representatives of board members; they may not, as employees, lead the business of the association either.

(3) § 94 of the German Stock Corporation Act (AktG) shall apply mutaly to the convening of the Supervisory Board.

(4) The tasks and rights of the Supervisory Board shall apply in accordance with Section 95 (2), first sentence, para. 3, 4 and 5, section 96 (1) and section 97 (1) of the German Stock Corporation Act (AktG).

(5) Paragraph 84 (1) of the German Stock Corporation Act (AktG) applies to the due diligence of the Supervisory Board members. Members of the Supervisory Board which culpably infringe their duties shall be responsible to the association for the compensation of the damage arising therefrom. Claims of the association arising from this obligation must be asserted if it decides the supreme body or requires at least one-tenth of the members of the supreme body.

Top Organ

§ 78. (1) The supreme body shall decide annually in the first five months of the financial year on the discharge of the members of the Management Board and, if an order is ordered, of the Supervisory Board.

(2) The supreme body is to be convened in the cases, which expressly determine the law or the statutes. The supreme body shall also be convened if it requires at least one-tenth of its members in writing, indicating the purpose and the reasons. In the same way, the members of the supreme body have the right to demand that items be announced for decision-making by the supreme body. If the Board of Management does not comply with the request, the FMA may authorize the members of the supreme body who have made the request to convene the supreme institution or to announce the item.

(3) The notice of convocation shall be made if the supreme body consists of a general meeting, by publication or by written agreement of the members, the more detailed provisions to be laid down in the statutes. . If the supreme body consists of a member representation, the individual members ' representatives are in any case written to agree in writing. § 105 (1) and (2), § 106 (1) and (3), § 107 (1) and (4), § 108 (1) to (3) and (5), first sentence, first sentence and second sentence, § 116 (2), (118), § 119 (1) and (3), § 121 (1), § 122 and § 128 (1) and (3) of the German Stock Corporation Act (AktG). To the extent that these provisions are referred to by shareholders, the members of the supreme body shall be replaced by their bodies.

(4) The Chairman of the Board of Management or his deputy shall be chaired by the Assembly of the supreme institution; in the absence of the latter, the oldest member of the supreme body shall be responsible for chairing the Assembly for the election of a Chairman.

(5) A minutes shall be recorded on the assembly of the supreme institution and shall be subfinished by the chairman.

(6) The Board of Management shall provide each member of the supreme institution with information on matters relating to the association.

Accounting

§ 79. (1) In the first three months of the financial year, the Management Board of a small insurance association shall draw up the financial statements and a management report for the previous financial year. In the first five months of the financial year, the supreme body shall decide on the determination of the annual financial statements. § 137 (1), § 140 (5) and 6 (6), § 143, § 147 (1), (1) to (3), (6) and (7) and (2), § 149 (1) to (3), § 151 and § 153 shall apply mutaally to the accounts of small insurance associations on reciprocity.

(2) The Statutes shall be subject to the examination of the annual accounts by one or more auditors. The Articles of Association shall also contain the provisions on the extent of the examination, the appointment of the auditors and the audit report to the supreme body. Members of the Management Board or of the Supervisory Board may not be appointed to auditors.

(3) The FMA may require all information necessary for the ongoing monitoring of the business management of insurance undertakings and for the management of insurance statistics. In this context, the FMA, with the agreement of the Federal Minister of Finance, has to adopt, by means of a regulation on the accounting of small insurance companies, those special arrangements which, with regard to the nature of the operation of the Contract insurance, the appropriate clarification of the policyholders and the public about the business management and the requirements of the supervision of the business management by the FMA are necessary. In this connection, the special circumstances of the small insurance companies must be taken into account and facilities should be facilitated. The arrangements of the FMA may, in particular, include the following:

1.

provisions relating to the identification and calculation of technical provisions;

2.

Rules on the special valuation of assets;

3.

provisions on the report to the FMA and deadlines for submission of such a report;

4.

rules on the structure of the balance sheet and of the profit and loss account;

5.

provisions relating to the information to be included in the Annex and the Management Report;

6.

rules on the requirement of own-handed signatures for the annual accounts and the management report;

7.

Rules on the transmission of data to the FMA by electronic means, including the definition of the data characteristics, including the record-building, and

8.

Rules on the disclosure of annual accounts.

Fulfillment

§ 80. (1) The liquidate shall be provided by the members of the Management Board as a liquidate, if not the statutes or a decision of the supreme body appoints other persons.

(2) At the request of at least one-tenth of the members of the supreme institution or at the request of the Supervisory Board, the FMA has the right to appoint and discontinue the unwinders for a good reason. Unwinders, who are not appointed by the FMA, may discontinue the supreme organ at any time.

(3) With reference to the dissolution of the association, the liquiders have to request the creditors of the association to declare their claims. The invitation is to be published in the "Official Journal of the Wiener Zeitung" and in a local newspaper or otherwise in a local manner.

(4) The winders shall have to take account of the commencement of the settlement and shall continue to draw up an annual financial statement for the end of each year. The previous financial year of the association can be maintained.

(5) The supreme body shall decide on the accounting for the commencement of the settlement, the annual accounts and the discharge of the liquiders and the Supervisory Board.

(6) The assets may only be distributed if one year has elapsed since the date on which the creditor's appeal pursuant to paragraph 3 has been published. Furthermore, the provisions of Section 209 (1) and (2), Section 210 (1) to (4) and Article 213 (2) to (3) of the German Stock Corporation Act (AktG) apply.

(7) If the settlement is terminated and the final invoice is placed, the unwinders shall have to indicate the conclusion of the liquidate of the FMA.

Merger

§ 81. (1) The inclusion of an association, which is not a small insurance association, by a small insurance association and the new formation of an association by association of clubs, which are not small insurance associations, with small Insurance associations are not allowed.

(2) For the merger by admission § 222, § 225a (3) Z 1, 2 and 4 as well as § 226 bis § 228 AktG shall apply in a reasonable way.

(3) § 222, § 225a (3) Z 1, 2 and 4, § 226 bis § 228 and § 233 (1) second sentence and section 2 of the German Stock Corporation Act (AktG) apply to the merger by means of new education.

(4) The admission of a small association by an association, which is not a small insurance association, is to be registered by the managing board of the accepting association for registration in the company register. Section 225 (1), second sentence, Z 1 to 3 AktG shall apply mutatily. § 229 AktG shall apply analogously to the liability of the members of the Executive Board and the Supervisory Board of the accepting association.

(5) In the case of the inclusion of a small insurance association by another small insurance association, the liability of the members of the Executive Board and the Supervisory Board of the accepting association shall be governed by Section 76 (8) and Section 77 (5). The limitation of the compensation claims in accordance with Section 76 (8) and Section 77 (5) shall begin with the approval of the merger by the FMA.

(6) As a result of the merger of small insurance associations an association which is not a small insurance association, § 229 and § 233 (4) of the second and third sentence and paragraph 5 AktG shall also apply in a reasonable manner. The Company's Court of Appeal, in whose Sprengel the new club has its registered office, has to enter the merger.

(7) In cases where, in accordance with the above provisions, the merger is not to be entered in the company register, the approval by the FMA shall replace the registration of the merger in the Company Book or its notice.

3. Main piece

Small insurance companies

Section 1

General provisions

Applicability of the general provisions

§ 82. In small insurance companies § 28, § 29 (1) to (3) and (6), § 31, § 33, § 34, § 91 bis § 99, § 101 bis § 103, § 128 bis § 140, § 142 bis § 156, § 246, § 247 para. 2, § 248 (2) to 3 and 7 to 9, § 249, § 252 to § 255, § 260 bis § 262, § 263 (1) Z 2, 3, 6 to 8 and para. 2, § 264 bis § 266, § 272, § 274 (1) to 8, § 275, § 276, § 278, § 279 para. 1 and 2, § 281, § 283 paragraph 1 Z 1 first case, Z 2 and Z 4, and para. 2 to 4, § 284, § 285 para. 1, 2 and 4, § 286, § 300 bis § 302 Abs. 1 the first sentence, para. 2 to 6 and § 303 to § 316. § 278 and § 279 (1) and (2) shall apply with the proviso that the cover of the Solvency Capital Requirement shall be replaced by the cover of the own resources requirement in accordance with § 90.

Concession

§ 83. (1) The concession of a small insurance undertaking shall apply only to the Federal territory. Small insurance companies may only be operated in the form of a joint stock company or an insurance association on a reciprocal basis. In the case of small insurance undertakings, the concession for the operation of insurance branches of life assurance and the concession for the operation of other classes of insurance shall exclude each other. § 6, § 7 (4) and (5), § 8 (6) and § 12 (1) and (4) to (7) shall apply in a reasonable way.

(2) In the application for concession pursuant to paragraph 1, it is necessary to demonstrate that, in accordance with the business plan submitted for the next five financial years, the business of the insurance undertaking satisfies the following conditions:

1.

the annual accounts of direct accounts, which are calculated and defined, do not exceed EUR 5 million;

2.

the total technical provisions referred to in the first paragraph. Section of the 8. the main item without deduction of the recoverable amounts of reinsurance and of special purpose companies does not exceed 25 million euros;

3.

if the undertaking is a member of a group, the total technical provisions referred to in the first paragraph of this Article Section of the 8. the main part of the group without deduction of the amounts recoverable from reinsurance contracts and special purpose companies does not exceed EUR 25 million; and

4.

the calculated and demarcated premiums of the indirect accounts do not exceed EUR 0.5 million or 10% of the calculated and defined premiums of direct accounts or the technical provisions referred to in the first paragraph. Section of the 8. The main part of the reinsurance taken over without deduction of the recoverable amounts from reinsurance and special purpose companies does not exceed EUR 2.5 million or 10 of the technical provisions referred to in the first paragraph. Section of the 8. Main item for direct business without deduction of the recoverable amounts from reinsurance and special purpose companies.

(3) The concession to operate one of the classes of insurance referred to in Annex A Z 10, 11, 12, 14 and 15 to small insurance undertakings is excluded. Small insurance companies may not cover risks associated with these insurance branches as additional risks in accordance with § 7 (5).

(4) The concession shall be refused in addition to § 8 (2) (1), (2) and (7) to (9) if:

1.

the company does not have own resources to cover the minimum amount of the own resources requirement;

2.

the company cannot demonstrate that it will be able to hold own resources in order to cover the own resources requirement in accordance with section 88 (1) on an ongoing basis, or

3.

the company cannot demonstrate that it will be able to establish a governance system in accordance with the provisions of the second section, or that the statutes do not provide for each individual power of representation, individual prokura or single-handed authority for the all business operations.

(5) If the business operation of a small insurance undertaking has exceeded the amounts set out in paragraph 2 in a financial year, the FMA company shall have a new business plan for the next three financial years for approval. . The Company shall disclose in the business plan that the business operation will no longer exceed the amounts set out in paragraph 2 at the latest in the second financial year or that it will be in a position no later than the beginning of the fourth financial year. To comply with the provisions applicable to insurance undertakings pursuant to § 1 (1) (1) (1) (1). If, in three consecutive years, the business operation has exceeded the amounts set out in paragraph 2, the company shall be subject as an insurance undertaking as of the fourth year of supervision in accordance with Article 1 (1) (1) (1) (1). If the company proves that it meets the concession requirements in accordance with § 6 bis § 10, the FMA has to state that the concession of the company from the fourth year shall be considered as a concession pursuant to § 6 para. 1. If the proof is not provided within a reasonable period of time, the FMA has to prohibit the business operation with a communication.

(6) The FMA shall, at the request of an insurance undertaking, declare that it is a small insurance undertaking. As a result, the concession is deemed to be a concession pursuant to Section 83 (1) and is subject to supervision in accordance with § 1 (1) (2) (2). To that end, the insurance undertaking must demonstrate that:

1.

it does not work in other Member States activities according to the 5. Section of the 1. the main part,

2.

the conditions laid down in paragraph 2 have been met in the last three consecutive years and are likely to be complied with over the next five years; and

3.

meets the conditions laid down in paragraph 3.

(7) Small insurance undertakings shall have to calculate the amounts referred to in paragraph 2 at the closing date and have them examined by the auditor. If this results in an equivalent result, for the purposes of determining the amounts fixed in paragraph 2 instead of the technical provisions referred to in the first subparagraph, it shall be possible for the amounts to be determined in accordance with the first subparagraph Section of the 8. Main item shall be the technical provisions referred to in the 7. The main piece is used.

business plan

§ 84. (1) The business plan shall be submitted with the application for concession.

(2) The business plan of a small insurance undertaking shall contain:

1.

the nature of the risks which the 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;

2.

the broad lines of the reinsurance policy;

3.

the composition of own resources;

4.

the estimate of the expenditure on the development of the administration and the distribution and the evidence that the necessary resources are available; and

5.

for the operation of the insurance branch referred to in Z 18 of Annex A, information on the resources available to the undertaking in order to comply with the assistance promised.

(3) In addition to the information set out in paragraph 2 above, the business plan for the first three financial years shall contain the following information:

1.

a forecast of the balance sheet and of the income statement;

2.

estimates of future own resources requirements on the basis of the forecasts according to Z 1;

3.

estimates of the financial resources that are likely to be available to cover the commitments and the own resources requirement;

4.

in terms of non-life insurance and reinsurance,

a)

the estimated commission expenses and other expenses for the insurance business (excluding the expenses for the development of the administration) and

b)

the estimated premium and the likely insurance benefits

and

5.

in relation to life assurance, also a plan from which the estimates of revenue and expenditure in direct transactions, as well as in the active and passive reinsurance business, emerge in detail.

(4) The Articles of Association shall be part of the business plan if the enterprise does not yet have a concession to operate the contract insurance.

(5) Paragraph 11 (1) and (2) shall apply mutatily.

Section 2

Governance

General provisions

§ 85. (1) The Management Board of the small insurance company shall be responsible for compliance with the rules applicable to the operation of the contract insurance and the recognized principles of proper business operation. § 120 (2), § 121 and § 122 are applicable to members of the Executive Board.

(2) The election and the departure of members of the Supervisory Board of small insurance companies shall be reported to the FMA without delay.

(3) Small insurance undertakings shall set up an internal audit for the entire business operating under a concession granted in accordance with Section 83 (1), which shall be directly subject to the Management Board and shall be governed solely by the current and a comprehensive examination of the legality, regularity and appropriateness of the business and operation of the small insurance undertaking. It must be designed in such a way as to enable it to carry out its tasks in accordance with the requirements of the business.

(4) The internal audit provisions must be made jointly by at least two Management Board members. The internal audit has to report to all members of the Board of Management. It also reports to the Chairman of the Supervisory Board on the audit areas and key audit findings on the basis of conducted audits on a quarterly basis as well. In the next meeting of the Supervisory Board, the Chairman of the Supervisory Board shall report to the Supervisory Board on the examination areas and the key audit findings.

(5) Small insurance undertakings should have proper administration and accounting and appropriate internal control procedures, in particular to ensure that developments which result in the permanent fulfilment of the obligations arising out of Insurance contracts can be recognised at an early stage.

(6) Small insurance undertakings have to set up a risk management system which identifies, estimates and controls the risks associated with the insurance business. This also includes the risk of money laundering and terrorist financing. To the extent that it requires the continuous fulfilment of the obligations arising from insurance contracts, appropriate processes and procedures must be established. This includes, in particular, the early detection of risk potentials, the establishment of prevention and risk-prevention mechanisms, and an overarching consideration of the risks between the organisational units.

(7) In accordance with § 114, small insurance undertakings shall appoint a responsible actuary and a deputy. § 115 and § 116 are to be applied in a reasonable way.

Offload

§ 86. (1) Contracts of small insurance undertakings, through the parts of the business management within the concession granted pursuant to section 83 (1), in particular the distribution, the inventory management, the performance processing, the accounting, the internal Revision, risk management, asset management or asset management should be transferred to another company in full or to a substantial extent (swap contracts) to be notified to the FMA in good time prior to outsourcing. You need the prior approval by the FMA.

(2) The authorisation shall be refused if the swap contract of its nature or its content, or the extent of the outsourcing as a whole, are likely to endanger the interests of the policyholders and the beneficiaries.

(3) The authorisation may be granted subject to conditions where it appears appropriate to safeguard the interests of policyholders and beneficiaries.

(4) The outlying small insurance undertaking shall immediately notify the FMA of any substantial retrospective changes in the functions and activities outsourced in accordance with paragraph 1. If the circumstances referred to in paragraph 2 occur after the granting of the authorization or if they meet with an unauthorised swap contract, the FMA may require the termination of the contractual relationship.

(5) The FMA may provide the assurance undertaking with all the necessary information on the undertaking with which a swap contract is to be concluded or has been concluded, in particular the presentation of the annual accounts and other appropriate Business records, require. Such information may not be refused on the basis of a duty of secrecy which exists under other rules.

Reinsurance

§ 87. (1) In the case of reinsurance, small insurance undertakings have on the fulfilment of their own obligations under the insurance contracts, the fulfilment of the obligations of the reinsurer and the adequate dispersion of the insurance contract. Taking risks.

(2) Before concluding a reinsurance contract, the zediving small insurance company has proven to be able to convince itself that the legal conditions for the conclusion of the reinsurance contract are available, and demonstrably To obtain information on the assets, financial and earnings situation, as well as essential non-financial information on the reinsurer, so that it is possible to assess sufficiently reliably whether the reinsurer is likely to perform its services shall be submitted in accordance with the contract.

(3) The obligations of insurance undertakings and reinsurance undertakings on the basis of the reinsurance acquired shall be deemed to be fulfilled in the sense of paragraph 1. Reinsurance contracts with third country insurance and reinsurance undertakings shall be treated in the same way if, pursuant to Article 172 (2) of Directive 2009 /138/EC, the European Commission is to apply the equivalence of the solvency system of a Third country has established.

(4) A significant change in reinsurance relations shall be reported to the FMA without delay. In particular, the likely effects of the revised reinsurance relationships shall be set out in the amount of the own resources requirement.

(5) In the case of the assumption of reinsurance, it is necessary to take into account the fulfilment of the obligations of the first insurance company.

Section 3

Own resources and capital investment

Own resources requirement

§ 88. (1) The own resources requirement of a small insurance undertaking shall be calculated in accordance with Annex B and shall be at least:

1.

1.5 million euros for non-life insurance and

2.

1.8 million euros for life insurance.

(2) Small insurance undertakings shall, at any time, have own funds in accordance with Section 89 to cover the own resources requirement.

Own resources

§ 89. (1) own resources are:

1.

in the case of public limited liability companies, the basic capital paid out and, in the case of insurance associations, the mutual funds of the founding funds, in so far as it can be used to cover losses;

2.

the capital reserves, the retained earnings, the untaxed reserves and the taxed part of the risk reserve, and

3.

the balance sheet profit that is not intended to be distributed.

(2) The provisions for the reimbursement of the premium in the sickness insurance scheme and the provision for profit-sharing in life assurance are to be added to the own resources, insofar as they are used to cover losses may.

(3) From own resources shall be deducted:

1.

the loss of balance sheet;

2.

the book values of treasury shares;

3.

the carrying amount of the intangible assets;

4.

participations in insurance and reinsurance undertakings, third country insurance undertakings and third country reinsurance undertakings, in small insurance undertakings, credit institutions, financial institutions, investment firms, payment institutions and E-money institutions and

5.

Shares in participation capital, supplementary capital and other subordinated capital of companies listed in Z 4, in which the small insurance undertaking is involved.

(4) The own funds must, at the time of their calculation, be free of any foreseeable tax liability or be adjusted, provided that income taxes reduce the amount up to which the said own resources components for the risk or Loss coverage can be used.

(5) If it is to be assumed that a change in the reinsurance relationship leads to a significant increase in the own resources requirement, the FMA may order a derogation from Annex B for the deduction of the reinsurance levy , the current calculation already being based on the revised reinsurance contracts.

(6) In so far as the silent reserves are not exceptional, the FMA shall, upon request and with proof, authorise the allocation of silent reserves resulting from the undervaluation of assets to own resources. This authorisation shall be limited in time. In determining the extent to which silent reserves may be added to the own resources, all the valuation procedures applied to assets and liabilities and the value of the assets in question shall be taken into account. The principles of § 201 (2) Z 2 and 4 UGB are to be observed. The calculation of stiller reserves is limited to 50 vH of the own resources requirement. Where a small insurance undertaking does not fulfil the own resources requirement, that limit shall refer to own resources.

(7) Without prejudice to paragraph 6, in any event, a statement of stiller reserves on own funds shall be excluded in so far as these silent reserves do not exceed the amount of the depreciation, amortization and amortization of the own funds under section 149 (2) of the last sentence.

(8) In the case of the silent reserves which are available in the small insurance undertaking, the FMA may require the deduction of the difference in amount from the own resources.

Capital Asset

§ 90. (1) For the capital investment of small insurance undertakings, assets belonging to the following categories shall be eligible:

1.

Debt securities;

2.

shares and other shares with a fluctuating yield;

3.

Shares in UCITS and other Community capital investments;

4.

Loans;

5.

Land rights and equal rights; and

6.

Credit for credit institutions and cash balances.

(2) Derivative financial instruments, such as options, futures and swaps, may only be used in conjunction with assets and obligations, and also only in so far as they contribute to a reduction of investment risk or to a reduction in the number of assets and liabilities. facilitate the proper management of the stock of securities.

(3) The FMA shall, by means of a regulation, regulate the details of the capital investment, in particular the assets and ceilings for the categories and for individual assets, to the extent that this is necessary in order to ensure that the assets are To ensure the fulfilment of the obligations arising out of the insurance contracts.

4. Main piece

Rules applicable to certain types of insurance

Section 1

General provisions

Contents of the insurance contract

§ 91. (1) A direct insurance contract covering risks situated in the country has to contain provisions in particular:

1.

on the events at which the insurer is obliged to perform a performance and on the cases in which, for specific reasons, this obligation is to be excluded or cancelled,

2.

on the nature, scope and maturity of the insurer's performance,

3.

on the determination and performance of the remuneration payable by the policyholder to the insurer and the legal consequences which may arise if he is in default,

4.

the duration of the insurance contract, in particular whether and in what way it is tacitly extended, whether, in what way and at which point in time, it may be terminated or otherwise wholly or partially revoked, and on the obligations of the insurance contract; of the insurer in these cases,

5.

on the loss of entitlement under the insurance contract if time limits are missed and

6.

in life assurance, also on the condition and extent of the payment of advance payments to police officers.

(2) The gender factor must not lead to different premiums or benefits between women and men.

Section 2

Life Insurance

General provisions on life assurance

§ 92. (1) Insurance undertakings operating in Germany or in another Member State for life assurance on the basis of a concession granted in accordance with Article 6 (1) (Z 19 to 22 of Annex A), the FMA shall have the actuarial basis; which are used for the production of tariffs and the calculation of technical provisions,

1.

prior to its initial application, and

2.

in the case of any modification or addition prior to their application

. In the fund-linked, in the index-linked and in the capital-based life insurance as well as in the premium-favored future provision according to § 108g to § 108i EStG 1988 are also the principles of the capital investment part of the actuarial fundamentals. The FMA is able to lay down detailed rules on the content, structure and nature of the transmission of the actuarial basis.

(2) In accordance with § 108g bis § 108i EStG 1988, the actuarial basis also provides a detailed presentation of the model, with the help of which the risk of the capital investment is controlled and controlled. shall be presented to the FMA, including the parameters used. In addition, the insurance undertaking shall obtain the opinion of an independent expert on the quality of this model with a view to its eligibility to control and manage the capital investment risk if it is to be subject to the risk of capital investment is not covered by a capital guarantee given by a third party admitted to the guarantee business. On the basis of this opinion, the responsible actuary has to examine the suitability of the model and the parameters used, taking into account the obligations arising from the insurance contracts. The outcome of this examination and the opinion of the independent expert shall be presented together with the actuarial bases of the FMA. Any modification or addition of the expert opinion of the independent expert shall be considered by the responsible actuary. The result of this examination and the amended or amended opinion shall also be submitted to the FMA.

(3) The premiums for newly concluded insurance contracts shall be sufficient, in accordance with assumptions based on actuarial terms, to ensure the permanent fulfilment of the obligations arising from the insurance contracts and, in particular, the To facilitate the formation of appropriate technical provisions.

(4) In the case of insurance contracts with profit-sharing, policyholders must benefit from an appropriate portion of the surplus. In so far as this is necessary in order to safeguard the interests of policyholders and beneficiaries, the FMA may, in the light of market conditions, lay down more detailed rules on the level of profit-sharing in the event of a confestive take-off. the respective tax bases and which information shall be provided to policyholders. In particular, the FMA may require proof of the financial viability of the profit-sharing and shall lay down detailed rules for this proof.

(5) The provision for the provision of compensation for the award of the premium, or Amounts allocated to profit may only be used for the profit participation of the policyholders. In exceptional cases, amounts not yet declared may be deducted from the provision for the refund of the premium for the refund or the refund. Profit-sharing is to be resolved in order to avert a state of emergency in the interest of policyholders and claimers. The insurance undertaking shall immediately notify this use of the FMA and shall demonstrate the reasons for the existence of a state of emergency.

(6) Insurance undertakings shall have documents relating to the bases and methods used for the calculation of technical provisions, including the provision for performance-related premium restitution, at the company's registered office to be taken into account. Written information on this is to be followed by any person at the request of replacement of the costs.

(7) The FMA may set a maximum amount for the ordinary funeral expenses in order to safeguard the interests of policyholders and beneficiaries in the cases of § 159 (2) and (3) of the VersVG.

(8) The territorial health insurance companies are obliged to make the death declarations according to § 360 paragraph 5 of the ASVG in automative form by the main association of the Austrian social insurance institutions against reimbursement of the costs of insurance undertakings, who run life insurance, to pass on.

Company collective insurance: General provisions

§ 93. (1) An occupational collective insurance is a group pension insurance which satisfies the following conditions:

1.

The insurance contract shall be made by an employer for his employees on the basis of an operating agreement, collective agreement or agreements between the employer and the individual employees, which shall be based on: Contract patterns shall be completed, taking into account § 18 BPG.

2.

The insurance contract only grants an old-age pension and a survivor's pension; in addition, an invalidity pension can be granted. Old-age pensions are lifelong, invalidity pensions are to be paid on the duration of invalidity and survivors ' pensions in accordance with the insurance contract. A capital settlement is only permissible if the cash value of the payout amount does not exceed the amount according to § 1 (2) and (2a) of the PKG if the performance is entered into the cash value.

3.

The final costs will be distributed evenly over the entire premium payment period.

4.

Surpluses granted to insured persons in the case of insurance contracts with a profit-sharing relationship shall be subject to the cover provision of individual surpluses at the latest by the end of the financial year following the financial year in which the surpluses have been incurred. Insurers credited.

(2) In-company collective insurance may not be operated as fund-linked, index-linked or capital-based life insurance.

(3) Company collective insurance may also be concluded for:

1.

employers who have entered into an occupational collective insurance scheme for their employees;

2.

persons who are entitled to a future benefit in accordance with the insurance contract on the basis of § 1 (2) BPG as a result of the employer's premiums and, if applicable, their own premiums;

3.

Members of the representative bodies of legal persons of private law who derive from this activity other income other than those of non-self-employed activity in accordance with Article 25 of the EStG 1988 if the employer for his employees has an operational collective insurance has been completed;

4.

Persons who, on the basis of an existing employment relationship or as members of representative bodies of legal persons of private law, derive from this activity income from non-self-employed work pursuant to Article 25 of the EStG 1988, provided that in the course of the termination of the employment or service relationship is transferred to a company collective insurance scheme in accordance with § 96.

(4) For the persons referred to in paragraph 3 (3) (1) and (3), an occupational collective insurance may only be concluded if the design of the insurance contract has taken into account the provisions of Section 18 (2) of the BPG and the rights and obligations of these persons. persons in their entirety correspond to those of persons referred to in paragraph 1 (1) (1), and in any case,

1.

all insured persons in the VAG and BPG shall be subject to the same time limits for all insured persons; and

2.

No differentiation by reference date for inclusion in the company collective insurance or the exclusion from the company collective insurance may exist.

(5) Insofar as persons referred to in paragraph 3 (1) and (3) are involved,

1.

the insurance contract shall also contain the following provisions:

a)

the amount of the basis of assessment of the contribution for persons under subsection 3 (1) and (3), where the basis of assessment is the maximum of the double annual ASVG maximum contribution basis and 150 vH of the basis of assessment of the best-performing worker may not exceed;

b)

the retirement age, which shall be in accordance with the retirement age fixed in the insurance contract for the employees;

c)

the conditions for the granting of an invalidity pension, whereby a benefit may be provided only if a legally binding decision by a statutory pension insurance institution or an occupational pension scheme is provided is available for the recognition of an occupational disability;

2.

the following provisions shall be applied in addition:

a)

§ 6a (4) of the BPG with regard to additional own premiums;

b)

§ 6b BPG with regard to the restrictions on the availability and the executive orders of non-subservient charges pursuant to § 6c BPG;

c)

§ 6c BPG with regard to the intangibility of contribution performance; the termination of the function within the meaning of paragraph 3 Z 1 or 3 is equivalent to an end of the service relationship;

d)

§ 6d BPG with regard to the adjustment, discontinuation or restriction of premium performance.

(6) For the persons referred to in paragraph 3 Z 4, the insurance contract shall, on the basis of an individual agreement to be concluded between these persons and the employer, in particular the level of the cover requirement in accordance with § 96 and the right to power to be included.

(7) Section 91 (2) shall not apply to collective insurance.

Company collective insurance: obligation to participate

§ 94. (1) The employer and the insured persons shall notify the insurance undertaking in writing of all the circumstances relevant to the calculation of premiums and insurance benefits and the modification thereof. If the communication does not take place or does not take place in a timely manner, then they have to bear any disadvantages themselves. Details must be laid down in the insurance contract.

(2) The insurance undertaking shall have an account for each insured person, broken down by the employer and the employee's premiums.

(3) The employer shall inform the insured persons of the conclusion of the insurance contract and, insofar as they are concerned, of any subsequent amendment of this contract. The insurance undertaking and the employer shall immediately, at the request of the insured person, make a copy of the parts of the insurance contract relating to the insurance contract concerned, in the form of a paper.

(4) The insurance undertaking has in writing in writing, as at 31 December of the previous financial year, the right to be paid annually by the employer and by the employer and the employee in writing. Premiums and the development of the cover reserve during this financial year and their status at the end of this financial year. This information shall also contain a forecast of the estimated level of supply services. In addition, the insurance company has the right to apply for the investment and value development of the cover stock in accordance with § 300 (1) (2) (2), as well as all others for the fulfilment of the obligations arising from the insurance contract. to inform the relevant data.

(5) The insurance undertaking shall in writing, as at 31 December of the previous financial year, give the persons entitled to benefit in writing in writing, in an appropriate form, on the development of the cover provision during this financial year and the Information to be informed at the end of this financial year. In addition, the insurance company has the persons entitled to benefit over the investment and value development of the cover stock in accordance with § 300 (1) (2) (2) and also on all other benefits for the fulfilment of the obligations arising from the insurance contract to inform the relevant data. In addition, the persons entitled to benefit shall be informed of any changes in the pension benefits.

(6) The insurance undertaking shall have in writing each person entitled to benefit upon the receipt of the benefit on the basis of the acquired right to age, survivors ' or invalidity benefit, as well as the payment methods of the pension in writing. information.

(7) The FMA, with the agreement of the Federal Minister of Finance, shall determine the minimum content and the structure of the information referred to in paragraphs 4 to 6 of this Regulation if this is in the interests of the insured and of better comparability and Transparency is required.

(8) In accordance with the existing technical possibilities, a secure electronic access to this information may also be provided in lieu of the written information referred to in paragraphs 3 to 6, in accordance with the express agreement of the insured person. Insurance undertakings are made possible. Information pursuant to paragraph 3 may also be made available on another durable medium in accordance with § 16 paragraph 1 WAG 2007, after the express consent of the insured persons.

(9) The insurance undertaking shall make available to a collective contractual interest representation of the employees, on request, those parts of the actuarial basis which are relevant to performance, which shall be made available on a case-by-case basis and on request. an insured person or a person entitled to benefit is required for the verification of the information referred to in paragraphs 4 to 6.

Collective insurance: Termination

§ 95. (1) A termination of the insurance contract by the employer or by the insurance undertaking or a consensual termination of the insurance contract is only admissible and legally effective if a transfer of the insurance contract pursuant to para. 3 to assets transferred to an operating collective insurance of another insurance company entitled to operate domestily, a pension fund, a body within the meaning of § 5 Z 4 PKG or a facility of the additional pension insurance in accordance with § 479 ASVG. The termination or consensual termination may be legally binding only for all insured persons unless stated in the operating agreement, the collective agreement or in the agreements according to the contractual model, that in the event of termination of the contract of the insurance contract shall remain in the company's collective insurance for all pensioners or all insured persons and pensioners who have been made non-contributory to the insurance contract.

(2) The time limit for the dismissal of the insurance contract by the employer or the insurance undertaking is one year. The cancellation may only be made with effect on the balance sheet date of the insurance company. The consensual termination of the insurance contract shall be effective at the earliest on the balance sheet date of the insurance undertaking which is at least six months after the agreement of the consensual termination of the insurance contract.

(3) The value of the assets to be transferred in the event of termination shall be equal to the cover provision which is covered by the insurance contract.

Company collective insurance: transfer of legal rights

§ 96. (1) The transfer of entitlements and performance obligations arising from direct benefit commitments or from claims arising from the Law on Breeding into an operational collective insurance shall be permissible under the following conditions:

1.

The transfer of the cover requirement plus the interest on the insurance undertaking shall be made within ten years from the date of the transfer.

2.

The transfer of the cover requirement plus the invoice interest shall be made annually at least one tenth each; early credit transfers shall be permitted.

3.

The employer's accepted obligation to transfer the cover requirement in installment remains through

a)

the entry of the benefit,

b)

the withdrawal of the claim, or

c)

the termination of the employment relationship during the transmission period

unaffected.

In the event of a severance payment (§ 93 para. 1 Z 2, § 6c para. 4 BPG or § 5 para. 2 AVRAG) or a transfer (§ 6c sec. 2 Z 1 to 4 BPG) of an inconspicuity amount the employer has at the latest at the time of departure or transfer the harbogger To transfer part of the cover requirement prematurely to the insurance company.

(2) If the employer does not comply with his obligation to transfer the cover requirement in accordance with paragraph 1, because the conditions are fulfilled

1.

§ 6d para. 1 Z 2 BPG or

2.

are available for the opening of insolvency proceedings (§ 66 and § 67 IO),

the insurance undertaking has to adapt the relevant conditions and the obligations under which it is to be carried out. The employer must credibly make the existence of the conditions of § 6d sec. 1 Z 2 BPG the insurance company. The adjustment of the transfer of the cover requirement by the employer shall also require the employer to revoke his current premium payments to the insurance undertaking.

(3) If the employer does not comply with his obligation to transfer the cover requirement on the basis of the entry of one of the conditions set out in Section 2 (2) (1) or (2), the remaining part of the cover requirement shall be incurred a claim from a direct benefit commitment of the employer. The calculation of the claim shall be made in accordance with the accounting principles used by the insurance undertaking for the collective insurance scheme in the workplace. Section 3 of the BPG is to be applied to this employer's claim against the employer. The other terms and conditions of this direct benefit assessment shall be based on the agreements between the employer and the insured persons on which the insurance contract is based.

(4) The amount of infestation on which the insured person is entitled to the employer in accordance with the following provisions shall be calculated from the claim provided for in paragraph 3 above:

1.

the amount of intangibility shall be equal to the present value of the claims resulting from the claim referred to in paragraph 3 above;

2.

for the calculation of the inconspicuity amount, the rate of account used in the collective insurance scheme shall be based on the basis of the calculation of the inconspicuity;

3.

the risk of invalidity shall not be taken into account in the calculation of the invalidity amount;

4.

the amount of the inconspicuity shall be limited to the amount of the outstanding part of the cover requirement.

(5) If the amount of infertility calculated in accordance with the provisions of Section 7 (3) (3) (1) of the BPG for the direct benefit commitment pursuant to paragraph 3 is the amount of indisputable amount calculated in accordance with paragraph 4, interest with the foot of the invoice (§ 14 para. 6 Z 6 EStG 1988), the higher value shall be deemed to be higher.

(6) In the case of a transfer as referred to in paragraph 1, employees ' contributions may also be transferred, where:

1.

the worker may require this transfer only prior to the transfer referred to in paragraph 1; and

2.

the transfer of the employees ' contributions at the time of the transfer referred to in paragraph 1 is to be made entirely.

(7) By way of derogation from Article 93 (1) (2), the granting of an entitlement to benefits and obligations arising from a direct benefit commitment without survivor's provision as referred to in paragraph 1, which was granted before 1 July 1990, shall be subject to the following conditions: Survivor's pension is not required by the insurance company. However, this applies only to those insured persons to whom this benefit has already been promised before 1 July 1990 and to those direct commitments which have not been subject to substantial changes since 1 July 1990 and in the course of the transfer. . After the transfer has been completed, such commitments may only be changed if they comply with Section 93 (1) (2). For the transfer of the cover requirement, paragraphs 1 to 5 shall apply.

Company collective insurance: Advisory Committee

§ 97. (1) A Advisory Committee shall be set up for the operation of the collective insurance scheme.

(2) The Advisory Committee shall have the right to:

1.

To submit proposals for the investment policy,

2.

the Management Board, the Supervisory Board or require the Management Board and the Executive Directors to provide information on the operation of the collective insurance scheme,

3.

Representatives to the Annual General Meeting or to send the assembly of the supreme body entitled to ask questions concerning the operation of the collective insurance scheme, and

4.

the inclusion in the agenda of the Supervisory Board of the objects of the collective insurance company of the Management Board and a representative to the Supervisory Board or to the Administrative Board, which shall participate in the deliberations of these agenda items without voting rights.

(3) The Advisory Committee shall consist of four members, two of which shall be appointed by the Board of Directors. order from the managing directors of the insurance undertaking and, in each case, one of a collective contractual voluntary interest representation of the employees and of a statutory representation of the interests of the employees shall be sent.

(4) The Advisory Committee shall draw up its own rules of procedure and shall elect a chairman and a deputy from among its members. It decides by a simple majority of votes. In the event of a tie, the Chairman's vote shall indicate the rash.

Company collective insurance: information requirements for transfers between company collective insurance and pension fund

§ 98. (1) The insurance company has a insured person or an eligible person (§ 5 Z 1 PKG) on request before a decision in accordance with § 5 (5), § 5a (1), § 6c (5) or § 6e paragraph 1 BPG on a durable medium according to § 16 para. 1 WAG 2007. The insurance undertaking shall keep records of the information and decision of the insured person and keep it for a period of at least seven years. The records must be kept on a data carrier so that they can be made available to the FMA without delay in the future.

(2) The information referred to in paragraph 1 shall be:

1.

for the insured person, the amount of the infestation amount pursuant to Section 6c (1) of the BPG,

2.

the relevant parameters of the actuarial bases used in the preparation of the tariff and the calculation of technical provisions,

3.

a presentation of the differences between the occupational collective insurance and a pension fund basis before a decision pursuant to § 5 (5) or § 5a (1) BPG

4.

on the basis of the cover provision or the inconspicuity amount in accordance with Article 5 (1) of the BPG, assuming that the last premium payments or contributions paid by the employer and the employee have been granted, forecasts of the respective future trends in insurance and pensions, with the calculation of at least three different assumptions on the development of earnings, in addition to the guarantee rate,

to be included.

(3) The FMA has to determine the content and structure of the information provided for in paragraph 1 above and to the calculations referred to in paragraph 2 (2) (4) by regulation. In doing so, it must take into account the interests of the insured and eligible persons in a sufficient, comparable and clearly understandable information.

Section 3

Non-life insurance

Legal protection insurance

§ 99. (1) An insurance undertaking which operates the legal protection insurance (Z 17 of Annex A) shall ensure that:

1.

the persons involved in the settlement of claims in this insurance branch shall not have the same or similar activity in another insurance branch operated by that undertaking or for another, with that undertaking in accordance with Article 228 (2) (a) 3 UGB affiliated companies, or

2.

the claims settlement in this insurance branch shall be transferred to another company.

(2) The management of the company to which the claims settlement pursuant to paragraph 1 Z 2 is transferred must be suitable for the purpose of section 120 (1) and (2) (2) (2) (1) and (2). The persons involved in the claims settlement in this company may not carry out the same or similar activity for a company affiliated with this company in accordance with Section 228 (3) of the UGB.

(3) Paragraph 1 shall not apply to risks relating to disputes or claims arising out of the use of ships at sea or associated with the use of such ships.

Motor vehicle civil liability insurance

§ 100. (1) The concession for the operation of insurance against civil liability in respect of the use of motor vehicles (Z 10 of Appendix A), with the exception of the liability of the carrier ' s liability, may be granted only if the insurance undertaking in each other Member State has a Claims representative appointed.

(2) The claims representative shall have the task of carrying out damage to the insurance undertaking, the persons who have their residence or registered office in the State for which he is appointed, in another State whose national Insurance office has joined the Green Card system, has been inflicted on a vehicle which has its habitual location in a Member State other than the State of residence or the host State of the injured party, and which has its registered office or in a Member State other than the State of residence of the injured party. a Member State other than the State of residence or the State of residence of the injured party A branch of an insurance undertaking established in the territory of the country or in the domestic branch of a third country insurance undertaking.

(3) The following requirements shall apply to the claims representative:

1.

He must have the personal reliability and professional competence required to perform his duties and, in particular, be able to do so in the official language or languages of the State for which he is appointed. edit.

2.

He must have his residence or registered office or establishment in the State for which he is appointed.

3.

It must be responsible for collecting all necessary information on claims falling under the second paragraph, and to take the necessary measures to discharge the damage.

4.

It must have sufficient powers to represent the insurance undertaking in the treatment and satisfaction of claims arising from claims falling under par. 2 in relation to the injured parties and to meet those claims.

(4) A change of the person or address of the claims representative is to be reported to the FMA without delay.

Health insurance in the form of life insurance: General provisions

§ 101. In so far as the sickness insurance cover Z 2 of Appendix A is subject to an agreement in accordance with § 178f (1) of the VersVG, it may be operated domestily only in the manner of life assurance, with the following:

1.

the premiums are to be calculated on an actuarial basis using probable signs and other relevant statistical data;

2.

a cover provision (ageing reserve) must be made on an actuarial basis; and

3.

the policyholder, except in the group insurance, is to be granted the right under the contract, taking into account the rights acquired from the term of the contract and the repayment of the old age in another tariff of the same type of insurance (§ 178b ) to the previous level of coverage.

Health insurance according to the type of life insurance: special provisions

§ 102. (1) Insurance undertakings operating in the territory of the country or in another Member State under the type of life assurance scheme on the basis of a concession granted in accordance with Z 2 of Annex A shall be subject to the actuarial Principles used for the production of tariffs and the calculation of technical provisions

1.

prior to its initial application, and

2.

in the case of any modification or addition prior to their application

. The FMA is able to lay down detailed rules on the content, structure and nature of the transmission of the actuarial basis.

(2) The premiums for newly concluded or revised insurance contracts shall be sufficient, in accordance with assumptions based on actuarial terms, to ensure the permanent fulfilment of the obligations arising from the insurance contracts; , in particular, to enable appropriate technical provisions to be set up.

(3) § 92 (4) to (6) shall apply to the sickness insurance scheme which is operated in the manner of life insurance.

Accident insurance in the form of life insurance

§ 103. To the extent that the accident insurance is operated in the manner of life insurance (accident insurance with premium reinsurance), § 92 is to be applied.

Section 4

Financial reinsurance and special purpose companies

Financial reinsurance

§ 104. Insurance and reinsurance undertakings which conclude financial reinsurance contracts or make financial reinsurance undertakings shall ensure that they are proportionate to the risks arising from such contracts or transactions identify, measure, monitor, manage and control, as well as report on it.

Purpose Companies

§ 105. (1) The concession of the FMA in accordance with the provisions of the Implementing Regulation (EU) shall be required by special purpose vehicles with registered offices in Germany.

(2) If, due to the legal form of the special purpose company, registration is required in the company's book, it may not take place until the communication with which the concession has been issued has been issued in original or in a publicly certified copy. is available. The Company's Court of Appeal has to deliver orders and decisions on such entries also to the FMA.

5. Main piece

Governance

Section 1

General requirements

Responsibility and responsibility of the Executive Board or of the Management Board

§ 106. The Management Board or The Board of Directors of the insurance or reinsurance undertaking shall be responsible for compliance with the rules applicable to the operation of the contract insurance and the recognized principles of sound business operations.

Governance system requirements

§ 107. (1) Insurance and reinsurance undertakings shall establish an effective governance system ensuring a sound and prudent management of the business and of the nature, scope and complexity of business activities. is appropriate. An internal review of the governance system should be carried out on a regular basis.

(2) The governance system shall at least ensure:

1.

an appropriate and transparent organisational structure with a clear allocation and an appropriate separation of responsibilities;

2.

an effective system for the transmission of information; and

3.

Compliance with the provisions of § 108 bis § 113, § 117 bis § 119 and § 120 bis § 123.

(3) Insurance and reinsurance undertakings shall, at least in the following areas, draw up and implement written guidelines:

1.

risk management;

2.

internal control;

3.

internal audit;

4.

Remuneration and

5.

where appropriate, outsourcing.

These guidelines are provided by the Executive Board and/or Board the Board of Directors in writing, to immediately adapt and review, at least once a year, major changes in the respective fields.

(4) Insurance and reinsurance undertakings shall take reasonable steps to develop contingency plans in order to ensure the continuity and regularity of their activities. For this purpose, appropriate and proportionate systems, procedures and resources shall be used.

Governance functions

§ 108. (1) Insurance and reinsurance undertakings shall establish the following governance functions:

1.

risk management function,

2.

compliance function,

3.

internal revision function and

4.

actuarial function.

(2) Essential provisions concerning those persons who are responsible for managing the governance functions of at least two members of the Executive Board or The Management Board shall be jointly meeting.

Offload

§ 109. (1) Insurance and reinsurance undertakings which outsource functions or business activities to service providers shall remain responsible for the performance of all prudential requirements. The outwarding insurance and reinsurance undertakings shall ensure that:

1.

the service provider cooperates with the FMA,

2.

they themselves, their auditors and the FMA have effective access to the data of the service provider concerning the outsourced functions or business activities,

3.

the FMA has effective access to the business premises of the service provider; and

4.

the service provider complies with the requirements of § 10 (1), first sentence, DSG 2000 and complies with the requirements of § 11 DSG 2000.

(2) Contracts for the outsourcing of critical or important operational functions or activities shall be notified to the FMA in good time prior to the outsourcing. They require prior approval by the FMA if the service provider is not an insurance or reinsurance undertaking.

(3) An outsourcing may not be made if the offload

1.

the quality of the governance system of the outwarding insurance or reinsurance undertaking is significantly affected;

2.

the operational risk is excessively increased,

3.

monitoring of compliance with the rules applicable to the operation of the contract insurance by the FMA, which is affected by the outlying insurance or reinsurance undertaking; or

4.

the permanent and non-free provision of services to policyholders and beneficiaries is at risk.

The authorisation may be granted subject to conditions where it appears appropriate to avoid the occurrence of the cases referred to in Z 1 to 4 or otherwise the risks to the interests of policyholders and beneficiaries.

(4) The issuing insurance undertaking or reinsurance undertaking shall immediately notify the FMA of any substantial subsequent changes in the functions and activities outsourced in accordance with paragraph 2. If the circumstances referred to in paragraph 1 and paragraph 3 occur after the granting of the authorisation or if these circumstances occur in the case of an unauthorised swap contract, the FMA may require the termination of the contractual relationship.

(5) The FMA may provide the issuing insurance or reinsurance undertaking with all the necessary information on the service provider with which a swap contract is to be concluded or has been concluded, in particular the submission of the Annual financial statements and other appropriate business documents.

Section 2

Risk Management

Risk Management System

§ 110. (1) Insurance and reinsurance undertakings shall establish an effective risk management system, including all the necessary strategies, processes and reporting procedures necessary to:

1.

the risks incurred and potential risks on a single and aggregated basis; and

2.

the interdependencies between these risks

to identify, measure, monitor, manage and report on it.

(2) The risk management system shall be effective in integrating into the organisational structure and in the decision-making processes of the insurance or reinsurance undertaking and the persons who are the insurance or reinsurance undertaking; or actually manage reinsurance undertakings or have other key functions, with due consideration. It has the risks to be included in the calculation of the Solvency Capital Requirement, as well as the risks not fully covered by this calculation, but at least to cover the following areas:

1.

risk drawing and the formation of a back-up,

2.

asset-liability management,

3.

capital investments, in particular derivatives and similar obligations,

4.

Liquidity and concentration risk management,

5.

Risk management of operational risks and

6.

reinsurance and other risk mitigation techniques.

The written guidelines on risk management in accordance with § 107 (3) (1) (1) (1) have to cover strategies relating to the areas mentioned in Z 1 to 6. If the volatility adjustment is applied, the written guidelines on risk management in accordance with Section 107 (3) Z 1 shall include criteria for the application of volatility adjustment.

(3) If insurance or reinsurance undertakings apply the matching adjustment or the volatility adjustment, they shall have a liquidity plan to be drawn up. In this case, all incoming and outgoing cash flows are to be projected in relation to the assets and liabilities subject to these adjustments.

(4) In terms of asset-liability management, insurance and reinsurance undertakings shall have regular assessments of:

1.

the sensitivity of the technical provisions referred to in the first paragraph. Section of the 8. the main part and the eligible own funds in relation to the assumptions underlying the extrapolation of the relevant risk-free interest rate curve;

2.

if the matching adjustment is applied, the insurance and reinsurance undertakings shall also take into account the following:

a)

the sensitivity of the technical provisions referred to in the first paragraph. Section of the 8. the main part and the eligible own funds in relation to the assumptions underlying the calculation of the matching adjustment, including the calculation of the basic spreads pursuant to Article 166 (4) (2), and the potential effects of Forced sales of assets to the eligible own resources;

b)

the sensitivity of the technical provisions referred to in the first paragraph. Section of the 8. the main part and the eligible own funds in relation to changes in the composition of the associated asset portfolio and

c)

the effect of a reduction in matching adjustment to zero.

3.

if the volatility adjustment is applied, the insurance and reinsurance undertakings shall also have to take into account the following:

a)

the sensitivity of the technical provisions referred to in the first paragraph. Section of the 8. the main part and the eligible own funds in relation to the assumptions underlying the calculation of volatility adjustment and the potential impact of the foreclossed sales of assets on the eligible own resources; and

b)

the effect of a reduction in volatility adjustment to zero.

If a reduction in the matching adjustment or the volatility adjustment to zero would result in non-compliance with the Solvency Capital Requirement, the FMA company shall submit an analysis of the measures taken in such a situation. , in order to reapply the eligible own funds in the level required to cover the Solvency Capital Requirement or to reduce the risk profile, so that the coverage of the Solvency Capital Requirement is restored.

(5) The insurance and reinsurance undertakings shall, in the use of external credit ratings, have for the calculation of technical provisions in accordance with the first paragraph of this Article. Section of the 8. the main part and the Solvency Capital Requirement, in the context of their risk management, to verify the adequacy of these external credit ratings by making additional assessments as far as possible.

(6) Insurance and reinsurance undertakings have to document in a comprehensible way that in the area of the capital investment risk, § 124 and § 125 are complied with.

(7) The risks of money laundering and terrorist financing shall also be subject to the risks referred to in paragraph 1.

Corporate risk and solvency assessment

§ 111. (1) Insurance and reinsurance undertakings shall carry out an enterprise risk and solvency assessment in the framework of the risk management system. This has to be an integral part of the business strategy, to be continuously incorporated into the strategic decisions and to include at least the following:

1.

the overall solvency requirement, taking into account the specific risk profile, the approved risk tolerance thresholds and the business strategy,

2.

the ongoing compliance with the provisions on the solvency and minimum capital requirements in accordance with the provisions of the third paragraph. to 6. Section of the 8. the main part and the provisions relating to the technical provisions referred to in the first paragraph. Section of the 8. Main item and

3.

the significance of the deviation of the risk profile from the assumptions underlying the calculation of the Solvency Capital Requirement, calculated using the standard formula or using an internal model.

(2) Within the framework of paragraph 1 (1) (1), processes are to be set up which are proportionate to the nature, extent and complexity of the risks, and which enable the insurance or reinsurance undertaking to take the risks with which it is short-and- in the long term, and which it may be exposed to, or may be exposed to, adequately identified and assessed. The methods according to which the overall solvency requirement is assessed shall be set out.

(3) If the matching adjustment, the volatility adjustment or the transitional measures are applied in accordance with § 336 and § 337, the coverage of the capital requirements pursuant to paragraph 1 Z 2 with and without consideration of these adjustments and Transitional measures to be assessed.

(4) If the Solvency Capital Requirement is calculated using an internal model, the assessment in accordance with Section 1 Z 3 shall be carried out together with the recalibration, which shall include the results of the internal model to the risk ate and the calibration of the Solvency Capital Requirement.

(5) Insurance and reinsurance undertakings shall carry out the company ' s risk and solvency assessment on a regular basis and without delay following the occurrence of a substantial change in their risk profile.

(6) The corporate risk and solvency assessment shall not be used for the calculation of the Solvency Capital Requirement. The Solvency Capital Requirement can only be adjusted in accordance with § 211 bis § 214, § 217 and § 277.

Risk Management function

§ 112. (1) Insurance and reinsurance undertakings shall set up a risk management function and structure them in such a way as to facilitate the implementation of the risk management system.

(2) Insurance and reinsurance undertakings which use an internal full or partial model according to § 182 and § 183 shall entrust the risk management function with the following additional tasks:

1.

Design and implementation of the internal model,

2.

Test and validation of the internal model,

3.

documentation of the internal model and subsequent changes,

4.

Performance Analysis of the Internal Model

5.

compilation of summary reports and

6.

current information of the Executive Board and/or of the Management Board and of the Managing Directors

a)

the performance of the internal model

b)

recommendations to improve poor areas and

c)

Improvements currently made to fix detected vulnerabilities.

Section 3

Actuarial function and responsible actuary

Actuarial function

§ 113. (1) Insurance and reinsurance undertakings shall have an effective function in the field of actuarial, which shall be entrusted with the following tasks:

1.

Coordination of the calculation of technical provisions in accordance with 1. Section of the 8. Main item,

2.

To ensure the appropriateness of the methods and basic models used and to ensure that the technical provisions are calculated in accordance with the provisions of the 1. Section of the 8. the assumptions made by the main body,

3.

Assessment of the suitability and quality of the data used in the calculation of technical provisions in accordance with the first paragraph of this Article. Section of the 8. the main part of the project is based on:

4.

Comparison of the best estimates with the experience values,

5.

Information of the Executive Board or the Board of Directors and the Managing Directors on the reliability and appropriateness of the calculation of the technical provisions in accordance with the first paragraph of this Article. Section of the 8. Main item,

6.

Monitoring of the calculation of technical provisions in accordance with 1. Section of the 8. the main item within the scope of section 164,

7.

Deliver an opinion on the general drawing and acceptance policy and on the adequacy of reinsurance agreements and

8.

Participation in the effective implementation of the risk management system in accordance with § 110, in particular with regard to the creation of risk models underlying the calculation of the solvency and minimum capital requirements, and in the case of the company's own Risk and solvency assessment according to § 111.

(2) The exercise of the management of the actuarial function by the responsible actuary or his deputy (Section 114 (1)) shall be carried out with the simultaneous fulfilment of the conditions prescribed in each case, taking into account the The nature, scope and complexity of the insurance undertaking ' s business activities shall be permitted.

Responsible actuary

§ 114. (1) Insurance undertakings which, within the framework of their concession pursuant to Article 6 (1), shall:

1.

life insurance,

2.

Health insurance according to the type of life insurance or

3.

accident insurance in the form of life insurance,

have a responsible actuary and a deputy to order. For the insurance companies mentioned in Z 1 to 3, a responsible actuary and deputy can be appointed separately.

(2) The main provisions of the responsible actuary and his deputy shall be made by at least two members of the Executive Board and/or of the Management Board.

Order to the responsible actuary

§ 115. (1) Only natural persons who have the necessary professional qualifications and who are personally reliable may be appointed to the responsible actuary or his deputy. The professional qualification requires sufficient, at least three years of professional experience as actuary.

(2) The insurance company has to notify the FMA of the intended appointment of a responsible actuary and its deputy. If there are reasonable doubts as to the fulfilment of the requirements for the order, the FMA has to object within three months of the order and to demand the appointment of another responsible actuary or deputy.

(3) After the appointment of a responsible actuary or his deputy, the conditions for his order no longer exist, or is to be assumed for other reasons that the proper performance of the tasks can no longer be guaranteed, the FMA has to request the appointment of another responsible actuary or his deputy.

(4) The insurance undertaking shall immediately notify the departure of a responsible actuary or his deputy of the FMA, including the reasons which are responsible for the departure.

(5) The FMA may lay down detailed rules on the professional qualifications and the personal reliability of the responsible actuary and his deputy. In particular, it may refer to the necessary documents to be submitted to the FMA for the purpose of proving the required conditions.

Tasks and powers of the responsible actuary

§ 116. (1) The responsible actuary has

1.

ensure that the production of the tariffs and the calculation of the technical provisions in life assurance and the health insurance and accident insurance in the manner of life insurance are calculated according to the applicable rules and actuarial bases,

2.

to ensure that the profit-sharing of policyholders in life insurance (§ 92 (4)) corresponds to the winning plan and

3.

to assess whether, on the basis of the rules and actuarial principles applicable to the calculation of technical provisions, the income from the capital investments is based on the permanent fulfilment of the provisions of the insurance scheme. Obligations arising from insurance contracts can be expected.

(2) The Executive Board or the Board of Directors and the Managing Directors shall provide the responsible actuary with all the information necessary for the actuary to fulfil his/her duties in accordance with paragraph 1 of this Article.

(3) The responsible actuary has the Executive Board or to report annually to the Board of Directors and the Executive Directors, in writing, on the perceptions of the performance of its activities in accordance with paragraph 1 of the previous financial year. The insurance undertaking shall submit the report without delay and in any case within five months of the end of the financial year of the FMA; upon request, the FMA may, in duly substantiated cases, extend that period. The FMA has to adopt a regulation laying down detailed rules on the content, structure and type of transmission of the report.

(4) If the actuary responsible, in the performance of his activity as referred to in paragraph 1, finds that the production of the tariffs and the calculation of technical provisions do not comply with the provisions in force; and If actuarial is the subject of actuarial actuarial or that the permanent fulfilment of the obligations arising from the insurance contracts is at risk, he shall immediately inform the Board of Directors or to report to the Board of Directors and Executive Directors. Carry the board of directors or The Board of Directors or the Executive Directors ' Executive Board does not take into account the notions of the responsible actuary, so the responsible actuary has to notify the FMA without delay.

(5) The responsible actuary has referred in his report (paragraph 1). 3) to include a confirmation note. It shall expressly state whether the audit opinion is given in full or in a limited way. The responsible actuary has to sign the confirmation note or the endorsement of his/her failure, stating the place and the day. The liability of the institutions of the insurance undertaking shall not be affected by the audit opinion of the responsible actuary.

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

1.

the cover provision in accordance with § 152 and the premium surcharges pursuant to § 151 are calculated in accordance with the applicable rules and actuarial principles and the actuarial principles used are appropriate and the the principle of prudence, and

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 arising out of the insurance contracts, in particular the establishment of adequate provisions in accordance with the 7. the main piece, and

b)

the profit participation of the policyholders corresponds to the profit plan.

(7) If objections are to be raised, the responsible actuary shall restrict his/her declaration pursuant to paragraph 6 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.

(8) The responsible actuary is to be attached to the meetings of the Audit Committee pursuant to Section 261 (4), which is concerned with the preparation of the determination of the annual financial statements (consolidated financial statements) and its examination, and has over the Main findings of his report (paragraph 1) 3) and the audit opinion (par. 6) as well as on any objections and claims (para. 7).

Section 4

Internal control, compliance and internal revision function

Internal Control System

§ 117. Insurance and reinsurance undertakings shall set up an effective internal control system, which shall include at least:

1.

administrative and accounting procedures;

2.

an internal control framework,

3.

an adequate reporting and reporting system at all levels of the enterprise; and

4.

a compliance function.

Compliance function

§ 118. The compliance function has in particular the following tasks to be fulfilled:

1.

Advising the Executive Board or the Management Board and the Managing Directors with regard to compliance with the rules applicable to the operation of the contract insurance;

2.

to assess the potential impact of changes in the legal environment on the activities of the insurance or reinsurance undertaking; and

3.

Identification and assessment of the risk associated with non-compliance with the legal requirements (Compliance-Risk).

Internal revision function

§ 119. (1) Insurance and reinsurance undertakings shall establish an effective internal revision function. It has the legality, regularity and appropriateness of the business of the insurance or reinsurance undertaking, as well as the appropriateness and effectiveness of the internal control system and of the other components of the Governance system.

(2) The internal revision function shall be objective and independent of any other operational activities. It has all findings and recommendations to the Executive Board or inform the Board of Directors and the Executive Directors. The Management Board or the Management Board shall decide which measures should be taken on the basis of the findings and shall ensure the implementation of such measures.

(3) In addition to paragraph 2 and the provisions of the Implementing Regulation (EU), the internal revision function has the contents of the audit plan and essential findings and recommendations on the basis of examinations carried out quarterly to the chairman. of the Supervisory Board or of the Management Board of the insurance or reinsurance undertaking and the Audit Committee. The Chairman of the Supervisory Board or of the Management Board shall be held at the next meeting of the Supervisory Board or of the Board of Directors on the examination areas and the main audit findings.

Section 5

Professional qualification and personal reliability

General provisions

§ 120. (1) Insurance and reinsurance undertakings shall ensure that all persons who actually conduct the enterprise or who hold governance or other key functions are at any time

1.

have sufficient professional qualifications, knowledge and experience to ensure sound and prudent management (technical qualification) and

2.

are reliable and integer (personal reliability).

(2) For members of the Executive Board or The Board of Directors and Managing Directors shall be subject in addition to Section 1:

1.

At least two members of the Executive Board or the Board of Directors must have sufficient knowledge and experience in the insurance business and management experience; this is generally to be assumed if at least three years of senior management activity in the case of an insurance undertaking or Reinsurance undertakings of comparable size and business type. If executive directors do not belong to the Board of Directors, this requirement must be met by at least one member of the Board of Directors and at least one managing director, and knowledge of other persons is sufficient and experience in other areas which are essential for the operation of the insurance business and a managerial activity in the case of such undertakings. At least one member of the Executive Board or The Board of Directors has to master the German language; if executive directors do not belong to the Board of Directors, then at least one of them has to master the German language.

2.

Personal reliability with the members of the Executive Board or In any event, the Board of Directors and the Managing Directors shall not be given the right to exclusion in the sense of § 13 GewO 1994 or of the assets of such persons or the assets of another legal entity insolvency proceedings have been opened as a natural person on whose business the person is responsible or admitted to the relevant influence, unless in the context of the insolvency proceedings it is at the end of a bankruptcy legal proceedings Renovation plan that has been fulfilled. This is also true if a similar situation has been achieved abroad.

3.

Members of the Management Board may, at the earliest after the end of a period of two years after the end of their duties, take up an activity as Chairman of the Supervisory Board within the same insurance or reinsurance undertaking in which: they had previously worked in this executive function. If a member of the Board of Management accepts a function as Chairman of the Supervisory Board against this provision, he shall be deemed not to be elected Chairman.

4.

Members of the Executive Board or The Management Board and the Managing Directors shall not engage in any activity likely to affect the orderly management of the insurance or reinsurance undertaking. They may also not exercise a principal occupation outside the insurance, banking or pension scheme, as well as outside payment institutions, e-money institutions, investment firms or investment service providers.

(3) The management of the

1.

risk management function,

2.

compliance function,

3.

internal revision function,

4.

actuarial function or

5.

other key features

may be exercised only by natural persons who are self-authorised and who have sufficient professional qualifications in the fields relevant to insurance and reinsurance undertakings for their tasks, which are the nature of the property, the extent and complexity of the risks associated with doing business are appropriate. This is usually to be assumed if a relevant course of study has been completed and an at least three-year relevant professional experience is proven. In addition, the management of actuarial function may only be carried out by persons who have sufficient knowledge of the insurance and financial mathematics, which is the nature, extent and complexity of the insurance and financial mathematics. Risks associated with doing business are appropriate and can provide sufficient information on their relevant experience in applicable professional and other standards.

(4) Insurance and reinsurance undertakings shall have appropriate arrangements for the representation of governance functions and other key functions, the requirements laid down in paragraph 3 being applicable to the substitutes in accordance with the appropriate conditions.

(5) The FMA, taking into account the Implementing Regulation (EU), the Guidelines (EIOPA) and the Recommendations (EIOPA), may lay down detailed rules on the professional qualification and personal reliability of persons in accordance with the provisions of the Regulation. 3, meet. In particular, it may refer to the necessary documents to be submitted to the FMA for the purpose of proving the required conditions.

Proof of reliability

§ 121. (1) The FMA shall be with nationals of other Member States

1.

the submission of a criminal record, or

2.

in the absence of a criminal record, the presentation of an equivalent document issued by a competent judicial or administrative authority in the Member State of origin or the home Member State of the respective nationals concerned, from which the shows that these requirements have been met,

as sufficient proof of the conditions laid down in Section 120 (1) (2) and (2) (2) (2).

(2) Where the document referred to in paragraph 1 is not issued in the home Member State or home Member State of the respective nationals concerned, it may:

1.

by means of an affidavit or

2.

in the absence of an afficial declaration pursuant to Z 1, by a solemn declaration issued by the national concerned before a competent judicial or administrative authority or, where appropriate, in front of a notary of the country of origin, or Member of the home Member State,

shall be replaced. The certificate issued by the competent judicial or administrative authority or the notary shall be recognised by the FMA. This also applies to a declaration that no insolvency has occurred which has been made before a professional association of the Member State concerned.

(3) The documents, declarations and certificates referred to in paragraphs 1 and 2 may not be older than three months in the case of their submission.

(4) The provisions of paragraphs 1 to 3 shall apply mutatily to nationals of third countries.

Display to the FMA

§ 122. (1) Insurance and reinsurance undertakings shall have the FMA

1.

the intended appointment of members of the Executive Board or of the Management Board and of the Managing Directors no later than one month before the order; and

2.

the order of persons who actually lead the company or who are responsible for governance or other key functions immediately after the order

. The notification to the FMA shall be accompanied by all documents necessary to verify the professional qualification and the personal aptitude. With the registration of the registration of members of the Executive Board or of the Board of Directors and of Managing Directors in the Company Book is to be presented with the notification of the order.

(2) In the case of the appointment of the persons in accordance with paragraph 1, there are reasonable doubts as to the performance of the professional qualification or the personal reliability, so the FMA has to object to the order and to the insurance or To require reinsurance undertakings to order other suitable persons. If there are reasonable doubts only after the order has been placed, or if the conditions for the order are subsequently removed, or if for other reasons it is assumed that the persons referred to in paragraph 1 do not fulfil their duties properly , the FMA may require the insurance or reinsurance undertaking to order other suitable persons.

(3) The FMA shall be notified without delay with regard to the persons referred to in paragraph 1 above:

1.

Changes in the conditions laid down in § 120 (1) to (3),

2.

the replacement due to non-fulfilment of the requirements pursuant to § 120 para. 1 or

3.

whose exit.

Regulations for the Supervisory Board

§ 123. (1) The members of the Supervisory Board shall comply with the conditions set out in § 120 (1).

(2) In addition to paragraph 1, the Chairman of the Supervisory Board shall have the appropriate theoretical and practical knowledge required for the operation and accounting of an insurance or reinsurance undertaking. In addition, it also has to comply with the provisions relating to personal reliability pursuant to § 120 sec. 2 Z 2 as well as the requirements pursuant to § 120 paragraph 2 Z 4 first sentence.

(3) The election or The FMA shall be immediately notified of the order and the departure of members of the Supervisory Board.

(4) The election and the departure of the Chairman of the Supervisory Board shall be notified immediately to the FMA. The display of the choice shall be accompanied by all documents necessary to verify the professional qualification and the personal aptitude.

(5) At the request of the FMA, the Court of First Instance, appointed to exercise jurisdiction in commercial matters, shall revoke the election of the Chairman of the Supervisory Board in proceedings in addition to disputes if the latter referred to in paragraphs 1 and 2 above. Requirements not met. The application shall be submitted within four weeks of the date of notification of the election. The function of the Chairman of the Supervisory Board shall be based on the final decision of the Court of First Instance. If the requirements are in place at the time of the election and if they are subsequently dropped, the FMA has, within four weeks of determining the non-existence of the requirements, a request to be convened in order to exercise the jurisdiction in the Commercial matters shall be the Court of Justice of the Court of First Instance in proceedings in addition to disputes. The function of the Chairman of the Supervisory Board shall also be based on the final decision of the Court of First Instance.

(6) Rights and obligations which are provided to the administrative, management or supervisory body in accordance with the Implementing Regulation (EU) shall be the subject of the Management Board and/or the reinsurance undertaking. the Administrative Board and the Managing Directors, in respect of the provisions relating to the professional qualification referred to in Article 273 (3) and the application of the remuneration rules in accordance with Article 275 (1) (lit). c of the Implementing Regulation (EU) also to the Supervisory Board.

(7) In insurance or reinsurance undertakings, the calculated premiums of which exceed EUR 750 million or the transferable securities of the total business operated under the concession, which are to be traded on a regulated market pursuant to § 1 para. 2 BörseG is authorised by the Supervisory Board or The Board of Directors must appoint an audit committee consisting of at least three members of the Supervisory Board, or of the Management Board. It must include a person who has special knowledge and practical experience in the operation and accounting of an insurance or reinsurance undertaking and the reporting in respect of the insurance undertaking in question. or reinsurance undertakings (financial expert). Chairman of the Audit Committee or financial expert shall not be the person who has been a member of the Management Board or of the Board of Directors, managing director, senior staff member (§ 80 AktG) or the auditor of the the insurance and reinsurance undertaking, which has been underwritten or has not been independent and untramable for other reasons. The Audit Committee shall hold at least two meetings in the financial year. The auditor is to be assigned to the meetings of the Audit Committee, which deal with the preparation of the statement of the annual financial statements (consolidated financial statements) and its examination, and has to report on the audit. The tasks of the Audit Committee include:

1.

the monitoring of the accounting process;

2.

the monitoring of the effectiveness of the internal control system, the internal audit function, and the company's risk management system;

3.

the audit of the audit and audit of the consolidated financial statements,

4.

the audit and monitoring of the auditor's independence (consolidated auditor), in particular with regard to the additional services provided to the audited entity;

5.

the examination and preparation of the determination of the annual accounts, the proposal for the distribution of profits, the management report, the solvency and financial position report and, where appropriate, the corporate governance report, and the reimbursement of the Report on the audit results to the Supervisory Board or the Management Board,

6.

where appropriate, the audit of the consolidated financial statements and management reports and the report on the solvency and financial situation at the group level, and the reimbursement of the report on the results of the audit to the parent undertaking's supervisory body, and

7.

the preparation of the proposal of the Supervisory Board or of the Board of Directors for the selection of the auditor (group auditor).

6.

Investments

Principle of business caution

§ 124. (1) Insurance and reinsurance undertakings shall apply their total assets in accordance with the following principles:

1.

In relation to the entire portfolio of assets, insurance and reinsurance undertakings may only invest in assets and instruments whose risks they may adequately identify, measure, monitor, manage, manage and manage Risks they can report appropriately and whose risks they can take due account of when assessing the overall solvency requirement in accordance with § 111 (1) (1) (1) (1).

2.

All assets are to be invested in a way that ensures the security, quality, liquidity and profitability of the entire portfolio. In addition, the availability of these assets must ensure their availability.

3.

assets to cover the technical provisions referred to in the first paragraph. Section of the 8. The main item shall also be applied in a manner appropriate to the nature of the insurance and reinsurance liabilities and to the duration of the insurance and reinsurance liabilities. These assets shall be in the best interest of all policyholders and beneficiaries, and in the light of any strategic objectives disclosed.

4.

In the event of a conflict of interest, insurance and reinsurance undertakings or undertakings entrusted with the management of their asset portfolios shall ensure that the investment is in the best interest of the policyholders and Beneficiaries are eligible.

5.

The use of derivative financial instruments shall be permitted if they contribute to the reduction of risks or to the facilitation of an efficient portfolio management; this condition is not met by transactions in which it is based, in any case, by the use of derivative instruments. unused risk positions are not available (short selling).

6.

Capital investments and assets that are not admitted to trading on a regulated financial market must be kept at a cautious level.

7.

The assets shall be adequately mixed and sprinkled in such a way as to allow excessive dependence on

a)

a particular asset,

b)

the same issuer or issuer belonging to the same group of undertakings or a particular group of undertakings, or

c)

of a geographical region

and, overall, avoid excessive risk concentration in the portfolio.

(2) Insurance and reinsurance undertakings shall take appropriate measures to ensure that the cover of the technical provisions referred to in paragraph 1 (3) is sufficiently documented.

Special provisions for fund-and index-linked life insurance

§ 125. (1) For assets held for fund-and index-bound life insurance, paragraphs 2 to 4 and § 124 (1) Z 1 to 4 and (2) apply.

(2) In the case of life insurance under the fund, insurance undertakings shall have the technical provisions in accordance with the provisions of the first subparagraph. Section of the 8. to cover the main item as precisely as possible through the relevant shares of capital investment funds.

(3) In the case of index-linked life assurance, insurance undertakings shall have the technical provisions referred to in the first paragraph. Section of the 8. to cover as precisely as possible the main item either by the shares which are to constitute the reference value or, if no shares are formed, by assets with adequate security and feasibility, which shall be as accurate as possible corresponding to those values on which the reference value is based.

(4) If the life insurance referred to in paragraph 2 and 3 includes a guarantee and constitute additional provisions, Section 124 (1) (5) to (7) shall apply to the assets held for the purpose of covering these provisions.

Qualitative requirements for capital investments

§ 126. With the agreement of the Federal Minister of Finance, the FMA may lay down detailed qualitative guidelines on the principles of corporate caution, as set out in § 124 (1) and § 125.

Acquisition and disposal of substantial shares

§ 127. (1) The acquisition and disposal of shares in capital companies by an insurance or reinsurance undertaking shall be notified without delay to the FMA, provided that:

1.

the direct or indirect shares exceed 50 vH of the parent or share capital of that company,

2.

the purchase price exceeds 10 vH of the own funds of the insurance or reinsurance undertaking,

3.

be created by the acquisition of affiliated companies within the meaning of Section 228 (3) of the UGB, or

4.

by the divestment companies are no longer to be regarded as affiliated companies within the meaning of section 228 (3) of the UGB.

This also applies to the acquisition and sale of additional shares as well as the increase in the amount of displayed shares, if the above limits have already been exceeded or are exceeded or fallen below. In the calculation of the share of the basic or capital stock of the foreign company, the shares of affiliated companies are to be combined.

(2) contingent obligations and profit and loss management contracts which are entered into or dissolved in connection with existing or acquired shares, as well as the acquisition and disposal of a holding in a personal company of the Company law as a personally liable partner shall always be indicated.

(3) The acquisition and disposal of shares and shareholdings are, in so far as this is not the case, the acquisition and disposal of shares in corporations or the participation in partnerships of the company law as a personally liable partner. , the FMA shall be notified if the purchase price exceeds 1 vH of the insurance undertaking's own funds. This also applies to the acquisition and sale of additional shares as well as the increase in the amount of displayed shares if the above limit is already exceeded or is thereby exceeded or fallen below.

(4) The FMA may provide the insurance or reinsurance undertaking with all the necessary information concerning the undertaking in which shares or holdings are held in accordance with paragraphs 1, 2 or 3, in particular the presentation of the annual financial statements and other appropriate business records. Such information may not be refused on the basis of a duty of secrecy which exists under other rules.

6. Main piece

Prevention of money laundering and terrorist financing

Scope and definitions

§ 128. (1) The provisions of this item shall apply to insurance undertakings in the context of the life insurance business.

(2) The following definitions shall apply for the purposes of this main item:

1.

Politically exposed persons: those natural persons performing important public offices and their immediate family members or persons known to them, without prejudice to the duty of increasing due diligence. However, insurance undertakings are not obliged to regard as politically exposed a person who has no longer been an important public office for at least one year, but is not obliged to take risk-based measures against clients;

a)

"Important public offices" are the following functions:

aa)

Heads of State, Heads of Government, Ministers, Deputy Ministers and State Secretaries;

bb)

Members of Parliament;

cc)

members of the highest courts, constitutional courts or other high-ranking institutions of the judiciary, whose decisions, except in exceptional circumstances, cannot be brought to justice;

dd)

members of the courts or the executive board of central banks;

ee)

Ambassadors, business leaders or high-ranking officers of the armed forces and

ff)

Members of the administrative, managerial or supervisory bodies of public undertakings.

Sublit. aa to ee are also valid for positions at Union level and for positions in international organisations.

b)

The following shall be considered as "immediate family members":

aa)

Spouse;

bb)

the partner equal to the spouse in accordance with national law;

cc)

the children and their spouses or partners who, under national law, are the same as the spouse;

dd)

the parents.

c)

The following persons shall be deemed to be "persons known to be close to persons":

aa)

any natural person who is known to be the joint economic owner of legal entities, such as foundations, or trusts, or another close business, with a holder of an important public office; Close-up to the holder of an important public office and

bb)

any natural person who is the sole economic owner of legal entities, such as foundations, or trusts, which are known to have been actually built for the benefit of the holder of an important public office.

2.

Business relationship: a business relationship between the insurance undertaking and the customer by the conclusion of an insurance contract, the taking over of an insurance contract or the assignment of a claim from an insurance contract Insurance contract is justified.

3.

economic owner: the natural persons, in whose property or under their control the customer ultimately stands. The term of the beneficial owner shall include in particular:

a)

for companies:

aa)

the natural persons, in the ownership or under the control of which a legal entity has a direct or indirect holding or control of a sufficient share of the shares or voting rights of that legal entity, including the Holdings in the form of bearer shares, in the end, which are not a company listed on a regulated market, disclosure requirements or equivalent international standards corresponding to Union law , a share of 25 vH plus one share shall be considered sufficient to ensure that the Criterion is met and

bb)

the natural persons exercising control over the management of a legal entity in another way;

b)

for legal entities, such as foundations, and trusts who manage or distribute funds:

aa)

provided that the future beneficiaries have already been determined, those natural persons who are the beneficiaries of 25 vH or more of the benefits of a trusts or a legal entity;

bb)

provided that the individuals who are beneficiaries of the trusts or legal entities have not yet been determined, the group of persons in whose interest the trust or legal entity has been or has been established, and

cc)

the natural persons exercising control over 25 vH or more of the assets of a trusts or a legal entity.

4.

Customer: the policyholder and the beneficiary from the insurance contract. The beneficiary shall be considered to be the person who receives the claims arising from an insurance contract.

Duty of care to combat money laundering and terrorist financing

§ 129. (1) Insurance undertakings have the identity of a customer to be identified and verified:

1.

before establishing a business relationship;

2.

before carrying out any transactions not falling within the framework of a business relationship, the amount of which shall be at least EUR 15 000 or euro equivalent, irrespective of whether the transaction is carried out in a single operation or in a single transaction; , if the amount is not known before the commencement of the transaction, the identity shall be established as soon as the amount is known and it is established that the amount of the transaction is not known. is at least EUR 15 000 or Euro equivalent;

3.

if the suspicion or the legitimate reason for the assumption is that the customer belongs to a terrorist organisation (§ 278b StGB) or that the customer is objectively involved in transactions that are the money laundering (§ 165 StGB-with the inclusion of Assets which stem from a criminal act of the perpetrator himself) or the financing of terrorism (§ 278d of the StGB);

4.

In case of doubt, the authenticity or the appropriateness of previously obtained customer identification data.

The identity of a customer shall be determined by the personal presentation of his or her official photo ID. Documents issued by a national authority shall be deemed to have been issued by a public authority and shall be accompanied by an unexchangeable recognisable head image of the person concerned and the name, date of birth and signature. of the person and of the issuing authority. In the case of foreign travel documents, the full date of birth must not be included in the travel document if this is in accordance with the law of the issuing State. In the case of legal persons and natural persons who are not self-authorised, the identity of the natural person responsible for representation shall be identified by presenting their official identity card and the power of representation shall be determined on the basis of appropriate Certificates must be verified. The identification of the identity of the legal person shall be determined on the basis of certificates which have been passed on to the legal person and which are available in accordance with the legal standard customary at the registered office of the legal persons. Only in cases pursuant to § 130 and § 132 may be deviated from the above provisions. Individual criteria may be omitted from the criteria of the official photograph, if other criteria of equal value are introduced on the basis of technical progress, such as biometric data, in accordance with the criteria laid down in the following criteria: its legitimacy is at least equivalent to its legitimacy. However, the criterion of the exhibition by a state authority must always be given.

2. The insurance undertaking shall require the person who wishes to establish a business relationship with the insurance undertaking to disclose whether he or she acts as a trustee, to comply with the request and to do so. To immediately announce changes during an upright business relationship. If he is aware that he wishes to act as a trustee, he shall also have to prove the identity of the trustee to the insurance undertaking and the insurance undertaking has the identity of the trustee to be identified and verified. The identity of the trustee shall be determined in accordance with paragraph 1, exclusively in the case of the physical presence of the trustee. An identification of the trustee by third parties is also excluded. The identification and verification of the identity of the trustee shall be carried out in the case of natural persons by presenting the original or a copy of the official photo ID (par. 1) of the trustee shall be effected in the case of legal persons by means of convicted documents in accordance with paragraph 1. The trustee shall also make a written statement to the insurance undertaking that he or she has personally or by a reliable guarantee convinced of the identity of the trustee. Reliable persons in this sense are courts and other state authorities, notaries, lawyers and third parties within the meaning of § 132.

(3) Insurance undertakings also have:

1.

call on the customer to disclose the identity of the client's beneficial owner and to comply with that request, and to take risk-based and appropriate measures to verify the identity of the client , so that they are persuaded to know who the beneficial owner is; in the case of legal entities or trusts, this includes risk-based and appropriate measures to ensure the ownership and control structure of the to understand customers;

2.

to take risk-based and proportionate measures to obtain information on the purpose and nature of the business relationship sought; and

3.

Take risk-based and proportionate measures to carry out a continuous monitoring of the business relationship, including a review of the transactions carried out in the course of the business relationship, to ensure that: to ensure that they are consistent with the knowledge of the insurance undertaking on the customer, its business activities and its risk profile, including where necessary the origin of the money or financial resources, and to ensure that the relevant Always update documents, data, or information.

(4) Insurance undertakings shall have their business on the basis of appropriate criteria (in particular products, customers, complexity of transactions, customers ' business, geography) of a risk analysis concerning their risk, for the purposes of money laundering and terrorist financing to be misused. Insurance undertakings must be able to demonstrate to the FMA that the extent of the measures taken as a result of the analysis should be considered appropriate in view of the risks of money laundering and the financing of terrorism.

(5) By way of derogation from paragraph 1 (1) (1), insurance undertakings may also verify the identity of the beneficiary under the insurance contract only before disbursing, or if the beneficiary is entitled to take advantage of his rights under the insurance contract.

(6) In the event that insurance undertakings are not in a position to comply with paragraphs 1 to 3 for the purpose of identifying and obtaining the other necessary information about the business relationship, they shall not establish a business relationship and do not carry out a transaction; moreover, a notification of the customer to the authority (money laundering department (§ 4 para. 2 BKA-G) pursuant to § 133 (1) is to be considered).

(7) Insurance undertakings shall have due diligence obligations in accordance with this main item for the purpose of determining and verifying the identity of the customer, not only to all new customers, but also to the existing clientele at a suitable time in a risk-oriented manner. Basis to be applied.

(8) Insurance undertakings

1.

To arrange for measures to be applied in their branches and subsidiaries in third countries, at least equivalent to those laid down in this Federal Law relating to due diligence in respect of customers, reporting obligations, the strategies and procedures laid down in the rules on money laundering, the internal revision function and the retention of records;

2.

inform the FMA if the application of the measures referred to in Z 1 is not permitted under the legislation of the third country in question and also to take other measures to take account of the risk of money laundering or of the To deal effectively with terrorist financing.

The FMA has the competent authorities of the other Member States, the European Commission and to the extent that it is relevant for the purposes of Directive 2005 /60/EC and in accordance with the relevant provisions of the Regulation (EU) No 1093/2010, of Regulation (EU) No 1094/2010 and of Regulation (EU) No 1095/2010, to inform EBA, EIOPA and ESMA of cases in which the application of the measures required by Z 1 under the legislation of a third country is not allowed and a solution is sought within the framework of a coordinated approach could.

(9) In connection with non-cooperating states, Section 78 (9) of the Federal Elections Act is to be applied in the appropriate way.

Simplified due diligence obligations

§ 130. (1) Insurance undertakings may be less than the obligations laid down in Article 129 (1), (1), (2) and (4), (2) and (3) in the following cases, subject to an assessment as a low risk of money laundering and Apply terrorist financing:

1.

When it comes to the customer

a)

an insurance undertaking, in so far as it is subject to the provisions of this main item, a credit institution in accordance with Article 1 (1) of the BWG or a credit and financial institution in accordance with Article 3 of Directive 2005 /60/EC,

b)

an insurance undertaking, credit institution or other financial institution established in a third country, within the meaning of Article 3 of Directive 2005 /60/EC, which is subject there to equivalent obligations, as provided for in Directive 2005 /60/EC, and be subject to supervision in respect of their compliance,

c)

a publicly listed company whose securities are admitted to trading on a regulated market in one or more Member States, or a listed company from a third country which, in accordance with one of the Regulation empowerment pursuant to Section 85 (10) of the Austrian Stock Exchange Act (BörseG) is subject to disclosure requirements in accordance with or comparable to EU law.

d)

a national authority, or

e)

an authority or public body,

aa)

if the latter has been entrusted with public tasks on the basis of the Treaty on European Union, the Treaties establishing the European Communities or the secondary legislation of the European Communities,

bb)

whose identity shall be publicly verifiable and transparent and shall be established without any doubt,

cc)

whose activities and accounting practices are transparent and

dd)

if the latter is accountable either to an institution of the European Union or to the authorities of a Member State, or if there are other control and counter-control mechanisms to verify their activity,

.

2.

In relation to customers with regard to the following insurance contracts and related transactions:

a)

life insurance contracts if the amount of the premiums to be paid during the year does not exceed EUR 1 000 or if, in the case of payment of a one-off premium, the premium is not more than EUR 2 500; and

b)

Pension insurance contracts, provided that they do not contain a repurchase clause or can be used as collateral for a loan.

(2) In assessing the extent to which the customers referred to in paragraph 1 (1) and the products referred to in paragraph 1 (1) (2) constitute a low risk of money laundering or terrorist financing, the insurance undertakings shall be responsible for the activities of those customers and to devote particular attention to the nature of the products and transactions in which the use of money laundering or terrorist financing is likely to be more likely to be used. In the case of the customers referred to in paragraph 1 (1) and the products and transactions referred to in paragraph 1 (1) (2), insurance undertakings shall not be entitled to a low risk of money laundering or terrorist financing if the risks associated with such transactions are low or low Information suggests that the risk of money laundering or terrorist financing may not be low. This shall not apply to the facilitations regulated in this paragraph.

(3) Insurance undertakings shall keep sufficient information in order to demonstrate that the conditions for the application of the simplified due diligence requirements are met.

(4) The Federal Government, in agreement with the Main Committee of the National Council, has decreed by Regulation that the exemptions under paragraph 1 are no longer applicable if the European Commission takes a decision pursuant to Article 40 (4) of the Directive 2005 /60/EC

(5) The FMA shall inform the competent authorities in the other Member States, the European Commission and the extent to which it is relevant for the purposes of Directive 2005 /60/EC and in accordance with the relevant provisions of the Regulation (EU) No 1093/2010, Regulation (EU) No 1094/2010 and Regulation (EU) No 1095/2010, the EBA, EIOPA and ESMA on cases where a third country considers that it meets the conditions set out in paragraph 1.

Increased due diligence obligations

Section 131. (1) In cases where their nature is at an increased risk of money laundering or terrorist financing, insurance undertakings shall have a risk-based basis in addition to the obligations laid down in § 129 (1) to (3) and (7). to apply appropriate due diligence obligations and to subject the business relationship to increased continuous monitoring. In any case, you also have:

1.

in cases in which the customer or the natural person authorized to represent him within the meaning of section 129 (1) is not physically present for the purpose of establishing the identity and therefore the personal presentation of an official photo-ID card is not possible is to take specific and appropriate measures to compensate for the increased risk; they have-except on suspicion or on a legitimate basis-the assumption in accordance with Section 129 (1) (3), since in these cases, in any case, the business contact is has to ensure that at least:

either

a)

the client's legal declaration is either on hand of a qualified electronic signature in accordance with § 2 Z 3a SigG; or, if this is not the case, that the insurance undertaking's legal business statement shall be written in writing with registered mail delivery to the customer address specified as the customer's place of residence or place of business,

b)

you name, date of birth and address of the customer, in the case of legal persons the company and the registered office are known; in the case of legal persons, the seat must at the same time be the registered office of the central administration, which means the customer a written declaration , In addition, a copy of the official photograph of the customer or his legal representative or, in the case of legal persons, of the representative body must be available to the insurance undertaking prior to the reasons for the business relationship, provided that: the legal transaction is not completed electronically by means of a qualified electronic signature; and

c)

if the registered office or place of residence is outside the EEA, a written confirmation of a credit institution pursuant to § 132 (1) Z 3, with which the customer has a permanent business connection, is present, that the customer is in the sense of § 129 (1), 2 (3) (3) (1) (1) or 2 or Art. 8 (1) (lit). a to C of Directive 2005 /60/EC and that the permanent business relationship is maintained. Where the affirmative credit institution has its registered office in a third country, that third country must make the requirements of Articles 16 to 18 of that Directive equivalent to those of equivalent requirements. In place of identification and confirmation by a credit institution, identification and written confirmation by the Austrian representative authority in the third country concerned or of a recognised certification body shall also be permitted.

or

d)

the first payment is processed in the course of the business relationship through an account opened on behalf of the customer at a credit institution pursuant to § 132 (1) (3) and (2); in any case, however, they must name, date of birth and address. of the customer, in the case of legal persons, the company and the registered office are known and copies of documents of the customer are available to them, on the basis of which the information of the customer or its representative natural person can be credibly understood. In place of these copies, it is sufficient if a written confirmation from the credit institution is available, via which the first payment is to be processed, that the customer within the meaning of § 129 (1), (2) and (3) (1) or (2) or (2) or (2), respectively. Art. 8 (1) (lit). a to C of Directive 2005 /60/EC.

Z 1 shall not apply in respect of the insurance contracts referred to in § 130 (1) (2) and the related transactions, subject to an assessment as a low risk of money laundering and terrorist financing.

2.

in respect of transactions or business relations with respect to politically exposed persons from other Member States or from third countries, which are to be considered to be equivalent to those persons who are only politically active in the course of the business relationship the exposed persons,

a)

to have adequate, risk-based procedures to determine whether or not the client is a politically exposed person,

b)

obtain the approval of the management level before they enter into business relationships with those customers;

c)

to take appropriate measures to determine the origin of the assets and the origin of the funds used in the framework of the business relationship or the transaction, and

d)

to subject the business relationship to increased continuous monitoring.

In addition, the FMA may, with the approval of the Federal Minister of Finance, by means of a regulation for further cases in which its nature exists after an increased risk of money laundering or terrorist financing, in particular in connection with States where, according to the credible source, there is an increased risk of money laundering and terrorist financing, the insurance undertakings impose the obligation, in addition to the obligations of § 129 (1) to (3) and (7), further to apply appropriate due diligence obligations and to strengthen the business relationship of an enhanced to undergo continuous monitoring.

(2) Insurance undertakings shall be particularly careful to consider any justification of a business relationship and any transaction, provided that it considers that it is particularly likely that the business relationship or transaction should be accompanied by money laundering (§ 2). 165 StGB-including assets which stem from a criminal act of the perpetrator himself) or terrorist financing (Section 278d of the StGB) and, if necessary, take measures to ensure the use of to prevent the use of money laundering or terrorist financing.

Execution by third parties

§ 132. (1) Insurance undertakings may have recourse to third parties in order to fulfil the obligations laid down in § 129 (1), (2) and (3) (1) and (2), provided they are not provided with information which makes it doubtful that they fulfil the obligations referred to above. However, the final responsibility for the performance of these duties shall remain with the insurance undertakings which have recourse to third parties. For the purposes of this paragraph, third parties shall apply:

1.

Insurance undertakings, in so far as they are subject to the provisions of this Headpiece, insurance undertakings according to Art. 3 Z 2 lit. (b) Directive 2005 /60/EC;

2.

Insurance intermediaries pursuant to § 365m (3) Z 4 GewO 1994, insurance intermediaries in accordance with Art. 3 Z 2 lit. e Directive 2005 /60/EEC;

3.

Credit institutions pursuant to Article 1 (1) of the BWG, payment institutions pursuant to § 3 Z 4 ZaDiG and credit and financial institutions pursuant to Art. 3 Z 1 and Z 2 lit. a, c, d and f of Directive 2005 /60/EC, provided that they are not exclusively granted for the purposes of Implementation of the exchange business (§ 1 paragraph 1 Z 22 BWG) and

4.

which is referred to in Article 2 (1) Z 3 lit. (a) and (b) of Directive 2005 /60/EC, with its registered office in the country or the EEA.

(2) Legal or natural persons established in a third country which are equivalent to those referred to in paragraph 1 shall be deemed to be third parties within the meaning of paragraph 1 on condition that they:

1.

are subject to a legally recognised compulsory registration with regard to their profession, and

2.

Duty of due diligence vis-à-vis customers and obligations for the retention of documents defined in or in accordance with Directive 2005 /60/EC, and supervision in accordance with Chapter V, Section 2 of this Directive are subject to compliance with the requirements of this Directive or they are established in a third country which prescries requirements equivalent to those laid down in this Directive.

The FMA shall inform the competent authorities of the other Member States, the European Commission and the extent to which it is relevant for the purposes of Directive 2005 /60/EC and in accordance with the relevant provisions of the Regulation (EU) No 1093/2010, Regulation (EU) No 1094/2010 and Regulation (EU) No 1095/2010, the EBA, EIOPA and ESMA on cases where, in their view, a third country fulfils the conditions set out above.

(3) If the European Commission makes a decision pursuant to Article 40 (4) of Directive 2005 /60/EC, the Federal Government, in agreement with the Main Committee of the National Council, shall prohibit the insurance undertaking from being fulfilled by means of a regulation. the obligations under § 129 (1), (2) and (3) (1) and (2) (2) shall be made available to third parties from the third

(4) Insurance undertakings shall have the effect of causing the third parties to comply with the obligations laid down in Article 129 (1), (2) and (3) (2) and (2) and (2) respectively referred to in Article 8 (1) (1). a to c of Directive 2005 /60/EC shall immediately make the necessary information available. In addition, insurance undertakings shall require that the relevant copies of the data relating to the identification and verification of the identity of the customer and other relevant documents relating to the identity of the customer or of the customer shall be made available to insurance undertakings. economic owners from the third party shall be forwarded to them without delay upon their request.

(5) This paragraph shall not apply to outsourcing or representation relationships in which on the basis of a contract the service provider or representative as part of the obligation to fulfil the obligations pursuant to § 129 (1), (2) and (3) Z 1 and 2 Insurance undertakings shall be considered.

Reporting requirements

§ 133. (1) There is a suspicion or reasonable reason to believe that:

1.

the intended rationale of a business relationship or an existing business relationship in connection with assets which stem from a criminal act enumerated in § 165 StGB (including: Assets that stem from a punishable offence of the perpetrator himself),

2.

an attempted, impending, ongoing or already carried out transaction in connection with assets stemming from a criminal act enumerated in § 165 StGB (including assets that are derived from an asset), the punishable offence of the perpetrator himself),

3.

an asset is derived from a criminal act enumerated in § 165 StGB (including assets that stem from a punishable act of the perpetrator),

4.

the policyholder has acted contrary to the obligation to disclose fiduciary relationships in accordance with Section 129 (2), or

5.

the attempted, impending, ongoing or already carried out transaction or the asset in connection with a criminal organisation in accordance with Section 278 of the StGB, a terrorist organisation pursuant to Section 278b of the StGB, a terrorist offence pursuant to Section 278c of the StGB or the financing of terrorism pursuant to Section 278d of the StGB,

the insurance undertaking shall immediately inform the Authority (Money Laundering Office (Section 4 (2) of the BKA-G) of this immediately, has to refrain from the statement of reasons for the business relationship until the facts have been clarified, and shall not be allowed to Perform a transaction unless there is a risk that this will make it difficult or impossible to determine the facts. In doing so, insurance undertakings have to pay particular attention to any activity, the nature of which, in their view, is particularly close to the fact that it could be related to money laundering or terrorist financing. In particular, complex or uncommon contract designs, complex or unusually large transactions, and all uncommon patterns of transactions are covered without any obvious economic or recognizable legitimate purpose. Insurance undertakings shall, as far as possible, examine the background and purpose of these activities, contract designs and transactions, in particular when they are related to States in which, according to the credible source, There is an increased risk of money laundering and terrorist financing § 131 (1)). Written records shall be drawn up in a suitable manner and shall be kept for at least five years after the examination. Insurance undertakings are entitled to require the authority (Money Laundering Office (Section 4 (2) BKA-G)) to decide whether there are concerns about the immediate handling of a transaction; expresses itself the opinion of the Authority (Money-laundering department (§ 4 para. 2 BKA-G) until the end of the following bank working day, the transaction may be unsettled immediately.

(2) Insurance undertakings shall, at the request of the Authority (Money Laundering Office (Section 4 (2) of the BKA-G)), immediately, on request, provide, without delay, any information which it may request to prevent or pursue money laundering, irrespective of a notification pursuant to paragraph 1 of this Article. or terrorist financing.

(3) The Authority (Money Laundering Office (§ 4 para. 2 BKA-G)) is authorized to order that an ongoing or impending transaction, in which the suspicion or the legitimate reason exists for the assumption that it is the money laundering (§ 165 StGB-under The inclusion of assets which stem from a criminal act of the perpetrator himself) or the financing of terrorism (§ 278d of the German Criminal Code) serves, does not apply or is provisionally postponed. The Authority (Money Laundering Office (§ 4 para. 2 BKA-G)) has to notify the customer and the public prosecutor's office of the order without any unnecessary delay. The customer's understanding has to contain the notice that he or an otherwise affected person is entitled to file a complaint for violation of his rights to the Federal Administrative Court; in doing so, it has also been included in § 67c AVG Provisions for such complaints shall be drawn up.

(4) The Authority (Money Laundering Office (Section 4 (2) of the BKA-G) has to lift the order in accordance with paragraph 3 as soon as the conditions for the release have been omitted or the prosecution declares that the conditions for a seizure pursuant to § § 4 (2) of the German Civil Service Act (BKA-G) have been cancelled. 109 Z 2 and § 115 para. 1 Z 3 StPO do not exist. The order shall, moreover, be repeal;

1.

if six months have elapsed since their date of release; or

2.

as soon as the court has legally decided on a request for seizure pursuant to § 109 Z 2 and § 115 (1) Z 3 StPO.

(5) Insurance undertakings shall keep secret all transactions which serve the purpose of the performance of the provisions of paragraphs 1 to 3 to customers and third parties. However, once an order has been issued in accordance with paragraph 3, they are authorized to refer the customer-but only to the customer's request-to the authority (Money Laundering Office (§ 4 paragraph 2 BKA-G)); with the consent of the Authority (Money Laundering Act (§ 4 para. 2 BKA-G)), they are also authorized to inform the customer themselves of the arrangement. The prohibition referred to in this paragraph

1.

does not refer to the transfer of information to the FMA, the Oesterreichische Nationalbank or to the transfer of information for the purposes of law enforcement;

2.

shall not preclude the provision of information between subsidiaries of Member States or of third countries belonging to the same group within the meaning of Article 2 (12) of Directive 2002/87/EC, provided that such equivalent obligations, as in the case of Directive 2005 /60/EC, and are subject to supervision in respect of compliance with it;

3.

in cases relating to the same customer and the same transaction in which two or more insurance undertakings are involved in accordance with Section 132 (1) (1) or credit institutions in accordance with Section 132 (1) (3) of this Regulation, an information transfer between not preclude, provided that they are situated in a Member State or in a third country where the requirements of Directive 2005 /60/EC are equivalent, and provided that they originate in the same category of work and are equivalent to those of the same occupational category. Obligations with regard to professional secrecy and the protection of personal data shall apply. The information exchanged may be used exclusively for the purposes of preventing money laundering and terrorist financing.

The FMA has the competent authorities of the other Member States, the European Commission and to the extent that it is relevant for the purposes of Directive 2005 /60/EC and in accordance with the relevant provisions of the Regulation (EU) No 1093/2010, Regulation (EU) No 1094/2010 and Regulation (EU) No 1095/2010 to inform EBA, EIOPA and ESMA of cases where, in their view, a third country complies with the conditions laid down in the Z 2 or 3. If the European Commission makes a decision pursuant to Article 40 (4) of Directive 2005 /60/EC, the Federal Government, in agreement with the Main Committee of the National Council, has issued an information transfer between To prohibit insurance undertakings and persons from the third country concerned.

(6) In the exercise of the insurance supervision, the FMA gives itself the suspicion that a business relationship or a transaction of money laundering or terrorist financing is used, it shall have the authority (Money Laundering Act (§ 4 para. 2 BKA-G)) shall be immediately informed thereof.

(7) In the event of any other invalidity, data obtained by the Authority (Money Laundering Office (Section 4 (2) BKA-G)) pursuant to para. 1, 2 or 6 shall be eligible for the disadvantage of the accused or by-party concerned in exclusively financial transactions, with the exception of: the financial transactions of smuggling falling within the jurisdiction of the courts, the evasion of import duties or exit taxes and the financial proceedings pursuant to Section 38a and 39 of the FinStrG, are not used. If the authority (Money Laundering Office (§ 4 para. 2 BKA-G)) merely suspects a criminal offence pursuant to the first sentence, it shall refrain from displaying it in accordance with § 78 StPO or § 81 FinStrG.

(8) Damage claims may be subject to the circumstance that an insurance undertaking or an employee in a negligent lack of knowledge that the suspicion of money laundering or terrorist financing or the suspicion of an infringement in the For the purposes of Section 129 (2), a transaction was delayed or not carried out, and no transaction was carried out.

(9) In order to carry out the tasks pursuant to this provision, the Authority (Money Laundering Office (Section 4 (2) BKA-G)) is authorized, without prejudice to paragraph 2, by natural and legal persons and by other entities with legal personality. for the necessary data to be determined and processed. Furthermore, it is empowered to use personal data on the customer who has identified them in the enforcement of federal or state laws and to exchange information with entities of other countries to which the fight against money laundering and the fight against money laundering is terrorist financing.

(10) For the purposes of Directive 2005 /60/EC, the FMA shall cooperate with EBA, EIOPA and ESMA in accordance with Regulation (EU) No 1093/2010, Regulation (EU) No 1094/2010 and Regulation (EU) No 1095/2010, and shall draw up such a proposal for a provide all the information necessary for the performance of its tasks under Directive 2005 /60/EC and the regulations referred to in this paragraph.

Storage of records and statistical data

§ 134. Insurance undertakings shall have the following documents and information with a view to their use in the investigation of possible money laundering or terrorist financing, or with a view to carrying out such analyses. To be kept by the Authority (Money Laundering Office (§ 4 para. 2 BKA-G)) or the FMA:

1.

Documents serving an identification in accordance with section 129 (1) to (3) and (7), as well as supporting documents and records of the insurance contract until at least five years after the end of the insurance contract; and

2.

all transactions and records until at least five years after they have been carried out,

the deadlines may be extended to fifteen years by the FMA Regulation, provided that this is necessary in order to combat money laundering or terrorist financing.

Internal procedures and training

§ 135. (1) Insurance undertakings shall:

1.

appropriate and appropriate strategies and procedures for due diligence in relation to customers, suspigons, record keeping, internal control, risk assessment, risk management, ensuring the To establish compliance with the relevant rules and communication in order to prevent and prevent business relationships and transactions related to money laundering or terrorist financing, and to adopt appropriate strategies for Prevention of the misuse of new technologies for money laundering purposes and to develop terrorist financing;

2.

to communicate the relevant strategies and procedures to their branches and subsidiaries in third countries;

3.

, by appropriate measures, the staff involved in the establishment of business relations and the settlement of transactions, with the provisions designed to prevent or combat money laundering or terrorist financing, be familiar. Such measures shall include, inter alia, the participation of the competent staff in special training programmes to enable them to learn, possibly with money laundering or terrorist financing, contracts or contracts relating to the financing of terrorism; to recognise transactions and to behave properly in such cases and, moreover, to respect the reliability of their choice of staff with regard to their attachment to the legal values; and also to the choice of their supervisory boards. to respect their attachment to the legal values;

4.

to set up systems to enable them to respond to requests from the Authority (Money Laundering Office (Section 4 (2) BKA-G)) or the FMA, which appear to them to prevent or prosecuse money laundering or terrorist financing; to provide full and rapid information as to whether they have a business relationship with certain natural or legal persons or have maintained a business relationship during the last five years, as well as the nature of that business relationship;

5.

allow the FMA to check at any time the effectiveness of its systems to combat money laundering or terrorist financing;

6.

provide, within their company, a special representative to ensure compliance in accordance with § 128 bis § 135 in order to combat money laundering and terrorist financing. The position of the special representative shall be set up in such a way as to ensure that it is only available to the shall be responsible to the Management Board and to the Management Board, report to the Management Board directly, without any intermediary level. In addition, it shall be given free access to all information, data, records and systems which could be in any way related to money laundering and terrorist financing, and to sufficient powers. Insurance undertakings shall ensure, through appropriate organisational arrangements, that the tasks of the special agent can be fulfilled at any time on the spot, and

7.

to ensure that compliance with § 128 bis § 135 is checked by the internal revision function.

(2) The Authority (Money Laundering Office (Section 4 (2) of the BKA-G)) has access to up-to-date information on the methods of money laundering and terrorist financing and on the evidence to which insurance companies are to be provided. suspicious business relationships and transactions. It also ensures that timely feedback on the effectiveness of suspicions in the case of money laundering or terrorist financing and the subsequent action is carried out, where this is practicable.

7. Main piece

Accounting and Group Accounting

Section 1

General provisions

Applicability of the UGB, the AktG and the SE Act

§ 136. (1) The following provisions shall apply to the accounts and the consolidated accounts:

1.

in the case of insurance and reinsurance undertakings in the legal form of a public limited liability company, the provisions of the UGB for large public limited liability companies, insofar as this federal law does not determine anything else;

2.

in the case of insurance and reinsurance undertakings in the legal form of a European Company (SE), the provisions of the UGB for large public limited companies and of the SE Act, insofar as this federal law does not specify otherwise and

3.

for mutual insurance associations, which are not small insurance associations on reciprocity, the provisions of the UGB for large public limited companies, insofar as this federal law does not determine otherwise. § 96, § 104 and § 108 of the German Stock Corporation Act (AktG) are to be applied in accordance with § 137 (2) and § 138 (3).

(2) The accounts of branches of third country insurance and non-member third country reinsurance undertakings shall apply in accordance with the provisions of the UGB for large public limited companies, unless otherwise specified by this Federal Act.

General provisions on the annual accounts, the management report and the corporate governance report

§ 137. (1) The Management Board or the Executive Directors shall ensure the legality of the annual accounts.

(2) Without prejudice to § 222 (1) of the UGB and § 96 (1) and § 104 (1) and 2 (2) of the German Stock Corporation Act (AktG), the annual accounts and the annual report and, where appropriate, the corporate governance report shall be drawn up in good time and the annual accounts shall be drawn up in good time to establish that the terms of reference of section 248 can be observed.

(3) For domestic branches of third country insurance and non-member third country reinsurance undertakings, the management has an annual accounts and a financial statements for the previous financial year in the first five months of the financial year. To draw up a report.

(4) The business year of insurance undertakings shall be in accordance with the calendar year.

Special provisions relating to the consolidated financial statements

§ 138. (1) § 246 UGB is not required for the consolidated financial statements of insurance and reinsurance undertakings and parent companies of insurance and reinsurance undertakings or third country reinsurance undertakings and third country reinsurance undertakings. ,

(2) parent undertakings of insurance and reinsurance undertakings shall, without prejudice to the legal form, make a commitment to draw up consolidated accounts where the sole or predominant business purpose is to: acquire or manage holdings, provided that the undertakings subject to consolidation are exclusively or primarily concerned with insurance and reinsurance undertakings or third country insurance undertakings; and Third country reinsurance undertakings.

(3) For the consolidated financial statements and the group management report, § 137 (1) and (2) shall apply mutationally.

(4) The consolidated financial statements shall be drawn up on the closing date of 31 December; this shall also apply to the liberating consolidated financial statements and the group management report. § 252 (1) UGB is not applicable.

(5) The uniform evaluation provided for in § 260 UGB shall apply separately to companies with industry-specific valuation rules. The principle of the uniform assessment shall not apply to technical provisions; nor shall it apply to assets whose value changes also affect or justify the rights of policyholders.

(6) The excretion of interim results may be prevented if the business has been concluded on ordinary market conditions and the policyholder's legal claims have therefore been substantiated.

(7) § 251 (3) of the UGB is not to be applied.

(8) An insurance or reinsurance undertaking or a parent undertaking of insurance and reinsurance undertakings or third country insurance and third country reinsurance undertakings, which shall have a consolidated financial statements and Group management report pursuant to Section 245a (1) or (2) of the German Commercial Code (UGB) in accordance with international accounting standards has to comply with the requirements of Section 245a (1) and (3) of the UGB (UGB). In any event, the consolidated financial statements shall contain the information provided for in § 155 (1), (2) (1) to (4), (7) to (19) and (7) (3) and (15) (12), (14) and (15). § 266 Z 4 UGB is not applicable.

(9) Without prejudice to Section 245a (3) of the German Commercial Code (UGB), disclosure of a consolidated financial statements and the group management report in accordance with paragraph 8 shall also expressly point out that it is not a case of a law established in accordance with the provisions of this Federal Law. Consolidated financial statements and group management report.

Special accounting rules

§ 139. (1) With the agreement of the Federal Minister of Finance, the FMA shall, by means of a Regulation, adopt those special arrangements relating to the accounting and the consolidated accounts of insurance and reinsurance undertakings which, in the light of the above, shall: the specific nature of the operation of the contract insurance, the appropriate clarification of the policyholders and the public on the business management, the requirements of the supervision of the business management by the FMA and the enforcement of the Provisions of this main item for insurance supervision purposes are necessary.

(2) The orders of the FMA may be included in the light of these requirements:

1.

provisions on mandatory forms for the annual financial statements and the particulars referred to in § 145 (1) and 155 (8) to (17);

2.

provisions relating to the identification and calculation of technical provisions;

3.

the fixing of a maximum rate of interest for the calculation of the technical provisions in life assurance, based on the interest rate of the bonds issued by the Republic of Austria, minus a security drop of 40 vH;

4.

rules on the drawing up of a separate income statement for individual classes of direct and indirect business;

5.

more detailed rules on the individual items of the annual accounts and on the information contained in the Annex and in the annual report;

6.

the more detailed provisions relating to the performance of the obligations pursuant to § 248 (2) (5), (3) (3) (2) and (5) (2) and (5) (2)

7.

Rules on the requirement of own-handed signatures for the annual accounts and the management report.

(3) The consolidated financial statements shall apply in accordance with paragraph 2.

Section 2

Outline and ID

General principles for the breakdown of the annual financial statements and consolidated financial statements

§ 140. (1) Life insurance, health insurance and property and accident insurance shall each form a balance sheet department. The general insurance business includes health insurance and injury and accident insurance.

(2) The balance sheet items of the overall balance sheet shall be broken down according to their allocation to the individual balance sheet departments.

(3) For each balance sheet department, a separate insurance technical invoice must be created. The non-insurance-technical invoice according to § 146 (5) is up to and including Item 7. shall be drawn up separately for each balance sheet department; from item 8. , only the total amounts of all balance sheet departments shall be shown.

(4) Indiated life insurance business is the balance sheet of life insurance, indirect health insurance business of the balance sheet department health insurance and other indirect business of the accounting department damage and accident insurance . Reinsurance undertakings or insurance undertakings which, in addition to the indirect business, restrict direct business to the insurance against damage and accidents, may cause damage to the entire business of the balance sheet division, and Associate accident insurance.

(5) § 223 (6) and (8) UGB shall not apply.

(6) expenses and income shall, in so far as they are not determined in their own way, be divided into the relevant items of the profit and loss account after they have been caused by the calculation of the profit and loss account.

(7) (1) first sentence and (2) shall not be applied to the consolidated financial statements. The balance sheet items of the individual departments can be summarised in the consolidated balance sheet.

(8) Paragraph 3 shall not be applied to the consolidated financial statements. For the general insurance business and life assurance, a separate insurance-technical account must be drawn up in the consolidated income statement. The non-insurance-technical invoice according to § 146 (5) is up to and including Item 7. shall be drawn up separately for the general insurance business and the life assurance; from item 8. shall be given only the total amounts.

(9) The last sentence of § 233 of the UGB does not apply to the expenses incurred in insurance cases.

(10) Section 223 (2) of the German Commercial Code (UGB) applies only to the total amounts and not to the amounts of the individual balance sheet departments with regard to the balance sheet and the consolidated balance sheet.

(11) § 225 (3), first sentence and para. 6, first sentence, § 227, second sentence, § 237 Z 1 and § 266 Z 1 UGB are not to be applied.

Special provisions for composite insurance undertakings

§ 141. (1) Composite insurance companies have the expenses and income, insofar as they do not belong to a single accounting department in their own way, according to allocation procedures to the individual balance sheet departments. The allocation procedures must be appropriate and comprehensible and ensure a proper allocation of expenses and income. It must be ensured that the interests of policyholders and beneficiaries in a balance sheet department are not adversely affected or endangered. In particular, they must benefit from the benefits of life insurance as if the company were to be exclusively engaged in life insurance. The assignment procedures are subject to approval by the FMA.

(2) Where assets are transferred from the balance sheet department of life assurance or health insurance to another balance sheet division and are sold within a year, then any divestment gains from the original balance sheet shall be Balance sheet division.

(3) The liabilities referred to in items A, B and C. according to Article 144 (3) are to be attributed to the balance sheet departments operated. The annual results obtained in a particular balance sheet division after the allocation of expenses and income on the basis of the principle of conviction and the allocation procedures referred to in paragraph 1, shall affect the liabilities referred to in item A, B and C. in without prejudice to paragraph 4, the balance sheet department shall not be transferred to another balance sheet department.

(4) As long as the fictitious life insurance minimum capital requirement and the fictitious non-life insurance minimum capital requirement are met in accordance with § 194, liabilities may be transferred to another balance sheet department in accordance with items A, B. and C.

Reinsurance with limited risk transfer

Section 142. Contracts for which insurance risks are not transferred, or only to a very limited extent, are not to be considered as reinsurance contracts for the purposes of accounting.

Risk Backlog

§ 143. (1) Insurance and reinsurance undertakings shall be subject to a risk reserve; they shall be shown separately in the balance sheet.

(2) The risk reserve shall be submitted annually to 0.6 vH of the reduced premiums of the domestic business reduced by the reinsurance levy. However, the reserve may not exceed 4 vH of these premiums. It may only be used to cover losses and only after the dissolution of all other statutory and free reserves. After its dissolution, the reserve is to be reformed.

(3) In the case of small insurance associations, the risk reserve 10 vH of the annual follow-up must be supplied until it reaches 25 vH of the statutory amount of the safety reserve. The risk reserve shall be used before the security reserve to cover losses.

Breakdown of balance sheet and consolidated balance sheet

§ 144. (1) In the balance sheet and the consolidated balance sheet, the items referred to in paragraphs 2 and 3 shall be indicated separately and in the prescribed order.

(2) Activa:

A.

Intangible assets

I.

Expenses for the construction and expansion of the company

II.

Goodwill acquired goodwill

III.

Expenses for the acquisition of an insurance order

IV.

Other intangible assets

B.

Investments

I.

Land and buildings

II.

Capital investments in affiliated companies and participations

1.

Shares in affiliated companies

2.

Debt securities and other securities of affiliated companies and loans to affiliated companies

3.

Participations

4.

Debt securities and other securities of and loans to undertakings with which an equity ratio exists

III.

Other investments

1.

Shares and other non-fixed-income securities

2.

Debt securities and other fixed-income securities

3.

Shares in Community capital investments

4.

Mortgage requirements

5.

Advance payments to police officers

6.

Other lending

7.

credit for credit institutions,

8.

Other investments

IV.

Deposit claims arising from the reinsurance business acquired

C.

Capital investments of fund-linked and index-linked life insurance

D.

Requirements

I.

Claims arising from direct insurance business

1.

to policyholders

2.

to insurance intermediaries

3.

on insurance undertakings

II.

Accounting claims arising from reinsurance business

III.

Outstanding Deposits

IV.

Other requirements

E.

Proportional interest and rents

F.

Other assets

I.

Property, plant and equipment (excluding land and buildings) and inventories

II.

Current credit for credit institutions, cheques and cash balances

III.

Own Shares

IV.

Other assets

G.

Billing posts with the Central Office

H.

Clearance of accounts

I.

Accounting items between departments

(3) Passiva:

A.

Equity

I.

Share capital

1.

Nominal Amount

2.

Unsoliced deposits

II.

Endowment capital

III.

Capital Reserves

1.

bound

2.

unbound

IV.

Profit reserves

1.

Security residue

2.

Legal reserve pursuant to § 229 (6) of the UGB

3.

Other statutory provisions

4.

Free reserves

V.

Risk repayment according to § 143 VAG, taxed part

VI.

Balance sheet profit/balance sheet loss, of which profit/loss lecture

B.

Untaxed reserves

I.

Risk repayment according to § 143 VAG

II.

Valuation reserve on the basis of special depreciation

III.

Other untaxed reserves

C.

Subordinated liabilities

D.

Technical provisions in order to keep an own-stop

I.

Premium surglees

1.

Accounting

2.

Share of reinsurers

II.

Cover return

1.

Accounting

2.

Share of reinsurers

III.

Provision for insurance cases which have not yet been uncovered

1.

Accounting

2.

Share of reinsurers

IV.

Return for non-performanted premium restitution

1.

Accounting

2.

Share of reinsurers

V.

Return for performance-based premium restitution or Profit participation of policyholders

1.

Accounting

2.

Share of reinsurers

VI.

Fluctuation reset

VII.

Other technical provisions

1.

Accounting

2.

Share of reinsurers

E.

Technical provisions of the fund-linked and index-linked life insurance

I.

Accounting

II.

Share of reinsurers

F.

Non-insurance provisions

I.

Provisions for removals

II.

Provisions for pensions

III.

Tax provisions

IV.

Other provisions

G.

Deposit liabilities arising from the reinsurance business

H.

Other liabilities

I.

Liabilities from the direct insurance business

1.

to policyholders

2.

to insurance intermediaries

3.

on insurance undertakings

II.

Settlement liabilities arising from reinsurance business

III.

Borrowing liabilities (with the exception of the supplementary capital)

IV.

Liabilities against credit institutions

V.

Other liabilities

I.

Billing posts with the Central Office

J.

Clearance of accounts

(4) § 224 UGB is not applicable.

(5) The consolidated balance sheet comprises:

1.

in addition to the items referred to in paragraph 2, the item A. V. Differing amount pursuant to Section 254 (3) of the UGB (UGB),

2.

in addition to the items referred to in paragraph 3, item A.VII. Balancing items for the shares of the other shareholders and D. Differing amount pursuant to § 254 (3) UGB.

If the item of goodwill is included in the consolidated balance sheet on the liabilities side in accordance with § 254 (3) of the UGB, the items D. to J. of paragraph 3 are to be referred to as E. to K. The items mentioned above and substantial changes to the previous year shall be explained in the context of the consolidated financial statements. If differences in the assets side are billed with those of the liabilities side, these calculated amounts shall be reported in the consolidated financial statements.

(6) Where undertakings are consolidated in the consolidated financial statements which are not to be included in the determination of the solvency of the group, the assets and liabilities of such undertakings shall be disclosed separately.

(7) For the purposes of the application of paragraph 6, the assets referred to in paragraph 2 shall be supplemented by the following main items:

J.

asset items originating from credit institutions,

K.

asset items coming from other companies with sector-specific accounting rules;

L.

Assets that come from other other companies.

In the Annex, the composition of the assets shall be presented in accordance with the sectoral rules.

(8) For the purposes of the application of paragraph 6, the liabilities referred to in paragraph 3 shall be supplemented by the following main items:

K.

provisions, liabilities and accounting items originating from credit institutions,

L.

provisions, liabilities and balance sheet items coming from other companies with sector-specific accounting rules;

M.

Provisions, liabilities and accounting items originating from other other companies.

The appendix contains the composition of the provisions, liabilities and accounting items in accordance with the sectoral rules. For the application of paragraph 5 (2), the items K. to M. are to be described as L. to N.

(9) In the presentation of the composition of the items referred to in paragraphs 7 and 8, a breakdown shall be made which corresponds at least to the items of the balance sheet scheme referred to in paragraph 224 of the UGB, referred to as capitals and Roman numerals. This provision should be applied in accordance with the rules applicable to undertakings for which sector-specific accounting rules exist. Where appropriate, the items shall be explained. The FMA may prescribe more detailed rules for the indications provided for in paragraphs 7 and 8 by Regulation.

Development of assets

§ 145. (1) The development of items A, B.I. and B.II. of Section 144 (2) shall be presented in the balance sheet or in the Annex. On the basis of the balance-sheet values at the end of the previous financial year, the entries, the rebookings, the exits, the attributions and the amortization in the financial year as well as the balance sheet values are separate at the end of the financial year. .

(2) § 226 para. 1 UGB is not to be applied.

(3) Paragraph 1 shall apply mutatily to the consolidated financial statements.

Breakdown of profit and loss account

§ 146. (1) The profit and loss account shall be drawn up in staggering form. In it, the items referred to in paragraphs 2 to 5 shall be indicated separately in the order indicated.

(2) I. Insurance bill-General insurance business, insurance against damage and accidents

1.

Borderline premiums

a)

Calculated premiums

aa)

Accounting

off)

Reinsurance Premiums

b)

Change by premium demarcation

ba)

Accounting

bb)

Share of reinsurers

2.

Capital gains of technical business

3.

Other technical returns

4.

Expenses for insurance cases

a)

Payments for insurance cases

aa)

Accounting

off)

Share of reinsurers

b)

Change in the provision of insurance cases which have not yet been uncovered

ba)

Accounting

bb)

Share of reinsurers

5.

Increase of technical provisions

a)

Cover return

aa)

Accounting

off)

Share of reinsurers

b)

Other technical provisions

ba)

Accounting

bb)

Share of reinsurers

6.

Reduction of technical provisions

a)

Cover return

aa)

Accounting

off)

Share of reinsurers

b)

Other technical provisions

ba)

Accounting

bb)

Share of reinsurers

7.

Expenses for the non-performanted premium restitution

a)

Accounting

b)

Share of reinsurers

8.

Expenses for the performance-dependent premium restitution

a)

Accounting

b)

Share of reinsurers

9.

Expenses for the insurance business

a)

Expenses for the insurance

b)

Other expenses for insurance operations

c)

Reinsurance commissions and profit shares from reinsurance charges

10.

Other technical expenses

11.

Change in the fluctuation reserve

12.

Insurance-related result

(3) II. Insurance Invoice-General Insurance, Health Insurance

1.

Borderline premiums

a)

Calculated premiums

aa)

Accounting

off)

Reinsurance Premiums

b)

Change by premium demarcation

ba)

Accounting

bb)

Share of reinsurers

2.

Capital gains of technical business

3.

Other technical returns

4.

Expenses for insurance cases

a)

Payments for insurance cases

aa)

Accounting

off)

Share of reinsurers

b)

Change in the provision of insurance cases which have not yet been uncovered

ba)

Accounting

bb)

Share of reinsurers

5.

Increase of technical provisions

a)

Cover return

aa)

Accounting

off)

Share of reinsurers

b)

Other technical provisions

ba)

Accounting

bb)

Share of reinsurers

6.

Reduction of technical provisions

a)

Cover return

aa)

Accounting

off)

Share of reinsurers

b)

Other technical provisions

ba)

Accounting

bb)

Share of reinsurers

7.

Expenses for the non-performanted premium restitution

a)

Accounting

b)

Share of reinsurers

8.

Expenses for the performance-dependent premium restitution

a)

Accounting

b)

Share of reinsurers

9.

Expenses for the insurance business

a)

Expenses for the insurance

b)

Other expenses for insurance operations

c)

Reinsurance commissions and profit shares from reinsurance charges

10.

Other technical expenses

11.

Change in the fluctuation reserve

12.

Insurance-related result

(4) III. Insurance Invoice-Life Insurance

1.

Borderline premiums

a)

Calculated premiums

aa)

Accounting

off)

Reinsurance Premiums

b)

Change by premium demarcation

ba)

Accounting

bb)

Share of reinsurers

2.

Capital gains of technical business

3.

Unrealised gains from capital investments in accordance with item C. of assets

4.

Other technical returns

5.

Expenses for insurance cases

a)

Payments for insurance cases

aa)

Accounting

off)

Share of reinsurers

b)

Change in the provision of insurance cases which have not yet been uncovered

ba)

Accounting

bb)

Share of reinsurers

6.

Increase of technical provisions

a)

Cover return

aa)

Accounting

off)

Share of reinsurers

b)

Other technical provisions

ba)

Accounting

bb)

Share of reinsurers

7.

Reduction of technical provisions

a)

Cover return

aa)

Accounting

off)

Share of reinsurers

b)

Other technical provisions

ba)

Accounting

bb)

Share of reinsurers

8.

Expenses for the performance-dependent premium restitution or Profit participation of policyholders

a)

Accounting

b)

Share of reinsurers

9.

Expenses for the insurance business

a)

Expenses for the insurance

b)

Other expenses for insurance operations

c)

Reinsurance commissions and profit shares from reinsurance charges

10.

Unrealised losses arising from investments in accordance with item C. of assets

11.

Other technical expenses

12.

Insurance-related result

(5) IV. Non-insurance invoice

1.

Insurance-related result

2.

Income from capital investments and interest income

a)

Income from participations, of which related undertakings

b)

Income from land and buildings, related undertakings

c)

Income from other investments, of which related undertakings

d)

Income from attributions

e)

Profits from the demise of capital investments

f)

Other income from capital investments and interest income

3.

Expenses for capital investments and interest expenses

a)

Expenditure on asset management

b)

Depreciation of investments

c)

Interest rate applications

d)

Losses resulting from the demise of investments

e)

Other investments for investments

4.

Capital gains transferred into the technical account

5.

Other non-insurance-related income

6.

Other non-insurance-related expenses

7.

Result of ordinary business activities

8.

Extraordinary income

9.

Extraordinary expenses

10.

Extraordinary result

11.

Taxes on income and income

12.

Net profit/year loss

13.

Resolution of reserves

a)

Resolution of the risk reduction according to § 143 VAG

b)

Resolution of the valuation reserve on the basis of special depreciation

c)

Disbanding of other untaxed reserves

d)

Resolution of capital reserves

e)

Resolution of the security reserve

f)

Resolution of the legal reserve pursuant to § 229 (6) of the UGB

g)

Resolution of other statutory reserves

h)

Resolution of the free reserves

14.

Allocation to reserves

a)

Allocation to the risk reduction according to § 143 VAG

b)

Allocation to the valuation reserve due to special depreciation

c)

Allocation to other untaxed reserves

d)

Allocation to the security reserve

e)

Allocation to the statutory reserve pursuant to § 229 (6) UGB

f)

Allocation to other statutory reserves

g)

Allocation to free reserves

15.

Annual profit/loss of year

16.

Profit proposal/loss contribution

17.

Balance sheet profit/balance sheet loss

(6) § 231 UGB is not applicable.

(7) If § 259 (2) of the UGB (UGB) is applied, the items are 13. up to 17. of paragraph 5 as 14. to 18. ,

(8) Where the consolidated financial statements are consolidated, which are not to be included in the determination of the group's solvency, the non-technical account of item 7 shall be taken into consideration. (Result of ordinary business activities) in

a)

the result of the ordinary business activities of insurance and reinsurance undertakings,

b)

the result of the ordinary business activities of credit institutions,

c)

Result of the ordinary business activities of other companies with industry-specific accounting rules and

d)

Result of ordinary business activities of other other companies

shall be broken down. In the Annex, the composition of the under-lit. b to d shall be presented separately in accordance with the sectoral rules, with a breakdown of at least the items of profit and loss accounts referred to in Arabic numerals in accordance with Section 231 of the German Commercial Code (UGB) . This provision should be applied in accordance with the rules applicable to undertakings for which sector-specific accounting rules exist. Where appropriate, the items shall be explained. The FMA may prescribe more detailed rules for the disclosure of these statements by regulation.

(9) Para. 1 to 5 shall apply in accordance with the consolidated profit and loss account.

Collection of expenses and income

§ 147. (1) The calculation of expenses with income shall be carried out for:

1.

the fire-protection tax, which is repaid to the policyholders, with the cost of fire protection;

2.

the remuneration received from co-insurance with the commission expenses for co-insurance,

3.

Expenditure on expenses with those expenses which they are intended to cover,

4.

the proceeds of the current expenditure of land and buildings, except for depreciation,

5.

the income with the expenses incurred by participations, excluding depreciation,

6.

Proceeds from asset sales with the carrying amounts of the assets sold,

7.

Valutary course gains with price losses from one and the same currency, and

8.

Payments for insurance cases with regressions and other benefits for insurance cases.

(2) For entities not directly related to the operation of the contract insurance, the difference between the expenses and the income to be included in the relevant items of the profit and loss account shall be: .

(3) The success of indirect business contracts can be expelled at most up to one year period. Incoming invoices are to be booked on an ongoing basis. In a financial year, the settlement of a financial year shall in principle be recorded in an effective and successful way. Any losses incurred up to the balance sheet date and made known up to the date of the balance sheet date shall be set up. A deviation from the chosen extent of the time-offset booking of the results from the individual takeover contracts shall only be permissible if special circumstances are present.

(4) Undertaking reinsurance of undertakings included in the consolidated financial statements must be recorded at the same time for the purposes of the preparation of the consolidated financial statements; paragraph 3 shall not apply to the consolidated financial statements in this respect.

Section 3

Severity

General evaluation rules

§ 148. (1) The principle of prudence should be applied in the light of the specificities of the insurance business.

(2) § 235 of the German Commercial Code (UGB) shall not apply to the capital investments pursuant to item B. of section 144 (2).

(3) Non-securitised exposures and liabilities denominated in foreign currency shall be set at the balance sheet date at the balance sheet date, provided that no hedging of the currency risk occurs.

Valuation of assets

Section 149. (1) Capital investments according to item B. of section 144 (2) are to be assessed, with the exception of the assets of the fixed assets mentioned in paragraph 2 above (§ 203 and § 204 of the German Commercial Code (UGB), taking into consideration § 208 UGB). The last sentence of Section 204 (2) of the German Commercial Code (UGB) is to be applied to these investments only if they fall under item B. II., B. III. or B. IV. of § 144 (2).

(2) Shares, securities relating to participation and supplementary capital and other non-fixed-income securities, value rights and shares in investment funds in accordance with item B. of section 144 (2) and shares in affiliated companies, provided that these do not In accordance with item B. II of Section 144 (2), it is necessary to assess how objects of circulation are to be assessed (§ 206 and § 207 of the German Commercial Code (UGB), taking into consideration § 208 UGB). By way of derogation from the provisions of the UGB, the above-mentioned investments may be assessed; depreciation to the lower value in the event of an impairment loss which is not likely to be permanent may, however, only be maintained in so far as the value of the capital investment is not Total amount of these unpaid depreciation 50 vH does not exceed the total, otherwise existing, silent net reserves of the company in the relevant balance sheet department. In the event of an undersigned depreciation, profits may only be distributed, insofar as redeemable reserves are at any time plus a profit and minus a loss contribution of the amount of the effect of the discredited depreciation on the year-on-year surplus at least.

(3) In the case of shares in UCITS and special funds according to § 163 InvFG 2011 or comparable foreign funds, in which only or predominantly debt securities or other fixed-income securities are listed under item B. III of section 144 (2) of the German Securities Act (InvFG). that the insurance or reinsurance undertaking can demonstrate a direct or indirect dominant influence and which is managed by a capital investment company established in a Member State, the latter may: shall be assessed in the same way as securities in direct securities Owned by the Company. The Annex shall report on the use of this electoral law.

(4) The capital investments of the fund-bound and the index-bound life insurance in accordance with item C. of section 144 (2) shall be assessed at the stock exchange or market prices irrespective of their cost of acquisition or production.

(5) Article 209 (1) of the UGB shall apply to property, plant and equipment pursuant to item F. I. of Section 144 (2).

General provisions relating to technical provisions

§ 150. (1) Insurance provisions must be made in so far as this is necessary after a reasonable business assessment in order to ensure the permanent fulfilment of the obligations arising from the insurance contracts. The principle of prudence should be taken into account in the evaluation.

(2) Insurance provisions are in particular the premium income, the cover provision, the provision for insurance cases which have not yet been completed, the provisions for success-dependent and non-performance-related provisions. Premium repayment, the fluctuation reserve, the technical provisions similar to the fluctuation reserve, the cancellation of the cancellation, the provision for imminent losses arising from the insurance portfolio and the provision for Losses from the time-offset booked reinsurance transfers.

(3) The existence of actuarial bases for the calculation of technical provisions shall be carried out in accordance with these principles.

(4) § 198 para. 8 Z 3 UGB is not applicable to technical provisions.

Premium surglees

§ 151. (1) Premium transfers shall be those parts of the calculated premiums, which relate to a period after the end of the financial year. In principle, they are to be determined for each insurance contract after a time-divided individual calculation.

(2) Award applications may also be determined by approximation procedures if their results are close to those of a time-based individual calculation for each insurance contract.

(3) In insurance branches where the assumption of time-scale proportionality between the risk profile and the premium is not the case, calculation methods shall be used which take account of the different evolution of the risk over time.

Cover return

§ 152. (1) The cover provision shall be calculated separately for each insurance contract in life assurance, health insurance and in all other classes of insurance as far as they are operated in the manner of life assurance. The use of recognised statistical or mathematical methods shall be allowed if it is to be expected that they will lead to approximately the same results as the individual calculations.

(2) The cover provision shall comprise the actuarial value of the insurance undertaking ' s obligations in the life insurance and the accident insurance, which is operated in the manner of life assurance. including the already allocated and the promised profit shares and an administrative cost reserve minus the sum of the cash values of the in future incoming premiums. In the case of the pre-payment beneficiary for the future in accordance with § 108g to § 108i EStG 1988, the cover provision also includes provisions for capital investment risks, insofar as these are related to the capital investment risks of life insurance, the technical technical aspects of which are Provisions in the cover stock shall be covered in accordance with § 300 (1) (1) (1) (1). The FMA may lay down, by means of a Regulation, the conditions under which such additional provisions are to be established and the necessary level of such provisions, in particular the minimum period of binding, the amount of the provisions of the Regulation, the amount of the the rate of charge, the maintenance of assets, the volatility of the assets, and the nature of the profit allocation.

(3) The negative cover capital arising from insurance technology shall be set to zero.

(4) The calculation of the cover provision shall be carried out in accordance with recognised actuarial methods.

Provision for insurance cases which have not yet been uncovered

§ 153. (1) reserves for insurance cases which have not yet been uncovered shall be subject to insurance cases which have not yet been established for the purpose or the amount up to the balance sheet date, as well as for all of the insurance cases referred to in the The current balance sheet date is expected to be based on regulatory expenses for insurance cases.

(2) The provision for insurance cases which have not yet been uncovered shall be determined individually for each insurance case. The investigation may be carried out in a different manner if the nature of the insurance branch precludes individual determination. A flat-rate evaluation shall be permitted if, on the basis of the number of similar risks, it is to be assumed that the same results in approximately the same results as the individual determination. In the case of co-insurance, the reserve shall be in proportion to at least the amount determined by the leading insurer.

(3) For insurance cases which were incurred up to the balance sheet date and are not known at the time of the balance sheet preparation, the provision shall be based on empirical values (late-check-back).

(4) The provision for insurance cases which have not yet been completed shall also include the fixed, but not yet unliquided, performance obligations at the balance sheet date.

(5) The total amount of claims which have arisen from the provision for claims which have not yet been completed shall be deducted from the amount of claims which have arisen as a result of the compensation being paid (Regresse) or Claims for an insured object have been made for the replacement. The application and recoverability of the claims must be observed and the principle of prudence must be observed.

(6) If, in an insurance sector which does not fall under section 92, an insurance benefit in the form of a pension is to be provided, the provision shall be made in accordance with recognised actuarial principles.

Fluctuation reset

§ 154. (1) In order to compensate for the fluctuations in the annual damage requirement in the case of own retention, a fluctuation reserve shall be established in accordance with the conditions laid down in paragraph 2 for the insurance branches of the insurance against damage and accidents.

(2) The obligation to set up a fluctuation provision exists if, in a longer-term observation period, significant fluctuations in the amounts of the damage were to be observed and the sum of the loss of damage in its own retention and Operating expenses, at least once during the observation period, exceeded the limits of self-sufficient premiums. For classes of insurance for which the defined premiums do not reach a greater extent, the formation of a fluctuation reserve may be maintained.

(3) The FMA may require the formation of similar technical provisions for the purpose of determining the risk of fluctuation in the event of particular risks if, on the basis of the specific nature of the risks, the calculation of the average damage on the basis of an insurance policy Observation period does not constitute a suitable method for determining the provision of the reserve.

(4) The fluctuation reserve and provisions referred to in paragraph 3 may not be formed side-by-side for the same type of risks.

(5) The FMA may, in the determination of the calculation rules for the fluctuation reserve and the provisions referred to in paragraph 3, meet orders deviating from the general rules on expulsion. In the event of special circumstances, the FMA may, on a case-by-case basis, order a deviation from the general calculation rules

Section 4

Annex and management report

Annex and Group Attachment

§ 155. (1) The Annex and the Group Annexe shall be without prejudice to the provisions of the UGB:

1.

information on the deposits requested in the financial year on the share capital and on the amounts which are supplied to the share capital as a result of these claims and the amounts which have remained in arrears;

2.

information on the amounts supplied to share capital from the net profit of the previous year on account of outstanding deposits;

3.

information on the shares of shareholders in the net profit if the share capital is not yet fully paid;

4.

information on the amount of the share held by a dominant company, indicating the company, any subsequent payment obligations and the change in the amount of the share during the financial year;

5.

Information on the performance-dependent premium repayment to policyholders and the distribution of the remaining annual surplus to members of an insurance association on reciprocity, and on the development of the provisions and

6.

Information on the admission of an obligation to pay the members of an insurance association on a reciprocal basis or the reduction of the insurance benefits to members of an insurance association on reciprocity in accordance with § 44 (2).

(2) The Annex shall also indicate:

1.

the balance sheet value of self-used properties;

2.

the UCITS, which serve as a capital investment in the fund-linked life insurance;

3.

the amount of the police loans contained in item B.III.6. of section 144 (2);

4.

a breakdown of other loans not secured by an insurance contract, provided that they reach a greater extent;

5.

the share of the affiliated undertakings and of the undertakings with which an equity ratio exists, to the items D. I., D. II., D. III. and D. IV. of § 144 (2) and (I.), H. II., H. III., H. IV. and H. V. of § 144 (3);

6.

the proportion of transferable securities, claims or assets held by credit institutions, other than those in connection with the capital investments, which are connected to undertakings and undertakings with which an equity ratio exists, except in item B. II. of section 144 paragraph 2.

7.

Amounts which are of greater importance under items A. IV, B.III.8., D. IV. and F. IV of § 144 (2) and B. III., D. VII., F.IV. and H. V. of § 144 (3) and are of greater importance; claims are, in any case, required if these amounts are 5 vH of the Balance sheet total;

8.

Amounts covered by "other technical-technical income", "other technical expenses", "other income from investments and interest income", "other expenses for investments", "other expenses for investments", "other expenses for capital investments", "other expenses for capital investments", "other expenses for investments", "other expenses for investments", " non-technical and non-technical expenses, and are of greater importance; in any event, information shall be required if these amounts exceed 5 vH of the deducted premiums;

9.

the amount of convertible bond liabilities contained in item H III of section 144 (3);

10.

the amount contained in item H. V. of section 144 (3), which is attributable to liabilities arising from taxes, and the amount which is attributable to liabilities under social security;

11.

the proportion of the indirect transaction booked in a time-staggered manner to the defined premiums, broken down by the extent of the shift in time; changes should be explained in greater detail, taking account of their influence on the assets, financial position and profit situation;

12.

the amounts in the items "insurance cover expenses", "insurance expenditure", "other technical expenses", "capital investment costs" and "other non-technical expenses" contained

a)

salaries and wages;

b)

expenses for the production of goods and services to the company's pension funds;

c)

Expenditure on pensions;

d)

expenses for statutory social charges as well as charges deducted from payment and compulsory contributions;

e)

other social expenses; this information shall replace the information provided for in Articles 237 (4) and (13) of the UGB;

13.

the commissions paid to the direct insurance business in the financial year;

14.

claims to be deducted from the provision for outstanding claims in accordance with Section 153 (5) and achieve a greater degree of insurance;

15.

a summary of the main bases for the calculation of the cover provision;

16.

the amount of the cost reductions deducted in the determination of premium surcharges;

17.

the principles on the basis of which the capital gains transferred from the non-technical part to the technical part of the profit and loss account are determined;

18.

significant differences in a balance sheet division between payments for insurance cases and the provision for unsettled claims for previous years at the end of the financial year on the one hand and provision for not yet completed unwound insurance cases at the beginning of the financial year; the differences shall be explained by type and amount, and

19.

the profit-sharing rates in life insurance.

(3) The Group attachment shall be subject to the provisions of paragraph 2, except for the cases of Z 5, 6, 11, 15 and 19.

(4) The data according to § 237 Z 3 UGB do not extend to contingent obligations arising from insurance contracts. Section 208 (3) of the German Commercial Code (UGB) shall not apply to any attribution to securities.

(5) For the capital investments referred to in item B. of section 144 (2), the time values shall be indicated in the appendix and in the group annex. In addition, the valuation methods used for the calculation of these investments must be indicated, for which land and buildings also the allocation after the year of their valuation, and for all other capital investments, the reasons for the Application of evaluation methods.

(6) The individual investments pursuant to item B of section 144 (2) are to be listed for the data in the notes and in the consolidated financial statements with the time values.

1.

For land and buildings, the time value shall be the value at the time of the valuation under a private contract between a salesperson willing to sell and a buyer not affiliated to it by personal relationships. the condition to be achieved is that the property has been offered open on the market, that the market conditions do not stand in the way of a proper sale and that a negotiation time appropriate to the importance of the object is available is. The time value is to be determined in the estimation path. The estimate shall be made at least every five years for each individual property or building. If the value of the building or plot has been reduced since the last estimate, a corresponding value adjustment shall be made which is to be maintained until the next time-value determination (estimate). In the case of the sale of the property or building up to the balance sheet date, and in the case of an existing divestment view, the time value is to be reduced by the estimated implementation expenses.

2.

For investments that have a market or stock exchange price, the time value shall be the value at the balance sheet date or the last day preceding that date, for which a market or stock exchange price could be determined. In the case of the sale of the capital investment up to the balance sheet date and in the case of an existing divestment view, the time value is to be reduced by the estimated realization expenses. In the evaluation, consideration should be given to the expected realisable value, taking into account the prudence of the company.

(7) In the context of the Group's notes, please specify:

1.

the application of § 138 (5);

2.

the application of § 138 (6); if the influence on the assets, financial position and earnings situation of all undertakings included in the consolidation is essential, explanations shall be given; and

3.

the amount of the tax demarcation.

(8) In addition, the Annex shall contain:

1.

for the insurance against damage and accidents, the premiums calculated, the premiums defined, the expenses for insurance cases and the expenses for the insurance business, in each case for the accounts, and the reinsurance balance, broken down by business units and

2.

for health insurance and life insurance, the calculated premiums of the accounts, broken down by business unit, and the reinsurance balance.

(9) In the case of the breakdown by business unit in the insurance against injury and accidents, the amounts referred to in paragraph 8 (1) shall be for fire and fire service interruption insurance, household insurance, other property insurance, Motor vehicle liability insurance, other motor vehicle insurance, accident insurance, civil liability insurance, legal expenses insurance, maritime, aviation and transport insurance, credit and security insurance, transport service Insurance and other insurance, in each case for the direct business, for which shall be indicated for the insurance of sea, air and transport insurance, and for other indirect insurance.

(10) In the case of the breakdown by business unit in the sickness insurance scheme, the appendix shall specify the calculated premiums for the individual insurance and group insurance of direct business and for the indirect business.

(11) In the case of the breakdown by business unit in life assurance, the appendix contains the calculated premiums for individual insurance, for group insurance, for contracts with one-off premiums, for contracts with current premiums, for contracts with Profit participation, for non-profit-sharing contracts, for contracts of life insurance tied to the fund, for contracts of index-linked life insurance and for contracts of capital investment-oriented life insurance as well as for the indirect Specify store.

(12) In the context of the Group's notes,

1.

for the insurance against damage and accidents, the calculated premiums of the accounts as provided for in paragraph 9; and

2.

for the life and health insurance of each of the calculated premiums of the accounts for direct and indirect business.

(13) Where the reinsurance business is not included in the balance sheet division which would be considered to be a direct transaction, the amounts referred to in paragraph 8 (1) and (1) shall be the case for the loss or damage insurance business. the amounts referred to in paragraph 8 (2) of the Annex to be listed in the Annex and in which balance sheet division of the identity card is to be made.

(14) For each balance sheet division, the appendix and the group annex are the calculated premiums of the entire business as well as the technical result in direct and indirect business for the individual states in which the Insurance undertakings through a branch or in the provision of services to insurance contracts shall be disclosed separately, provided that the share of the State concerned is 3 of the calculated premiums of the entire business of the respective Balance sheet. The information may be subject to a significant disadvantage to the undertaking or to an undertaking from which the undertaking has at least the fifth part of the shares, if it is reasonably qualified to make a commercial assessment; the application of this derogation shall be indicated in the Annex or the Group Annex.

(15) The average number of employees during the financial year and the staff expenses incurred in the financial year are to be presented separately in the notes and in the Group ' s notes after the business (sale) and the holding; the Average number of employees according to § 262 of the German Commercial Code (UGB) is to be reported separately in the group annex.

(16) The sum of 1, 2, and 5 to 15 can be given in full 1 000 euro.

(17) § 237 Z 5 and 9, § 239 para. 1 Z 1 and § 266 Z 3 and 4 UGB are not to be applied.

Site report and group management report

§ 156. (1) The management report shall also be based on:

1.

the parts of the business management which are outsourced in accordance with § 109 to another company and

2.

the course of business in the individual insurance branches of the direct transaction and the impact of the indirect business result on the outcome of the financial year

to report.

(2) Section 267 (4) of the UGB shall not apply.

8. Main piece

Solvency

Section 1

Solvency balance

Valuation of assets and liabilities

§ 157. (1) Insurance and reinsurance undertakings shall have a Solvency Balance in accordance with the provisions of this Section and the Implementing Regulation (EU). The rules on the Solvency Balance have no effect on the accounting rules of the UGB and this Federal Law. The terms referred to in this section shall be interpreted exclusively in accordance with the provisions laid down in this Section.

(2) Insurance and reinsurance undertakings shall assess their assets and liabilities as follows:

1.

the assets shall be valued at the amount to which they could be exchanged between knowledgeable, contractual and mutually independent business partners;

2.

the liabilities shall be valued at the amount to which they could be transferred or settled between knowledgable, contract-willing and independent business partners.

In the case of the valuation of liabilities under Z 2, no adjustment shall be made to take account of the creditworthiness of the insurance or reinsurance undertaking.

General provisions for technical provisions

§ 158. (1) Insurance and reinsurance undertakings shall have technical provisions relating to all insurance and reinsurance obligations to policyholders and beneficiaries of insurance or reinsurance undertakings, or to form reinsurance contracts. The technical provisions shall be calculated in a prudent, reliable and objective manner. In the calculation, the principle according to § 157 (2) must be observed.

(2) The value of the technical provisions shall be equal to the current amount which insurance or reinsurance undertakings would have to pay if they immediately put their insurance and reinsurance obligations on another Insurance or reinsurance undertakings.

(3) The calculation of the technical provisions shall be carried out taking into account the information provided by the financial markets and generally available data on insurance risks and shall be consistent with those risks (market consistency).

Calculation of technical provisions

§ 159. (1) The value of the technical provisions shall be equal to the sum of

1.

a best estimate according to § 160 and

2.

a risk margin in accordance with § 161.

The calculation of the best estimate and the risk margin shall be carried out separately.

(2) In the calculation of their technical provisions, insurance and reinsurance undertakings shall segment their insurance and reinsurance obligations into homogeneous risk groups, which shall, at least in accordance with Business units are separated.

(3) If future cash flows in connection with insurance or reinsurance obligations can, however, be reliably simulated on the basis of financial instruments for which a reliable market value is to be determined, the following shall be (1) second sentence, the value of the technical provisions relating to these future flows of payments, on the basis of the market value of those financial instruments.

(4) In the calculation of technical provisions, other aspects shall also be taken into account:

1.

all expenses incurred in the operation of the insurance and reinsurance obligations;

2.

inflation, including inflation of expenses and insurance claims;

3.

all payments to policyholders and beneficiaries, including future bonuses expected to be made by the insurance and reinsurance undertakings, whether or not they are contractually guaranteed; or not. Only those future bonuses to policyholders and beneficiaries, arising from the undeclared amounts of the provisions set at the date of the calculation for the refund in the case of income-dependent premium restitution in the Sickness insurance and the provision for profit-sharing and/or profit-dependent premium repayments in life insurance are to be eliminated.

(5) For the purposes of the calculation of technical provisions, a state of emergency pursuant to section 92 (5) shall be deemed to have been made if:

1.

the basis of assessment in accordance with section 92 (4) is negative in three consecutive years,

2.

the interest-rate supplementary provision has been fully resolved; and

3.

The silent net reserves in the relevant accounting department are no longer sufficient to ensure the contractually guaranteed performance of the relevant accounting department.

Best estimate

§ 160. (1) The best estimate shall be in accordance with the probability weighted average of future cash flows, taking into account their expected present value (time value of the money) and using the relevant risk-free interest rate curve.

(2) The calculation of the best estimate shall be based on current and credible information as well as realistic assumptions and shall be based on appropriate, appropriate and relevant actuarial and statistical methods .

(3) In the case of the projection of the future cash flows used in the calculation of the best estimate, all incoming and outgoing cash flows shall be taken into account for the settlement of the insurance and reinsurance liabilities during their term of operation.

(4) The best estimate shall be calculated without deduction of amounts recoverable from reinsurance contracts and special purpose vehicles. These amounts shall be calculated separately in accordance with § 163.

Risk margin

Section 161. (1) In the calculation of the risk margin, it is necessary to ensure that the value of the technical provisions is equal to the amount that the insurance and reinsurance undertakings would require in order to cover the insurance and reinsurance undertakings. To be able to assume and comply with reinsurance obligations.

(2) If the insurance and reinsurance undertakings carry out a separate assessment of the best estimate and the risk margin, the risk margin shall be determined by determining the cost of capital for the provision of an own resources amount. , in accordance with the Solvency Capital Requirement, which is required by insurance and reinsurance obligations until it is processed.

(3) The cost of capital shall be determined in accordance with the Implementing Regulation (EU).

Financial guarantees and contractual options covered by the insurance and reinsurance contracts

§ 162. (1) In the calculation of technical provisions, account shall be taken of the value of the financial guarantees and other contractual options covered by the insurance and reinsurance contracts.

(2) All assumptions regarding the likelihood that policyholders will exercise their contract options, including cancellation and repurchase rights, are realistic to choose and have to be based on current and credible information . The assumptions have to take into account either explicitly or implicitly the effects that future changes in the financial and other framework conditions might have on the exercise of these options.

Recoverable amounts from reinsurance contracts and special purpose companies

§ 163. Insurance and reinsurance undertakings shall have to take into account, in the calculation of amounts receivable from reinsurance contracts and special purpose vehicles, § 158 to § 162. The time difference between the receipt of the amounts and the disbursements to the beneficiaries shall be taken into account. The result of this calculation shall be adjusted to the expected loss due to the failure of the counterparty. This adjustment shall be based on an assessment of the failure probability of the counterparty and of the resulting average loss.

Quality of data and the application of approximate values, including individual case analyses of technical provisions

§ 164. (1) Insurance and reinsurance undertakings shall have internal processes and procedures to ensure the adequacy, completeness and accuracy of the data used in the calculation of technical provisions. ,

(2) In order to provide a reliable actuarial method to a group or sub-group of its insurance and reinsurance undertakings, insurance and reinsurance undertakings shall only be provided with insufficient data of appropriate quality; For the calculation of the best estimate, appropriate approximation values, including case-by-case analyses, may be used for the calculation of the best estimate, or to be applied to eligible amounts arising from reinsurance contracts and special purpose vehicles. .

Comparison with experience data

§ 165. (1) Insurance and reinsurance undertakings shall have processes and procedures to ensure that the best estimates and assumptions underlying the calculation of the best estimates are regularly carried out by: Experience data is compared.

(2) In the event of a systematic divergence between the experience data and the calculations of the best estimate, the insurance and reinsurance undertaking shall have appropriate adjustments to the actuarial methods or assumptions used. ,

Matching adaptation to the relevant risk-free curve curve

§ 166. (1) Insurance and reinsurance undertakings may, with the approval of the FMA, adjust the relevant risk-free interest rate curve to match the best estimate of the portfolio of the life insurance or To calculate reinsurance obligations, including pension schemes derived from non-life insurance or reinsurance contracts, where the following conditions are met:

1.

the insurance or reinsurance undertaking has established a portfolio of assets consisting of bonds and other assets with similar payment current properties, in order to provide the best estimate of the portfolio of the to cover insurance or reinsurance obligations, and maintains that determination during the existence of the obligations, unless a change is made for the purpose of the replication of the expected cash flows between to maintain assets and liabilities when the flows of payments have substantially changed;

2.

the portfolio of insurance or reinsurance obligations in which the matching adjustment is made and the associated asset portfolio are identified separately from the other activities of the company, organized and and the associated asset portfolios may not be used to cover losses arising from other activities of the enterprise;

3.

the expected cash flows of the associated asset portfolio replicate all future cash flows of the portfolio of insurance or reinsurance obligations in the same currency and incongruities do not entail any risk, which are essential in comparison to the inherent risks of the insurance or reinsurance business in which a matching adjustment is made;

4.

the insurance and reinsurance contracts underlying the portfolio of commitments shall not lead to future premium payments;

5.

the sole technical risks associated with the portfolio of insurance or reinsurance obligations are the longevity risk, the risk of costs, the risk of revision, and the risk of death;

6.

belongs to the technical risks associated with the portfolio of insurance or reinsurance obligations the risk of death, increases the best estimate of the portfolio of the insurance or Reinsurance obligations are not more than 5 vH under a risk of death risk, which is calibrated in accordance with § 175 (3);

7.

the contracts underlying the portfolio of insurance or reinsurance obligations do not include options for the insured person or only a repurchase option in which the repurchase value is the value of the assets assessed in accordance with Section 157, which, at the time of the exercise of the repurchase option, does not cover insurance or reinsurance obligations;

8.

the assets of the associated asset portfolio generate fixed cash flows that cannot be changed by the issuer of the assets or third parties; and

9.

the insurance or reinsurance obligations of an insurance or reinsurance contract shall not be included in the compilation of the portfolio of insurance or reinsurance obligations for the purposes of this paragraph different parts divided.

Without prejudice to Z 8, insurance or reinsurance undertakings may use assets whose flows of payments are fixed, apart from the dependence on inflation, when those assets are subject to the cash flows of the portfolio of the inflationary-dependent Replicating insurance or reinsurance obligations. Where issuers or third parties have the right to change the cash flows of assets in such a way that the investor receives sufficient compensation for the same flows of payments by means of reinvestment in assets of equal or better credit quality , the right to change payment flows does not exclude the asset from the admissibility for the associated portfolio according to Z 8.

(2) Insurance or reinsurance undertakings which make the matching adjustment to a portfolio of insurance or reinsurance obligations shall not return to an approach that does not include matching adjustment. If an insurance or reinsurance undertaking performing the matching adjustment is no longer in a position to fulfil the conditions set out in paragraph 1, it shall immediately inform the FMA thereof and the necessary to take action to ensure that these conditions are met again. If the company does not succeed in restoring compliance with these conditions within two months from the date of non-compliance, it shall not be able to adapt to its insurance or reinsurance obligations. and the matching adjustment will only resume after another 24 months.

(3) Matching adjustment shall not be applied to insurance or reinsurance obligations in respect of which the relevant risk-free interest rate curve for calculating the best estimate of those obligations is a volatility adjustment or a transitional measure relating to risk-free interest rates in accordance with § 336.

(4) The matching adjustment shall be calculated for each currency in accordance with the following principles:

1.

the matching adjustment corresponds to the difference between

a)

the effective annual rate, calculated as a constant rate of interest, which applies to the cash flows of the portfolio of insurance or reinsurance obligations to a value equal to the value in accordance with Section 157 of the portfolio of the assigned assets and

b)

the effective annual rate, calculated as a constant discount rate applied to the cash flows of the portfolio of insurance or reinsurance obligations, to a value which is the best estimate of the portfolio of the insurance or reinsurance obligations, if the time value of the money is taken into account by using the basic risk-free interest rate curve;

2.

the matching adjustment does not include the basic spread which reflects the risks withheld by the insurance or reinsurance undertaking;

3.

notwithstanding Z 1, the basic spread will be increased if necessary to ensure that matching adjustment for assets whose credit quality is below investment grade is not higher than matching adjustment for assets, whose credit quality has been classified as an investment grade having the same duration and which belong to the same category; and

4.

the use of external credit ratings in the calculation of the matching adjustment is in accordance with the Implementing Regulation (EU).

(5) For the purposes of paragraph 4 (2) (2), the following shall apply to the basic spread:

1.

it corresponds to the sum of the following values:

a)

of the credit spreads related to the failure probability of the assets and

b)

the credit spreads in relation to the expected loss resulting from the downgrading of the assets;

2.

for exposures to Member States ' central and central banks, it shall not be less than 30 vH of the long-term average value of the spreads over the risk-free interest rate of assets observed on the financial markets, which shall: have the same maturity and credit quality and belong to the same category; and

3.

for other assets as exposures to the central and central banks of the Member States, it shall not be less than 35 vH of the long-term average value of the spreads over the risk-free interest rate of the financial markets Assets that have the same maturity and credit quality and belong to the same category.

The failure probability according to Z 1 lit. a is based on long-term failure statistics relevant to the asset in terms of its maturity, credit quality and category. If a reliable credit spread cannot be determined on the basis of the failure statistics, the basic spread corresponds to the percentage of the long term average of the spreads as defined in Z 2 and 3 above the risk-free interest rate.

Volatility adjustment of the relevant risk-free interest rate curve

§ 167. (1) Insurance and reinsurance undertakings shall be able to adjust the volatility of the relevant risk-free interest curve to calculate the best estimate.

(2) For each relevant currency, the volatility adjustment of the relevant risk-free interest rate curve on the spread between the possible interest rate for assets in a reference portfolio for that currency and the interest rates of the relevant Risk-free interest rate curve for this currency. The reference portfolio for a currency is characteristic of the assets denominated in that currency and held by insurance and reinsurance undertakings in order to provide the best estimate for insurance and reinsurance undertakings. Cover reinsurance obligations denominated in this currency.

(3) The amount of the volatility adjustment of the risk-free interest rates shall be equal to 65 vH of the currency spreads adjusted for the risk. The currency spread reported with respect to the risk shall be calculated as the difference between the spread referred to in paragraph 2 and the share of the spreads, which shall be based on a realistic assessment of the expected losses or the unexpected credit risk, or the other risks of the assets. Volatility adjustment concerns only the relevant risk-free interest rates of the interest rate curve, which were not determined by extrapolation. The extrapolation of the relevant risk-free interest rates of the interest rate curve is based on these adjusted risk-free interest rates.

(4) For each relevant country, the volatility adjustment of the risk-free interest rate referred to in paragraph 3 for the currency of that country shall be adjusted by the difference between the risk-free interest rate prior to the application of the factor of 65 vH Countries-Spread and the double value of the currency spread reported in terms of the risk, if this difference is positive and the country spread reported in terms of the risk is higher than 100 basis points. The increased volatility adjustment shall be applied to the calculation of the best estimate for insurance and reinsurance obligations of products sold on the insurance market of that country. The countries spread over the risk shall be calculated in the same way as the risk-adjusted currency spread for the currency of that country, but shall be based on a reference portfolio for the assets of the country. is characteristic of insurance and reinsurance undertakings in order to cover the best estimate for insurance and reinsurance obligations of products sold on the insurance market in that country and are denominated in the national currency.

(5) The volatility adjustment shall not be applied to insurance obligations in respect of which a matching adjustment is made for the relevant risk-free interest curve for the calculation of the best estimate of these obligations.

(6) By way of derogation from Section 175, the Solvency Capital Requirement does not cover the risk of loss of base own resources from changes in volatility adjustment.

Use of the technical information to be provided by EIOPA

§ 168. (1) The insurance and reinsurance undertakings shall use the following technical information published by EIOPA in the calculation of technical provisions:

1.

the relevant risk-free interest rate curve for calculating the best estimate without matching adjustment or volatility adjustment;

2.

the basic spread for each relevant maturity, credit quality and category of assets for the calculation of the matching adjustment; and

3.

The volatility adjustment of the relevant risk-free zinc curve.

(2) The determination of the relevant risk-free interest rate curve shall be based on information arising from relevant financial instruments and shall ensure consistency with such information. This definition shall take into account relevant financial instruments with maturities in which the markets for the financial instruments and borrowings concerned are deep, liquid and transparent. In the case of maturities in which the markets for the relevant financial instruments and borrowings are no longer low, liquid and transparent, the relevant risk-free interest rate curve shall be extrapolated. The extrapolated part of the relevant risk-free interest rate curve shall be based on the rates of interest, which shall be equal to one or more of the rates of interest in relation to the longest running times, for which the relevant financial instruments and bonds are in of a deep, liquid and transparent market, converge to a final rate interest rate.

(3) In the case of currencies and countries for which no volatility adjustment is published, no volatility adjustment shall be applied to the relevant risk-free interest rate curve to calculate the best estimate.

Section 2

Own resources

General provisions

§ 169. Own resources shall consist of the sum of the basic own resources in accordance with Section 170 (1) and the supplementary own resources according to § 171.

Basic own resources

§ 170. (1) The basic own resources shall consist of:

1.

the surplus of assets over liabilities as defined in the 1. the section has been evaluated and

2.

subordinated liabilities.

(2) The Annual General Meeting has the balance sheet profit pursuant to Section 104 (4), second sentence, AktG and/or § 62 (2) (2) (3), second sentence of the SE Act, to be excluded from the distribution, in so far as the distribution would lead to an underwrite of the most recently reported Solvency Capital Requirement. According to the Implementing Regulation (EU), the FMA may authorise a distribution of the balance sheet profit in exceptional cases.

Supplementary own resources

§ 171. (1) The complementary own resources shall be composed of components which are not basic own resources and which may be required to compensate for losses. The additional own resources shall include, in particular, the following elements:

1.

the part of the unpaid share capital or the unpaid foundation stock, which has not been requested;

2.

credit letters and guarantees, or

3.

all other legally binding payment obligations of third parties in relation to an insurance or reinsurance undertaking.

In the case of mutual insurance associations which, in accordance with Article 44 (2) of their Statute, have committed members to surpluses, the supplementary own resources may also include future claims, which a mutual insurance association shall be required to in relation to its members, if he asks for surpluses within the following twelve months.

(2) As soon as an integral part of the supplementary own resources has been paid or requested, a corresponding asset value shall be set. The deposit or recovery shall form part of the basic own resources from the constituent part of the supplementary own resources.

(3) Insurance and reinsurance undertakings may take account of complementary own resources with the approval of the FMA. In accordance with the Implementing Regulation (EU), the FMA has either:

1.

the maximum amount for each supplementary own-resource component, or

2.

to establish a method of determining the amount of each supplementary own resource component.

The amount attributed to each supplementary own resources component shall reflect the loss-making capacity of the constituent and shall be based on prudent and realistic assumptions. In the case of own resources components with a fixed nominal value, the amount of this component shall be in accordance with its nominal value if it adequately reflects its loss-making capacity.

(4) The FMA has to take account of the following in the case of authorisation:

1.

the status of the counterparties concerned with regard to their solvency and preparability;

2.

the ability of the funds to be required, taking into account the legal structure of the component and any other conditions which prevent the successful deposit or recovery of that component; and

3.

any information on the outcome of previous claims by the insurance or reinsurance undertaking for such supplementary own funds, to the extent that such information can be used in a reliable manner, in order to obtain the expected To assess the outcome of future requests.

Classification of own resources in classes (Tiers)

§ 172. (1) Insurance and reinsurance undertakings shall have the basic own resources referred to in the own resources list in accordance with the Implementing Regulation (EU), on the basis of the criteria set out in the Implementing Regulation (EU) in Tier 1, Tier 2 or Tier 3. Where a basic own-resource component is not included in this list, the insurance or reinsurance undertaking shall assess this basic own resource in accordance with the criteria set out in the Implementing Regulation (EU); and . This classification shall be subject to approval by the FMA in accordance with the Implementing Regulation (EU).

(2) Insurance and reinsurance undertakings shall have the additional own resources referred to in the own resources list in accordance with the Implementing Regulation (EU), in accordance with the criteria set out in the Implementing Regulation (EU) in Tier 2, or Tier 3. Where a supplementary own-resources component is not included in this list, the insurance or reinsurance undertaking shall, in accordance with the criteria set out in the Implementing Regulation (EU), provide that supplementary own-resource component to assess and classify them. This classification shall be subject to approval by the FMA in accordance with the Implementing Regulation (EU).

(3) A surplus fund to be entered in Tier 1 under Article 96 Z 1 of Directive 2009 /138/EC is in the amount of the undeclared amounts of the provision for income-dependent premium restitution in the health insurance and the provision for Profit-sharing or If they are not used to ensure the contractually guaranteed benefits, income-dependent premium repayment in life insurance will be provided.

Creditability of the own resources components

§ 173. (1) For the purpose of covering the Solvency Capital Requirement, the own resources classified in Tier 1, Tier 2 and Tier 3 shall be eligible under the Implementing Regulation (EU). The sum of the eligible own resources shall be the amount of own funds attributable in accordance with § 174.

(2) The basic own resources classified in Tier 1 and Tier 2 shall be eligible for the coverage of the Minimum Capital Requirement in accordance with the Implementing Regulation (EU). The sum of the eligible own resources shall be the amount of own funds which can be credited in accordance with section 193 (1).

Section 3

Solvency capital requirement

General provisions

§ 174. Insurance and reinsurance undertakings have to hold eligible own funds to cover the Solvency Capital Requirement.

Calculation of the Solvency Capital Requirement

§ 175. (1) Insurance and reinsurance undertakings shall have the Solvency Capital Requirement either with the standard formula in accordance with the 4. Section or using an internal model according to the 5. Calculate section.

(2) The calculation of the Solvency Capital Requirement shall be carried out on the assumption that the insurance or reinsurance undertaking operates its business in accordance with the principle of continued business.

(3) The Solvency Capital Requirement shall be calibrated in such a way as to ensure that all quantifiable risks to which an insurance or reinsurance undertaking is exposed are taken into account. It covers both the current business activity and the new business expected in the following twelve months. In terms of ongoing operations, it only covers unexpected losses. It corresponds to the value-at-risk of the base own funds of an insurance or reinsurance undertaking to a confidence level of 99.5% over the period of one year.

(4) The Solvency Capital Requirement shall take account at least of the following risks:

1.

non-life insurance-related risk,

2.

life-insurance-related risk,

3.

Health insurance risk,

4.

market risk,

5.

credit risk and

6.

operational risk.

The operational risk also includes legal risks, but excludes risks arising from strategic decisions, as well as reputational risks.

(5) Insurance and reinsurance undertakings shall take account of the impact of risk mitigation techniques, provided that the credit risk and other risks arising from the use of such techniques are in the Solvency capital requirement is adequately reflected.

(6) Insurance and reinsurance undertakings shall use the harmonised data published by EIOPA in accordance with Article 109a of Directive 2009 /138/EC in the calculation of the Solvency Capital Requirement.

Frequency of calculation

§ 176. (1) Insurance and reinsurance undertakings shall have to calculate the Solvency Capital Requirement at least once a year prior to the notification in the framework of the regular supervisory reporting to the FMA and shall continuously have the amount of: eligible own funds and the Solvency Capital Requirement. Where the risk profile of an insurance or reinsurance undertaking deviates significantly from the assumptions which constitute the basis of the most recently reported Solvency Capital Requirement, the insurance or reinsurance undertaking concerned shall have the following: Reinsurance undertakings shall immediately recalculate the Solvency Capital Requirement and report them to the FMA without delay in the form established in the technical standards (EU).

Where the FMA provides evidence suggesting that the risk profile of an insurance or reinsurance undertaking has changed significantly since the notification of the last Solvency Capital Requirement, the FMA may decide to do so by the relevant Insurance or reinsurance undertaking shall require the recalculation of the Solvency Capital Requirement.

Section 4

Calculation of the Solvency Capital Requirement with the Standard Formula

Structure of the default formula

Section 177. (1) The Solvency Capital Requirement calculated with the standard formula is the sum of the following components:

1.

the base solvency capital requirement in accordance with § 178,

2.

the capital requirement for the operational risk referred to in paragraph 3; and

3.

the adjustment in respect of the loss-making capacity of technical provisions and deferred taxes in accordance with paragraph 4.

(2) Insurance and reinsurance undertakings shall have to calculate the base solvency capital requirement in accordance with the Implementing Regulation (EU).

(3) The capital requirement for operational risk is calibrated in accordance with Section 175 (3) and takes into account the operational risks to the extent that they have not yet been taken into account in the risk modules mentioned in § 178. In the case of life insurance contracts in which the investment risk is borne by the policyholders, the calculation of the capital requirement for the operational risk shall take into account the amount of each year in respect of these insurance obligations costs incurred. In respect of insurance and reinsurance operations which are not the subject of the second sentence, the calculation of the capital requirement for the operational risk shall have the volume of those transactions in the sense of the defined premiums and the amount of the transactions. to take account of technical provisions held for these insurance obligations. In this case, the capital requirement for operational risks does not exceed 30 vH of the base solvency capital requirement for these insurance and reinsurance operations.

(4) The adjustment for the loss-making capacity of technical provisions and deferred taxes shall take into account the potential compensation of unexpected losses caused by a simultaneous reduction in the technical provisions of the technical provisions. Provisions or deferred taxes, or a combination of both. This adjustment takes into account the risk-reducing effect of future bonuses resulting from insurance contracts, to the extent that insurance and reinsurance undertakings can demonstrate that a reduction in the number of bonuses will be necessary. Excess participations can be used to cover unexpected losses when they are incurred. The risk-generating effect generated by future bonuses may not be higher than the sum of technical provisions and deferred taxes linked to these future bonuses. For this purpose, the value of future bonuses in unfavourable circumstances will be compared with the value of the bonuses in accordance with the basic assumptions for the calculation of the best estimate.

(5) With the agreement of the Federal Minister of Finance, the FMA may, with the agreement of the Federal Minister for Finance, set out more detailed rules for the calculation of the risk-inflicting effect that future bonuses from insurance contracts generate, as far as this is necessary. in order to ensure a uniform calculation by the insurance undertakings.

Establishment of the base solvency capital requirement

§ 178. (1) The base solvency capital requirement shall include the following risk dules aggregated in accordance with the Implementing Regulation (EU):

1.

the non-life insurance-related risk module,

2.

the life insurance-related risk module;

3.

the health insurance-related risk module;

4.

the market trisikomodule,

5.

the counterparty failure risk module and

6.

the risk module for intangible assets.

(2) For the purposes of paragraph 1 (1) (1) to (3), insurance or reinsurance obligations shall be assigned to the technical risk module, which takes the best account of the technical nature of the underlying risks.

(3) The correlation coefficients for the aggregation of the risk modules referred to in paragraph 1 as well as the calibration of the capital requirements for each risk module shall lead to an overall solvency requirement, which shall be the principles referred to in § 175 .

(4) With the approval of the FMA, insurance and reinsurance undertakings may, within the framework of the structure of the standard formula, in the case of the non-life insurance-related risk module, the life insurance-related risk module and the A sub-group of parameters shall be replaced by the company-specific parameters referred to in the Implementing Regulation (EU). These parameters shall be calibrated on the basis of the internal data of the insurance or reinsurance undertaking concerned, or on the basis of data directly applicable to the business of that undertaking, the standardised methods is relevant. In particular, the FMA has to check the completeness, accuracy and appropriateness of the data used during the approval process.

(5) Insurance and reinsurance undertakings may use a simplified calculation for a specific sub-module or risk module, if the nature, scope and complexity of the risks justify this and it would be inappropriate to do so, to require all insurance and reinsurance undertakings to apply a standard calculation. The calibration shall be carried out in accordance with Section 175 (3).

Base solvency capital requirement risk dule

§ 179. (1) The non-life insurance risk module shall return the risk arising from non-life insurance obligations, in relation to the risks covered and the processes used in the exercise of the business. It shall take into account the uncertainty of the results of insurance and reinsurance undertakings in respect of the existing insurance and reinsurance obligations and the expected new insurance and reinsurance undertakings in the following twelve months. Business. It is calculated as a combination of the capital requirements for at least the submodules listed below:

1.

the risk of loss or adverse change in the value of insurance liabilities arising from fluctuations in the occurrence, frequency and severity of the insured events and in relation to the occurrence and the amount of the loss of damage (non-life insurance premium and return risk); and

2.

risk of loss or adverse change in the value of insurance liabilities arising from a significant uncertainty as to price fixing and assumptions in the event of the formation of extreme or non-confirmations; or extraordinary events (non-life catastrophe risk).

(2) The life insurance risk module shall return the risk arising from life insurance obligations in relation to the risks covered and the processes used in the exercise of the business. It is calculated as a combination of the capital requirements for at least the submodules listed below:

1.

Risk of loss or adverse change in the value of the insurance liabilities resulting from changes in the amount, trend or volatility of mortality rates if the increase in mortality rate increases an increase in the value of insurance liabilities (risk of death),

2.

Risk of loss or adverse change in the value of the insurance liabilities resulting from changes in the amount, trend or volatility of mortality rates if the fall in mortality rates is is an increase in the value of insurance liabilities (longevity risk),

3.

Risk of loss or adverse change in the value of the insurance liabilities resulting from changes in the amount, trend or volatility of the invalidity, disease and morbidity rates (invalidity/morbidity risk),

4.

the risk of loss or adverse change in the value of the insurance liabilities arising from changes in the amount, trend or volatility of the insurance liabilities in the case of the administrative costs of insurance and insurance; reinsurance contracts (life insurance cost risk),

5.

Risk of loss or adverse change in the value of the insurance liabilities resulting from changes in the amount, trend or volatility of the revision rates for pension insurance, which in turn results in a consequence of of changes in the legal environment or in the health condition of the insured person (revision risk),

6.

Risk of loss or adverse change in the value of insurance liabilities arising from changes in the amount or volatility of the cancellation, termination, renewal and repurchase rates of insurance policy returns (Stornorisiko) and

7.

risk of loss or adverse change in the value of insurance liabilities arising from a significant uncertainty as to price fixing and assumptions in the event of the formation of extreme or non-confirmations; or extraordinary events (life insurance catastrophe risk).

(3) Regardless of whether or not the health insurance is operated on a technical basis comparable to that of life insurance, the health insurance-oriented risk module shall return the risk arising from Health insurance obligations, in relation to the risks covered and the processes used in the exercise of the business. It shall cover at least the following risks:

1.

Risk of loss or adverse change in the value of the insurance liabilities arising from changes in the amount, trend or volatility of the insurance and reinsurance contracts the costs incurred,

2.

the risk of loss or adverse change in the value of insurance liabilities arising from fluctuations in the occurrence, frequency and severity of the insured events and in relation to the occurrence and the amount of the performance regulation at the time of the formation of the provisions; and

3.

risk of loss or adverse change in the value of insurance liabilities arising from a significant uncertainty as to price fixing and the assumptions made in the case of the provision of retreat in respect of the The outbreak of major epidemics, as well as the unusual accumulation of the risks associated with these extreme circumstances, is the result.

(4) The market risk module shall return the risk arising from the level or volatility of the market prices of financial instruments that influence the value of the assets and liabilities of the enterprise. It has adequately reflected the structural incongruity between assets and liabilities, in particular with regard to their maturity. It is calculated as a combination of the capital requirements for at least the submodules listed below:

1.

the sensitivity of assets, liabilities and financial instruments in relation to changes in the interest rate curve or in relation to the volatility of interest rates (interest rate risk);

2.

the sensitivity of assets, liabilities and financial instruments in relation to changes in the amount or volatility of the market price of shares (share risk);

3.

the sensitivity of assets, liabilities and financial instruments in relation to changes in the amount or volatility of market prices of real estate (real estate risk);

4.

the sensitivity of assets, liabilities and financial instruments in relation to changes in the amount or volatility of the credit spreads over the risk-free interest rate curve (spread risk);

5.

the sensitivity of assets, liabilities and financial instruments in relation to changes in the level or volatility of exchange rates (exchange rate risk), and

6.

additional risks for an insurance or reinsurance undertaking, either through a lack of diversification of the asset portfolio or by a high exposure to the default risk of a single securities issuer; or of a group of related issuers (market risk concentrations).

(5) The counterparty default risk module shall take into account possible losses arising from an unexpected failure or deterioration of the creditworthiness of counterparties and debtors of insurance and reinsurance undertakings during the period of the following twelve months. The counterparty default risk module shall cover risk-reducing contracts such as reinsurance agreements, securitisation and derivatives, as well as claims against intermediaries and any other credit risk not provided by the sub-module for the spread risk. shall be covered. It shall take due account of the accrual or other securities held by or for the insurance or reinsurance undertaking and the risks associated with it. The counterparty accident risk module shall take into account, for each counterparty, the total counterparty risk exposure of the respective insurance or reinsurance undertaking with respect to that counterparty irrespective of the legal form of the contractual Commitments to this company.

(6) The risk module for intangible assets shall return the risks associated with it.

Durations-based sub-module share risk

§ 180. (1) Insurance undertakings which offer retirement benefits in the context of the operation of life insurance may calculate the sub-module share risk with the approval of the FMA for a group of insurance contracts, if:

1.

the benefits are provided in the event of an occurrence or expectation of retirement,

2.

the policyholders can make the premiums tax-deductible;

3.

the insurance contracts relate only to risks which are situated in the country; and

4.

the average duration of the undertaking's liabilities in relation to these insurance contracts exceeds twelve years.

If the calculation is carried out in accordance with the first sentence, the insurance undertakings shall set up a special association for all assets and liabilities related to these insurance contracts, and those assets and liabilities shall be: to manage and organize, without possibility of transfer, separate from the other contracts.

(2) The insurance undertaking shall ensure that the solvency and liquidity of the insurance undertaking as well as the strategies, processes and reporting procedures of the asset-liability management ensure that the insurance undertaking is in a position to: true, during the typical holding period of the equity investments of the insurance undertaking, which was adopted during the approval. The insurance undertaking must demonstrate to the FMA that this condition is subject to a review of the level of confidence which guarantees policyholders and beneficiaries a level of protection equivalent to that laid down in Article 175.

(3) In the presence of duly justified circumstances, insurance undertakings may, with the approval of the FMA, return from the calculation of the submodule of equity risk in accordance with paragraph 1 for the calculation in accordance with § 179 (4) Z 2.

Measures of the FMA in case of substantial deviations from the assumptions underlying the standard formula

§ 181. (1) The FMA may order an insurance or reinsurance undertaking in the calculation of the life-insurance-related risk module, the non-life-insurance-related risk module and the health insurance-related risk Risk module to use company-specific parameters in accordance with § 178 (4) if, in calculating the Solvency Capital Requirement with the standard formula, the risk profile of the insurance or reinsurance undertaking in question is substantially of The assumptions underlying the calculation using the standard formula would be different.

2. The FMA may order an insurance or reinsurance undertaking to use an internal model for the calculation of the Solvency Capital Requirement or the relevant risk dules if the calculation of the Solvency Capital Requirement with the Standard formula the risk profile of the insurance or reinsurance undertaking in question would differ materially from the assumptions underlying the calculation with the standard formula.

Section 5

Calculation of the Solvency Capital Requirement using an internal model

General provisions for the approval of internal models in the form of full or partial models

§ 182. (1) Insurance or reinsurance undertakings may calculate the Solvency Capital Requirement by using an internal model in the form of a full or partial model. An internal model shall be subject to an authorisation in accordance with paragraph 4.

(2) An internal model in the form of a partial model may be used for the calculation of one or more of the following factors:

1.

one or more risk modules or sub-modules of the base solvency capital requirement,

2.

the capital requirement for operational risk, or

3.

the adjustment for the loss-making capacity of technical provisions and deferred taxes.

In addition, partial modelling can be carried out for the entire business activities of insurance and reinsurance undertakings, or only for one or more main business units.

(3) The Executive Board or the management board of the insurance or reinsurance undertaking shall decide on the application in accordance with paragraph 4 of this Regulation, on the approval of the internal model, and the request for the approval of any subsequent major changes to the model.

(4) The FMA shall decide on the application for the approval of an internal model in which the fulfilment of the requirements of § 186 bis § 191 shall be decided within six months of receipt of the complete application. In the case of applications for approval of an internal model in the form of a partial model, these requirements shall be applied mutagenic to the limited scope of application of the model.

(5) Prior to the approval of internal or partial internal models in accordance with paragraph 4, the FMA has to obtain an opinion of the Oesterreichische Nationalbank in so far as these models are the market risk module or parts of the market risk module. . The Oesterreichische Nationalbank has to assess whether the market risk module or, if necessary, parts of the market risk module are in accordance with the applicable requirements.

(6) The National Bank of Oesterreichische Nationalbank (Oesterreichische Nationalbank) has to make statements in accordance with paragraph 5 on its own responsibility and on its own behalf. FMA has been able to rely on the advice of the Oesterreichische Nationalbank and can rely on its accuracy and completeness, unless it has reasonable doubts as to its accuracy or completeness. The Oesterreichische Nationalbank shall immediately forward the comments of the insurance undertaking concerned to the FMA.

(7) The Oesterreichische Nationalbank has

1.

to draw up a statement of the direct costs arising from the statements made in accordance with paragraph 5 above in the respective financial year and to have it examined by the auditor in accordance with Section 37 of the NBG,

2.

provide the audited establishment of the FMA up to 30 April of the following financial year,

3.

to communicate the estimated direct costs of the statements made in accordance with paragraph 5 above for the following financial year of the FMA by 30 September each year; and

4.

To inform the Federal Minister of Finance and the FMA once a year on the number of staff employed in the annual average of the annual average number of opinions expressed in accordance with paragraph 5; this information may also be made by way of publication.

(8) Following the approval of the internal model, the FMA may order insurance and reinsurance undertakings, specifying the relevant reasons, to submit an estimate of the Solvency Capital Requirement, which shall be based on the standard formula in accordance with the 4. The section should be calculated.

(9) Insurance and reinsurance undertakings may adapt their internal model within the framework of the written guidelines for amendments to the internal model to be approved as part of the initial approval process by the FMA. Major changes to the internal model, as well as changes to these written guidelines, are subject to prior approval by the FMA in accordance with paragraph 4. Minor changes to the internal model may be made without the approval of the FMA, provided that they are in accordance with these written guidelines.

(10) It is the responsibility of the Executive Board or of the Management Board for the introduction of systems to ensure that the internal model is functioning properly.

Special provisions for the approval of internal models in the form of partial models

§ 183. (1) Internal models in the form of a partial model can only approve the FMA if:

1.

that the insurance or reinsurance undertaking justifies the reason for the limited scope of the model in an appropriate manner;

2.

the resulting solvency capital requirement shall take better account of the risk profile of the undertaking and, in particular, the risk profile of the undertaking in the 3. of the above-mentioned principles, and

3.

the structure with the principles set out in the 3. Section is consistent so that the internal model in the form of a partial model can be fully integrated into the default formula for the Solvency Capital Requirement.

(2) In the authorisation of an application for the use of an internal model in the form of a partial model, which only includes certain sub-modules or some business units of an insurance or reinsurance undertaking with regard to a specific Risk module or parts of both, the FMA may require the relevant insurance and reinsurance undertakings to submit a realistic transition plan with a view to extending the scope of the model. The transitional plan shall specify the manner in which an insurance undertaking or reinsurance undertaking intends to extend the scope of the model in the form of a partial model to other sub-modules or business units in order to: ensure that it covers the predominant part of the insurance business with respect to the specific risk module referred to in the first sentence.

Return to the default formula

§ 184. After the approval of the internal model, insurance or reinsurance undertakings may, in the case of duly justified circumstances, authorise the FMA to calculate all or part of the Solvency Capital Requirement with the standard formula according to the 4. Return section.

Non-compliance with the internal model requirements

§ 185. (1) Insurance or reinsurance undertakings shall have to comply with the requirements of the approval of the internal model, in particular the requirements laid down in § 186 to § 191.

(2) Where an insurance or reinsurance undertaking no longer fulfils the requirements of the approval of the internal model, it shall immediately submit to the FMA either an appropriate plan, which provides for the requests within a reasonable period of time, or to prove that the failure to comply with the requirements has an insignificant impact.

(3) Where an insurance or reinsurance undertaking does not implement the plan in accordance with paragraph 2, the FMA may return to the calculation of the Solvency Capital Requirement with the Standard Formula according to the 4. Arrange section.

Use Test

§ 186. (1) Insurance and reinsurance undertakings shall demonstrate that the internal model is widely used in its governance system and plays an important role there, in particular in:

1.

their risk management system in accordance with § 110 and § 112 and their decision-making processes as well as

2.

their assessment of the economic capital and solvency capital and their allocation processes, including the company risk and solvency assessment according to § 111.

(2) In addition, insurance and reinsurance undertakings shall demonstrate that the frequency of the calculation of the Solvency Capital Requirement, using their internal model, is consistent with the frequency at which they have their internal model. Use the model for the other purposes mentioned in the first paragraph.

(3) The Executive Board or the Management Board shall be responsible for ensuring the continuous adequacy of the structure and functioning of the internal model and for the internal model to continue to be responsible for the risk profile of the insurance and/or insurance policies concerned; and Reinsurance undertakings shall be given adequate training.

Statistical quality standards

§ 187. (1) The internal model and, in particular, the calculation of the probability distribution forecast on which it is based shall comply with the criteria set out in paragraphs 2 to 9.

(2) The methods used to calculate the probability distribution forecast shall be based on appropriate, applicable and relevant actuarial and statistical techniques and shall be consistent with the methods used in the calculation of the probability distribution forecast. for the calculation of technical provisions. The methods used to calculate the probability distribution forecast are based on current and reliable information as well as on realistic assumptions. Insurance and reinsurance undertakings must be in a position to justify the assumptions underlying their internal model vis-à-vis the FMA.

(3) The data used for the internal model must be accurate, complete and appropriate. The data series used for the calculation of the probability distribution forecast shall be updated at least annually.

(4) In respect of the chosen calculation method, the risk classification by the internal model must ensure that the internal model is largely used in the governance system in accordance with § 186 and plays an important role there. The internal model shall cover all the essential risks to which insurance and reinsurance undertakings are exposed, including at least the risks referred to in Article 175 (4).

(5) In terms of diversification effects, account may be taken in the internal model of the dependencies within the risk categories as well as between the risk categories, provided that the insurance or reinsurance undertaking of the FMA has demonstrated that the system is appropriate for the measurement of diversification effects.

(6) The effect of risk mitigation techniques can be fully taken into account in the internal model, provided that the credit risk and other risks arising from the application of risk mitigation techniques are adequately reflected in the internal model .

(7) The specific risks arising from financial guarantees and other contractual options shall be accurately assessed in the internal model, provided that they are of fundamental importance. In addition, the risks to insurance and reinsurance companies arising from policyholders ' options and contractual options are to be assessed. To this end, account should be taken of the impact that future changes in financial and non-financial conditions may have on the exercise of these options.

(8) Future actions of management may be taken into account in the internal model, provided that the setting of these measures can reasonably be expected under certain circumstances. Account should be taken of the time required for the implementation of such measures.

(9) In the internal model, all payments to policyholders and beneficiaries are to be taken into account, irrespective of whether these payments are contractually guaranteed or not.

Calibration standards

§ 188. (1) In the internal model, a different period of time, or any other risk measure, may be used as referred to in Article 175 (3), provided that the results of the internal model are used in a manner to calculate the Solvency Capital Requirement , which provides a level of protection equivalent to that laid down in Article 175 to policyholders and claimants.

(2) As far as practicable, the Solvency Capital Requirement shall be deducted directly from the probability distribution forecast generated by the internal model. In this case, the risk ate value-at-risk is to be used in accordance with § 175 (3).

(3) If the Solvency Capital Requirement cannot be derived directly from the probability distribution forecast generated by the internal model, the FMA may allow approxiations for the calculation of the Solvency Capital Requirement, provided that: The insurance or reinsurance undertaking of the FMA can demonstrate that the policyholder and the claimant is granted a level of protection which is equivalent to that in accordance with § 175.

(4) The FMA may require an insurance or reinsurance undertaking to apply the internal model to relevant benchmark portfolios, starting from assumptions based on external data rather than on internal data, in order to: To verify the calibration of the internal model and to determine whether its specification corresponds to the generally accepted market practice.

Allocation of profits and losses

§ 189. Insurance and reinsurance undertakings shall, at least once a year, examine the causes and sources of profits and losses of each main business unit. This is how the risk categorization chosen in the internal model explains the causes and sources of the gains and losses. The risk categorisation and the allocation of profits and losses must reflect the risk profile of the insurance or reinsurance undertaking.

Validation standards

§ 190. (1) Insurance and reinsurance undertakings shall have a regular model validation cycle, which shall be the performance of the internal model, the verification of the continuous adequacy of its specification and the Comparison of model results and experience values.

(2) The model validation process shall include an effective statistical procedure for the validation of the internal model which allows insurance or reinsurance undertakings to apply to the FMA the adequacy of the the capital requirements resulting from this. The statistical methods used have to examine the appropriateness of the probability distribution forecast not only in comparison to observed losses, but also in relation to all the essential new data and related information.

(3) The model validation process has an analysis of the stability of the internal model and, in particular, a review of the sensitivity of the results of the internal model in relation to changes in the main assumptions to which the model is based shall be based on. It also includes an evaluation of the accuracy, completeness and appropriateness of the data used for the internal model.

Documentation standards

§ 191. (1) Insurance and reinsurance undertakings shall be responsible for documenting the structure and operational details of the internal model. This documentation must result in compliance with the requirements of § 186 to § 190.

(2) The documentation shall provide a detailed explanation of the theory, assumptions, and mathematical and empirical basis on which the internal model is based and to contain a description of all situations in which the internal model does not work effectively.

(3) Insurance and reinsurance undertakings shall document all major changes in accordance with § 182 (9) of their internal model.

External models and data

§ 192. The use of a model obtained from third parties or of data obtained by third parties does not constitute a justification for an exception to the requirements of the internal model according to § 186 to § 191.

6.

Minimum Capital Requirement

General provisions

§ 193. (1) Insurance and reinsurance undertakings shall hold accountable basic own resources to cover the minimum capital requirement.

(2) Insurance and reinsurance undertakings shall have to calculate the minimum capital requirement in accordance with the Implementing Regulation (EU). This has the following absolute limits:

1.

EUR 2.5 million for non-life insurance undertakings, including in-house insurance undertakings, unless all or some of the risks listed in Z 10 to 15 of Annex A are covered; in the latter case, the absolute Lower limit of at least 3.7 million euros,

2.

EUR 3.7 million for life assurance undertakings, including in-house insurance undertakings,

3.

EUR 3.6 million for reinsurance undertakings, with the exception of non-company reinsurance undertakings, for which a minimum capital requirement of EUR 1.2 million applies, and

4.

the sum of the amounts referred to in Z 1 and 2 for composite insurance undertakings.

(3) Insurance and reinsurance undertakings shall have to calculate the minimum capital requirement, at least quarterly, prior to the notification in the context of the regular supervisory reporting to the FMA in accordance with the Implementing Regulation (EU). A calculation must also be made immediately after a recalculation of the Solvency Capital Requirement in accordance with Section 176 (1), second sentence, and must be reported to the FMA. If the minimum capital requirement is determined on the basis of the Solvency Capital Requirement by the percentage limit values set out in the first subparagraph of Article 129 (3) of Directive 2009 /138/EC, insurance and reinsurance undertakings of the FMA shall have a The justification for this should be provided. The limit values shall be calculated on the basis of the most recently reported Solvency Capital Requirement.

Special provisions for composite insurance undertakings

§ 194. (1) A composite insurance undertaking shall, without prejudice to Section 193, have eligible basic own resources to cover the

1.

fictitious life insurance minimum capital requirement in relation to their life insurance activities and the

2.

fictitious non-life insurance minimum capital requirement in respect of their non-life insurance activities

, while the fictitious minimum capital requirements may not be borne by the other activity.

(2) Composite insurance companies have the fictitious life insurance minimum capital requirement in respect of life insurance activity and the fictitious non-life insurance minimum capital requirement in relation to the To calculate non-life insurance activities in accordance with the Implementing Regulation (EU) and, at the same time, to report the minimum capital requirement in accordance with § 193 (3) of the FMA.

(3) For the purposes of subsection 1, composite insurance companies have to draw up an overview in which the eligible basic own resources of the life insurance business and the non-life insurance activity are to be assigned as follows:

1.

The surplus fund shall be assigned to the life insurance activity, in so far as it is due to the provision of the annual financial statements for profit-sharing in life assurance, and to the non-life insurance activity, to the extent that: this is due to the return of the annual financial statements for premium repayment in the health insurance scheme.

2.

The "Reconciliation Reserve" shall be allocated in accordance with the ratio used in accordance with the Implementing Regulation (EU) for the calculation of the fictitious minimum capital requirements.

3.

The other eligible basic own resources are to be attributed to the life insurance business insofar as these are attributable to balance sheet items of the balance sheet life insurance and to be assigned to the non-life insurance activity, to the extent that: these are due to balance sheet items of the balance sheet health insurance and injury and accident insurance.

The composite insurance companies shall present this overview of the FMA with the notification in accordance with paragraph 2.

9. Main piece

Group supervision

Section 1

Definitions and scope

Definitions

§ 195. (1) For the purposes of this main item, the expression:

1.

participating undertaking: a parent undertaking or another undertaking holding a holding, or an undertaking which is connected to another undertaking by a relationship described in Article 22 (7) of Directive 2013 /34/EU.

2.

' affiliated undertaking ' means a subsidiary undertaking or any other undertaking in which a holding is held or an undertaking which has a relationship with another undertaking by means of a relationship as described in Article 22 (7) of Directive 2013 /34/EU is connected.

3.

group: a group of companies,

a)

those of a participating undertaking, its subsidiaries and the undertakings in which the participating undertaking or its subsidiaries hold a holding, and undertakings which are among themselves by means of a participating undertaking in accordance with Article 22 (7) of the Directive 2013 /34/EU, or

b)

which is based on the establishment of contractual or other strong and sustainable financial relations between all those undertakings and which may belong to the mutual insurance associations or to those similar associations, provided that: one of these companies, through central coordination, exercises a dominant influence on the decisions of all the companies belonging to the group, including the financial decisions, and the establishment and dissolution of these relations for the purposes of this main part of the prior authorisation by the group supervisor; the undertaking performing the central coordination is to be regarded as a parent undertaking and the other undertakings shall be considered a subsidiary undertaking.

4.

Group supervisor: the supervisory authority responsible for group supervision in accordance with § 226.

5.

Colleges of supervisors: a permanent but flexible platform for cooperation, coordination and facilitation of decision-making in relation to the supervision of a group.

6.

Insurance holding company: a parent undertaking which is not a mixed financial holding company and whose principal activity consists in the acquisition and holding of holdings in subsidiaries, whereby those subsidiaries are wholly or wholly owned. are mainly insurance or reinsurance undertakings or third country insurance or reinsurance undertakings and have at least one insurance undertaking or reinsurance undertaking under its subsidiaries.

7.

mixed insurance holding company: a parent undertaking which neither an insurance undertaking nor a third country insurance undertaking nor a reinsurance undertaking, nor a third country reinsurance undertaking, nor a reinsurance undertaking, nor a reinsurance undertaking the insurance holding company is still a mixed financial holding company and has at least one insurance undertaking or reinsurance undertaking under its subsidiaries; and

8.

Mixed financial holding company: a mixed financial holding company within the meaning of Article 2 (2) (15) of Directive 2002 /87/EC.

(2) For the purposes of this main piece, the FMA

1.

to consider, as parent undertakings, any undertaking which, in the view of the FMA, actually exercises a dominant influence on another undertaking,

2.

consider, as a subsidiary undertaking, any undertaking to which a parent undertaking, in the view of the FMA, actually exercises a dominant influence, and

3.

to consider, as a participation, the direct or indirect holding of voting rights or capital in a company to which, in the opinion of the FMA, a relevant influence is actually exercised.

General provisions

§ 196. (1) Insurance and reinsurance undertakings in a group shall be subject to supervision by the FMA at the level of the group in accordance with the provisions of this Headpiece, if the FMA is the group supervisor in accordance with Section 226. authority has been determined.

(2) Unless otherwise provided in this main piece, the rules for the individual supervision of insurance and reinsurance undertakings shall continue to apply.

(3) Insurance and reinsurance undertakings shall immediately notify the FMA of the occurrence and omission of circumstances leading to group supervision in accordance with Section 197.

Group supervisor use cases

§ 197. (1) The FMA, as the group supervisor, has

1.

Insurance undertakings or reinsurance undertakings which are undertakings involved in at least one insurance undertaking or reinsurance undertaking, third country insurance undertakings or third country reinsurance undertakings, in accordance with § 202 bis § 236 supervise;

2.

to supervise insurance or reinsurance undertakings, the parent undertaking of which is an insurance holding company or a mixed financial holding company, each having its head office in a Member State, in accordance with Article 202 bis (236);

3.

a reinsurance undertaking or reinsurance undertaking, the parent undertaking of which is an insurance holding company established in a third country, a mixed financial holding company established in a third country or a third country insurance undertaking or -reinsurance undertaking is, according to the 7. Supervising the section and

4.

to supervise insurance or reinsurance undertakings, the parent undertaking of which is a mixed insurance holding company, in accordance with Section 201.

(2) Where the participating insurance or reinsurance undertakings referred to in paragraph 1 (1) (1) are concerned, the insurance holding company or mixed financial holding company referred to in Z 2 in each Member State of a regulated entity itself, or of a company which is a regulated entity itself, or of a company which is a regulated entity, or of a regulated entity itself, pursuant to Article 5 ( In 2002 /87/EC, the FMA may, after consultation with the group supervisor, be or itself a mixed financial holding company subject to supplementary supervision or such a company or a company of that kind of the other supervisory authorities concerned, from the supervision of Risk concentration according to § 220, the supervision of intra-group transactions in accordance with § 221 or of both the insurance or reinsurance undertaking or the insurance holding company or the mixed insurance undertaking concerned. Financial holding company.

(3) Where the participating insurance or reinsurance undertakings referred to in paragraph 1 (1) (1) are concerned, the insurance holding company or mixed financial holding company referred to in paragraph 1 (2), itself a subsidiary of another insurance undertaking or a reinsurance undertaking, another insurance holding company or a mixed financial holding company, or a mixed financial holding company, The financial holding company, which is a mixed financial holding company, is not subject to supervision in accordance with paragraph 1. Supervision shall be carried out at the level of that insurance undertaking or reinsurance undertaking, or the insurance holding company or mixed financial holding company established in a Member State which has its registered office in a Member State, which is the supreme parent company at Member State level.

(4) Where the supreme parent undertaking referred to in paragraph 3 is each based in a Member State, either a subsidiary of a regulated entity or an additional subsidiary under Article 5 (2) of Directive 2002/87/EC overseeing mixed financial holding company, or even such a company or company, the FMA may, after consulting the other concerned, be the competent authority for group supervision Supervisory authorities shall be responsible for monitoring the risk concentration in accordance with § 220, the supervision of the intra-group transactions in accordance with § 221, or by both monitoring at the level of this participating insurance or reinsurance undertaking, or of this insurance holding company or mixed financial holding company.

(5) Into the extent that a mixed financial holding company referred to in paragraph 1 Z 2 is subject to equivalent provisions of this Federal Law and the FKG, in particular with regard to risk-based supervision, the FMA may act as the competent authority. after consulting the other competent authorities concerned, decide that only the relevant provisions of the FKG shall apply at the level of this mixed financial holding company.

(6) Into the extent that a mixed financial holding company referred to in paragraph 1 Z 2 is subject to equivalent provisions of this Federal Law and of the Federal Elections Act, in particular with regard to risk-based supervision, the FMA may act as the competent authority decide, in agreement with the consolidating authority for the banking and investment services industry, that only the provisions of the BWG or of this federal law shall be applied at the level of that mixed financial holding company, After which financial industry according to § 2 Z 7 FKG with the higher The average share is represented.

(7) The FMA, as the group supervisor, shall inform the EBA and EIOPA of any decisions taken pursuant to paragraphs 5 and 6.

Exclusion of companies from group supervision

§ 198. (1) The FMA, as the group supervisor, may order in an individual case that a company is not included in the group supervision if:

1.

the company is located in a third country where the transmission of the necessary information is contrary to legal obstacles; § 210 shall remain unaffected,

2.

the undertaking to be included is only of secondary importance in relation to the objectives pursued by the group supervisor; or

3.

the inclusion of the company in relation to the objectives pursued by the group supervision would be inappropriate or misleading.

If several undertakings in the same group can be excluded from the group supervision individually after Z 2, they shall nevertheless be included if they are not of secondary importance in the overall view.

(2) If the FMA, as the group supervisor, considers that an insurance or reinsurance undertaking in accordance with paragraph 1 (1) (2) and (3) is not to be included in the group supervision, it shall, before taking a decision, have: to other supervisory authorities concerned.

The supreme undertaking shall, at the request of the supervisory authorities of the Member State in which an insurance or reinsurance undertaking not included in the group supervision referred to in paragraph 1 (1) (2) and (3) has its registered office, have all the information , which shall facilitate the supervision of the insurance or reinsurance undertaking concerned. FMA may, for the supervision of an insurance or reinsurance undertaking not included in the group supervision referred to in paragraph 1 (1) (2) and (3), with its registered office in a Member State, the supreme undertaking with a view to providing all information , which are conducive to the facilitation of supervision.

Sub-group supervision at the level of a national subgroup

§ 199. (1) The FMA may, if the participating insurance or reinsurance undertaking referred to in Article 197 (1) (1) (1) (1) (1), or the insurance holding company or mixed financial holding company, itself a subsidiary of another insurance undertaking or a reinsurance undertaking, another insurance holding company, or a mixed financial holding company, as referred to in Article 197 (1) (2), of a mixed financial holding company, each based in a Member State, after having consulted the group supervisor and the supreme parent company, order that the national level be the highest at national level parent undertaking, which is an insurance or reinsurance undertaking, The insurance holding company or mixed financial holding company, each with its registered office, is subject to sub-group supervision.

(2) The FMA has to explain its decision in accordance with paragraph 1 of the group supervisor and the supreme parent company at Member State level.

(3) Subject to the provisions of paragraphs 4 to 7, § 202 to § 214 and § 220 to § 236 are to be applied in a reasonable way.

(4) Subject to paragraphs 5 to 7, the FMA may supervise subgroup supervision in relation to the supreme parent company at the national level.

1.

Solvency of the Group in accordance with the second section,

2.

Risk concentration and intra-group transactions according to the 4. Section, or

3.

Governance at group level according to § 222 bis § 225

limit.

(5) The FMA decides to apply the second paragraph to the supreme parent company at the national level, the FMA shall have the highest parent undertaking designated by the group supervisor for the supreme parent undertaking referred to in Article 197 (3) at the level of the parent undertaking. Member States shall recognise and apply the method as binding.

(6) The FMA decides to apply the second section to the supreme parent company at the national level and has been granted the approval pursuant to § 212 or § 214 at the level of the Member States to the supreme parent company referred to in Article 197 (3). the Group's Solvency Capital Requirement and the Solvency Capital Requirement of the group's insurance and reinsurance undertakings shall be calculated on the basis of an internal model, and the FMA shall recognise this decision as binding and . If, in such a case, the FMA considers that the internal model approved at the level of the Member States differs significantly from the risk profile of the supreme parent undertaking at national level, it may, if this undertaking is concerned, to: does not adequately address a capital charge to that company on the Solvency Capital Requirement of the subgroup calculated on the basis of such a model. If the fixing of such a capital impact is not appropriate, it may in exceptional circumstances order the undertaking concerned to calculate the Solvency Capital Requirement of the subgroup on the basis of the standard formula. The FMA has to explain such decisions to the company and to the group supervisor.

(7) A decision pursuant to paragraph 1 may not be taken or maintained if the supreme parent undertaking at national level is a subsidiary of the supreme parent undertaking referred to in Article 197 (3) at the level of the Member States and this is the application of the provisions on groups with centralised risk management according to the 3. Section or Art. 237 or Article 239 of Directive 2009 /138/EC has been approved.

(8) If the FMA is the group supervisor and a decision is taken for that group in accordance with Article 216 (1) or (4) of Directive 2009 /138/EC, the FMA shall inform the college of supervisors.

Subgroup supervision at the level of a sub-group comprising several Member States

§ 200. (1) In accordance with Article 199 (1), the FMA may agree with the supervisory authorities of other Member States in which an affiliated undertaking is located, which is also the supreme parent undertaking at national level, to carry out sub-group supervision at the level of a sub-group comprising several Member States. The FMA has to order this supreme parent company at national level that it is subject to a subgroup supervision of several Member States.

(2) In accordance with Article 199 (1), the FMA may agree with the supervisory authority of a Member State in which a participating company, which is also the supreme parent company at national level, is situated, that: this supervisory authority shall carry out sub-group supervision at the level of a sub-group comprising several Member States, provided that that Member State has exercised the right to vote in accordance with Article 216 of Directive 2009 /138/EC. In this case, the FMA may not carry out sub-group supervision at the level of a supreme parent undertaking, referred to in paragraph 1, which is domiced in the territory of the other Member State of the supreme parent undertaking which is the head of the parent undertaking. The supreme parent undertaking at the national level shall, during the existence of such an agreement, comply with the obligations laid down in Section 234 with respect to the supervisory authority of the other Member State.

(3) § 199 (2) to (7) shall apply accordingly. The FMA, together with the other supervisory authorities concerned, has to explain its agreement to the group supervisor and the supreme parent company at the level of the Member States.

(4) If the FMA is the group supervisor and an agreement is reached for that group in accordance with Article 217 of Directive 2009 /138/EC, the FMA shall inform the college of supervisors.

Mixed insurance holding companies

§ 201. (1) If one or more insurance or reinsurance undertakings have a mixed insurance holding company as a parent undertaking, the FMA shall have the same as the parent undertaking for the supervision of those insurance or reinsurance undertakings competent supervisory authority to supervise the intra-group transactions between these insurance undertakings or reinsurance undertakings and the mixed insurance holding company.

(2) § 221 and § 229 to § 236 are to be applied in a reasonable way.

Section 2

Solvency of the Group

General provisions

§ 202. (1) In the case referred to in Article 197 (1) (1), the participating insurance or reinsurance undertaking shall ensure that the amount of the eligible own funds available at the group level is always at least that according to § 204 bis § 214. calculated solvency capital requirement of the group.

(2) In the case referred to in Article 197 (1) (2), the insurance or reinsurance undertakings of the Group shall ensure that the amount of the eligible own funds available at the group level is always at least equal to that at the level of the group. The insurance holding company or the mixed financial holding company shall be eligible for the group solvency capital requirement. For the purposes of this calculation, § 204 bis § 214 shall apply mutationally and this insurance holding company or mixed financial holding company shall be treated as an insurance undertaking or a reinsurance undertaking for which: in relation to the Solvency Capital Requirement, the provisions of the third paragraph. to 5. Section of the 8. Main item and in relation to the eligible own resources the provisions of the second section of the 8. the main part shall be applied in a meaningful way.

(3) The measures in the event of a deterioration of the financial situation in accordance with Section 278 and the measures in the event of non-coverage of the Solvency Capital Requirement according to § 279 shall apply mutatily.

(4) The insurance or reinsurance undertaking concerned in the case referred to in Article 197 (1) (1) and (1) (1) (1 the insurance holding company or the mixed financial holding company in the case referred to in Article 197 (1) (2) of the second subparagraph shall notify the FMA without delay if it or it determines that the group's solvency capital requirement is no longer covered, or that there is a risk that the group's solvency capital requirement could no longer be covered within the next three months. The FMA, as the group supervisor, has to inform the other supervisory authorities in the supervisory board.

(5) For the purposes of the calculation of the solvency of the group, § 157 shall apply mutafictively.

Frequency of calculation

§ 203. (1) The insurance or reinsurance undertaking concerned in the case referred to in Article 197 (1) (1) (1) or (1) (1) the insurance holding company or the mixed financial holding company in the case referred to in Article 197 (1) (2) has the calculation of the solvency of the group at least once a year prior to the notification in the context of the regular supervisory authorities to report to the FMA.

(2) The notification to the FMA as the group supervisor has

1.

in the case referred to in Article 197 (1) (1), by the insurance or reinsurance undertaking concerned; and

2.

in the case referred to in Article 197 (1) (2) by the insurance holding company, the mixed financial holding company or the insurance or reinsurance undertaking designated by the FMA as the group supervisor after the consultation of the other supervisory authorities concerned and the group itself for this purpose,

shall be made.

(3) The insurance and reinsurance undertaking concerned in the case referred to in Article 197 (1) (1) (1) or (c) the insurance holding company or the mixed financial holding company in the case in accordance with section 197 (1) (2) have to monitor the group's solvency capital requirement on an ongoing basis. If the risk profile of the Group deviates significantly from the assumptions underlying the Group's most recent Solvency Capital Requirement, the Group's Solvency Capital Requirement shall be recalculated immediately and the FMA shall be recalculated as the notify the group supervisor of the competent authority of the competent authority referred to in paragraph 2 without delay.

(4) The FMA may provide evidence suggesting that the group's risk profile has changed significantly since the Group's Solvency Capital Requirement was last reported, and the FMA may be deemed to be the group supervisor. Order recalculation of this request.

Choice of method

§ 204. (1) The solvency of the group shall be calculated using the method of consolidation (Method 1) in accordance with § 211 and § 212.

(2) The FMA, as the group supervisor, may, after consulting the other supervisory authorities concerned and the group itself, and taking into account the conditions laid down in the Implementing Regulation (EU), be able to apply the Method of deduction and aggregation (method 2) according to § 213 and § 214, or if the exclusive use of Method 1 is not appropriate, approve a combination of methods 1 and 2.

Taking into account the proportionate share

§ 205. In the calculation of the solvency of the group, account shall be taken of the proportionate share held by the insurance or reinsurance undertaking concerned in its affiliated undertakings. The proportionate share

1.

where method 1 is used, the percentages used in the preparation of the consolidated accounts, and

2.

where method 2 is applied, the rate of subscribed capital which is held directly or indirectly by the undertaking concerned.

(2) Where the affiliated undertaking is a subsidiary whose eligible own funds are not sufficient to cover its Solvency Capital Requirement, this solvency gap of the subsidiary shall be independent of: take account of the method used in calculating the group ' s solvency in full. If the liability of the parent company holding a share of capital is demonstrably limited to that share of the capital, the FMA may, as the group supervisor, allow the solvency gap of the parent company to be limited to the Subsidiary company is considered only proportionally.

(3) The FMA, as the group supervisor, shall, after consulting the other supervisory authorities concerned and the group itself, determine the proportionate share to be taken into account when:

1.

there are no capital relationships between a group of companies in a group,

2.

the direct or indirect holding of voting rights or capital in an undertaking is considered to be a participation, because a significant influence is actually exercised on that undertaking, or

3.

a company is considered to be a parent company of another company, because it actually exercises a dominant influence on the other company.

Exclusion of the multiple consideration of eligible own resources

§ 206. (1) The multiple consideration of eligible own funds in the case of several insurance or reinsurance undertakings included in the calculation shall be inadmissible.

(2) If this does not already provide for the methods according to § 211 to § 214, the following amounts remain unaccounted for in the calculation of the group's solvency:

1.

the value of all the assets of the participating insurance or reinsurance undertaking with which own funds are financed, which are based on the Solvency Capital Requirement of one of its related insurance or reinsurance undertakings may be credited to,

2.

the value of all the assets of an insurance or reinsurance undertaking associated with the insurance or reinsurance undertaking concerned, with which the own funds are financed, which are based on the solvency capital requirement of that insurance undertaking or reinsurance undertaking. the insurance or reinsurance undertaking concerned, and

3.

the value of all the assets of an insurance or reinsurance undertaking associated with the insurance or reinsurance undertaking concerned, with which own funds are financed, which are based on the solvency capital requirement of an insurance undertaking or reinsurance undertaking; to other insurance or reinsurance undertakings associated with the insurance or reinsurance undertaking concerned.

(3) If this does not already provide for the methods according to § 211 to § 214, the following own resources components are not to be included in the calculation:

1.

the subscribed but not paid-up capital, which is a potential liability for the undertaking concerned;

2.

the subscribed but not paid-up capital of the insurance or reinsurance undertaking concerned, which constitutes a potential liability for an affiliated insurance or reinsurance undertaking; and

3.

the subscribed but unpaid capital of a related insurance undertaking or reinsurance undertaking which is a potential liability for another insurance undertaking or a reinsurance undertaking other than that of the same insurance undertaking or reinsurance undertaking concerned; Insurance or reinsurance undertakings.

(4) Without prejudice to paragraphs 2 and 3, the following items of own resources may be included in the calculation only to the extent that they are credited to the solvency capital requirement of the related insurance or reinsurance undertaking concerned may be:

1.

the surplus fund of a related insurance undertaking of the insurance or reinsurance undertaking concerned, for which the solvency of the group is calculated; and

2.

the subscribed but not paid-up capital of an associated insurance or reinsurance undertaking of the insurance or reinsurance undertaking concerned, for which the solvency of the group is calculated.

(5) In the opinion of the FMA as the group supervisor, it is of the opinion that, in addition to the own resources referred to in paragraph 2 to 4, certain own resources, which are based on the solvency capital requirement of a related insurance undertaking, or reinsurance undertakings, in order to cover the solvency capital requirement of the participating insurance or reinsurance undertaking for which the solvency of the group is calculated, not provided , the FMA may order that own resources only in so far as the calculation shall be included when they are to be credited to cover the solvency capital requirement of the related insurance or reinsurance undertaking.

(6) The sum of the own resources referred to in paragraphs 4 to 5 shall not exceed the solvency capital requirement of the associated insurance or reinsurance undertaking.

(7) Supplementary own funds of a related insurance or reinsurance undertaking of the participating insurance or reinsurance undertaking for which the solvency of the group is calculated may only be included in the calculation if they have been approved by regulatory authorities.

Exclusion of capital creation within the Group

§ 207. (1) In the calculation of the solvency of the group, all eligible own funds arising from the counterfinancing between the insurance or reinsurance undertaking concerned and one of the companies listed below shall be eligible for the calculation of the solvency of the group. to remain unaccounted for:

1.

a related undertaking,

2.

a participating undertaking and

3.

another affiliated company of one of its participating companies.

In the calculation of the group ' s solvency, all own funds for the Solvency Capital Requirement of a related insurance or reinsurance undertaking of the insurance or reinsurance undertaking concerned, for which the solvency capital requirement of the group is subject to the solvency capital requirement of the participating insurance undertaking or reinsurance undertaking, shall be the group's solvency can be calculated, to remain unaccounted for if such own funds are derived from a counterfinancing with another affiliated undertaking of the insurance undertaking or reinsurance undertakings.

(3) In any event, counter-financing shall be provided when an insurance or reinsurance undertaking or one of its affiliated undertakings holds shares in another undertaking or grants loans to another undertaking which: shall, for its part, directly or indirectly hold own resources which may be credited to the solvency capital requirement of the first-mentioned undertaking.

Inclusion of certain enterprises

§ 208. (1) The solvency of the group shall be calculated with the involvement of all related insurance or reinsurance undertakings. Where a related insurance undertaking or reinsurance undertaking has its registered office in another Member State, the Solvency Capital Requirement and the own resources calculated in accordance with the law applicable in the Member State concerned shall be: shall be considered.

(2) Where an insurance or reinsurance undertaking holds a shareholdings in a related insurance or reinsurance undertaking or a related third country insurance or non-member country reinsurance undertaking over a in the case of an intermediary insurance holding company or an intermediary mixed financial holding company, that insurance holding company or mixed financial holding company shall be used in the calculation of the solvency of the financial holding company group to take into account and how an insurance or Reinsurance undertakings shall be treated. In terms of the Solvency Capital Requirement, the 3. to 5. Section of the 8. The main item and the own funds attributable to the Solvency Capital Requirement of the second section of the 8. Use the main item in a reasonable way.

(3) Where an intermediary insurance holding company or an intermediary mixed financial holding company is holding subordinated liabilities or other eligible own funds subject to a restriction in accordance with Section 173 of a limitation, such shall be recognised up to the level of an amount of own resources attributable to the application of the limits set out in § 173 to the total eligible own funds outstanding at the group level and to the Solvency Capital Requirement of the group. All eligible supplementary own funds of an intermediate insurance holding company or an intermediate mixed financial holding company which would have to be subject to prior regulatory approval pursuant to Section 171 if: an insurance or reinsurance undertaking may be included in the calculation of the group ' s solvency only in so far as it has been approved by the FMA as the group supervisor.

(4) A participating insurance or reinsurance undertaking which holds a shareholdings in a credit institution, investment firm or financial institution may, for the purposes of calculating the group's solvency, be eligible for the calculation of the group's solvency in accordance with Article 6 (2) (2) (1) and (2) of the FKG Methods 1 or 2 shall apply accordingly. Method 1 according to FKG may, however, be applied only if the FMA has been demonstrated to be the group supervisor, that the integrated management and internal control in relation to those in the group of consolidation a satisfactory level of undertakings. The method chosen shall be applied uniformly in the long term. The FMA may, instead of applying the methods 1 or 2 laid down in Annex I to Directive 2002/87/EC, acting on its own account or at the request of the insurance undertaking concerned, be the competent authority responsible for the group supervision. Reinsurance undertaking shall order the deduction of any participation referred to in the first sentence of the own funds attributable to the group level.

Inclusion of related third country insurance and third country reinsurance undertakings

§ 209. (1) Where the solvency of the group with method 2 is calculated for an insurance or reinsurance undertaking which is a participating undertaking of a third country insurance or non-member country reinsurance undertaking, the latter shall be: is treated exclusively for the purposes of this calculation, such as an affiliated insurance or reinsurance undertaking.

(2) By way of derogation from paragraph 1, the Solvency Capital Requirement and the own resources, calculated in accordance with the law applicable in the respective third country, shall be taken into account when the connected third country insurance or Third country reinsurance undertaking has its registered office in the third country, the equivalence of which has been established in accordance with Article 227 (4) or (5) of Directive 2009 /138/EC or in accordance with paragraph 3.

(3) The FMA, as the group supervisor, may, on request or on its own basis, on the basis of the criteria laid down in the Implementing Regulation (EU), the equivalence of the respective third country with the support of the EIOPA , in accordance with Article 33 (2) of Regulation (EU) No 1094/2010. Before the FMA decides, it has to consult with the other supervisory authorities concerned, with the support of EIOPA. The FMA, as the group supervisor, shall not take a decision relating to a third country which is contrary to a decision previously taken with regard to that third country, unless it is necessary to do so in a significant way. To take account of changes to the supervisory system and the supervisory system of the third country as set out in Chapter VI of Title I of Directive 2009 /138/EC.

(4) If the FMA is not in agreement with a decision taken pursuant to the second subparagraph of Article 227 (2) of Directive 2009 /138/EC as the supervisory authority concerned, the FMA may, in accordance with Article 19 of Regulation (EU) No 1094/2010, be within three Months after notification of the decision by the group supervisor, the EIOPA will address the matter and request assistance.

(5) According to a Commission decision in accordance with Article 227 (4) of Directive 2009 /138/EC on the equivalence of the solvency requirements of a third country, paragraph 3 is no longer applicable. If the Commission finds that the solvency rules of a third country are not equivalent, a decision taken in accordance with paragraph 3 shall not apply, and the third country's insurance or reinsurance undertaking shall be exclusive: in accordance with the conditions laid down in paragraph 1.

Deduction of the participation book value if the necessary information is not available

§ 210. Where the FMA is the group supervisor, the information necessary for the calculation of the solvency of the group of an insurance or reinsurance undertaking relating to an affiliated undertaking established in a Where the Member State or third country is not available, the carrying amount of the carrying amount of the undertaking in the insurance or reinsurance undertaking concerned shall be based on the own resources attributable to the solvency capital requirement of the group , In this case, the unrealised gains associated with such participation do not constitute an intrinsic part of the group which is eligible for the group's Solvency Capital Requirement.

Default method: Consolidation method (Method 1)

§ 211. (1) The solvency of the group of the insurance or reinsurance undertaking concerned shall be calculated on the basis of the consolidated accounts in accordance with the second section of this main item (the group's solvency balance) and shall be calculated as follows: Difference of

1.

the own resources calculated on the basis of the group's solvency balance sheet, which are eligible for the solvency capital requirement of the group; and

2.

the group's Solvency Capital Requirement calculated on the basis of the group's Solvency Balance.

The group's Solvency Capital Requirement shall be based on the group's Solvency Balance either with the standard formula under the appropriate application of the 3. and 4. Section of the 8. Main piece or using an internal model with the appropriate application of the 3. and 5. Section of the 8. To calculate the main item and in accordance with the Implementing Regulation (EU). For the determination of the own resources eligible for the coverage of the Solvency Capital Requirement of the Group, the second section of the 8. Use the main item in a reasonable way.

(2) The minimum amount of the group's Solvency Capital Requirement shall be the sum of:

1.

the minimum capital requirement of the insurance or reinsurance undertaking concerned; and

2.

the proportionate share of the minimum capital requirements for the related insurance and reinsurance undertakings.

This minimum amount shall be covered by own funds, which can be credited in accordance with section 173 (2). In assessing whether these eligible own funds may be used to cover the minimum amount of the group's Solvency Capital Requirement, the principles laid down in § 205 bis § 210 shall apply in accordance with the principles laid down in Article 205. § 280 (1) and (2) shall apply mutatily.

(3) In assessing whether the Group's Solvency Capital Requirement takes due account of the Group's risk profile, the FMA, as the group supervisor, has to pay its attention, in particular, to those cases in which: Circumstances in accordance with Section 277 (1) may occur at the group level, in particular if:

1.

a specific risk at the group level due to its severe quantifiability would not be adequately covered by the standard formula or the internal model used; or

2.

Capital surcharges on the Solvency Capital Requirement of the related insurance or reinsurance undertakings have been duly established by the regulatory authorities.

If the FMA, as the group supervisor, considers that the risk profile of the group is not properly taken into account, it may set a capital charge on the group's Solvency Capital Requirement. § 277 is to be applied in a reasonable way.

Intra-group models on Method 1

§ 212. (1) The FMA, as the group supervisor, has a request for the use of an internal model for the calculation of the group's Solvency Capital Requirement, under the appropriate application of the 3. and 5. Section of the 8. the main item, taking into account the implementing regulation (EU).

(2) A request for the use of an internal model for the calculation of the group's Solvency Capital Requirement and the Solvency Capital Requirement for the group's insurance and reinsurance undertakings shall be:

1.

in the case referred to in Article 197 (1) (1), the insurance or reinsurance undertaking concerned in its own name and the name of the related insurance undertakings or reinsurance undertakings; and

2.

in the case referred to in Article 197 (1) (2), an insurance or reinsurance undertaking named the related insurance or reinsurance undertaking of an insurance holding company or mixed financial holding company

to the FMA as the authority responsible for group supervision.

(3) The FMA, as the group supervisor, shall inform the other members of the Board of Supervisors without delay of the submission of the application in accordance with paragraph 2 and shall forward the full application.

(4) The FMA, as the group supervisor, has, in deciding on the approval of an internal model in accordance with paragraph 2, and in determining the conditions to which this authorisation may be linked, with the other competent supervisory authorities in the supervisory board in accordance with the provisions of the Implementing Regulation (EU). The FMA, as the group supervisor, has to make every effort, within the limits of its powers, to ensure that the supervisory authorities concerned are able to apply to the FMA within six months of the full application of the application. a joint decision on the application. This paragraph shall be applied mutafictily if the FMA is the supervisory authority concerned.

(5) If, before the expiry of the six-month period referred to in paragraph 4, one of the supervisory authorities concerned has referred the matter to EIOPA pursuant to Article 19 of Regulation (EU) No 1094/2010, the FMA, as the group supervisor, has its own Decision in anticipation of a decision by EIOPA under Article 19 (3) of the Regulation to be held and its decision to be taken in accordance with the decision of the EIOPA. If the decision proposed by the Panel pursuant to Article 41 (2) and (3) of Regulation (EU) No 1094/2010 is rejected in accordance with Article 44 of Regulation (EU) No 1094/2010, the FMA shall, as the group supervisor, adopt a final decision Decision. The six-month period shall be deemed to be a time limit for the settlement of the disagreements within the meaning of Article 19 (2) of Regulation (EU) No 1094/2010. Before the expiry of the six-month period referred to in paragraph 4, the FMA may refer the matter to the EIOPA under Article 19 of Regulation (EU) No 1094/2010 as the supervisory authority concerned.

(6) If no joint decision is reached in accordance with paragraph 4 within six months of the date of receipt of the application, and EIOPA has not been referred to this matter in accordance with paragraph 5, the FMA shall decide on the matter as the Group supervisor shall itself take due account of all the positions and reserves expressed by the other supervisory authorities concerned within the six-month period.

(7) Joint decisions referred to in paragraph 4 shall be made by the FMA in writing as the group supervisor with a full justification. In accordance with this decision, the FMA, as the group supervisor, has to issue a communication to the authority responsible for the group supervision referred to in paragraph 2 (1) (1) and (2) respectively. 2, together with a copy of the joint decision, to the insurance or reinsurance undertaking referred to in paragraph 2. A copy of this notice shall be sent by the FMA, together with a copy of the joint decision, to the other supervisory authorities concerned. This communication shall apply with the notification to that referred to in paragraph 2 (1) and (2) 2. insurance or reinsurance undertakings referred to in the first subparagraph shall be notified to all insurance undertakings and reinsurance undertakings on the name of which the undertaking has submitted the application. This undertaking shall forthwith inform all the insurance and reinsurance undertakings on the name of which the undertaking has submitted the request. This information shall be directly applicable to insurance and reinsurance undertakings with registered offices in Germany.

(8) When a joint decision is not taken, the FMA, as the group supervisor, has to decide to give a full explanation of the reasons and the views expressed by the other supervisory authorities concerned. consideration. The communication shall be referred to in paragraph 2 (2) (1) 2 insurance or reinsurance undertakings referred to in Article 2. The notification shall be valid with the notification to that referred to in paragraph 2 (2) (1) 2. insurance or reinsurance undertakings referred to in the first subparagraph shall be notified to all insurance undertakings and reinsurance undertakings on the name of which the undertaking has submitted the application. This undertaking shall immediately notify the notification to all insurance and reinsurance undertakings on the behalf of which the undertaking has submitted the application. This information shall be directly applicable to insurance and reinsurance undertakings with registered offices in Germany. A copy of this notice shall be sent by the FMA to the other supervisory authorities concerned and to the supervisory authorities involved.

(9) The FMA, as the supervisory authority concerned, has a decision taken by the group supervisor in accordance with the law of another Member State, in accordance with Article 231 (2) to (6) of Directive 2009 /138/EC. must be recognised and applied. Such a decision shall be immediately applicable and effective on affected insurance and reinsurance undertakings established in the territory of the country as soon as they have been notified to them, but not before the notification in the State of the Applicant shall take effect.

(10) The FMA, as the supervisory authority concerned, may, in the case referred to in paragraph 9, apply a capital surcharge to an insurance and reinsurance undertaking having its head office in the country concerned in accordance with Section 277, using an internal model. the solvency capital requirement if it considers that the risk profile of that insurance or reinsurance undertaking deviates significantly from the assumptions underlying the internal model approved at the group level and the insurance or reinsurance undertaking these concerns does not adequately address. Should such a capital surcharge be inappropriate on a case-by-case basis, the FMA may order the insurance or reinsurance undertaking concerned to calculate its Solvency Capital Requirement with the Standard Formula. In the cases referred to in Article 277 (1) (1) (1) and (3), the FMA may fix a capital surcharge to that insurance or reinsurance undertaking on the basis of the Solvency Capital Requirement determined by the standard formula. The FMA has to explain the decision taken by the other members of the Board of Supervisors.

Alternative method: withdrawal and aggregation method (Method 2)

§ 213. (1) The solvency of the group of the insurance or reinsurance undertaking concerned shall be the difference between:

1.

the aggregate, creditable own resources of the group referred to in paragraph 2; and

2.

the value of the related insurance or reinsurance undertakings in the insurance or reinsurance undertaking concerned and the aggregated Solvency Capital Requirement of the Group referred to in paragraph 3.

(2) The aggregate, creditable own resources of the group shall be the sum of:

1.

the own funds which are eligible for the solvency capital requirement of the insurance or reinsurance undertaking concerned; and

2.

the proportionate shares of the insurance or reinsurance undertaking concerned in the own funds eligible for the solvency capital requirement of the related insurance or reinsurance undertakings.

(3) The aggregate Solvency Capital Requirement of the Group shall be the sum of:

1.

the solvency capital requirement of the insurance or reinsurance undertaking concerned; and

2.

the proportionate share of the solvency capital requirements of the related insurance or reinsurance undertakings.

(4) If a participating insurance or reinsurance undertaking holds, in whole or in part, a participation in a related insurance or reinsurance undertaking, its value shall be based on the insurance undertaking concerned. or reinsurance undertakings, to the value of that indirect participation, taking into account the appropriate share in the share. In this case, the terms referred to in paragraph 2 (2) (2) and (2) (2) (2) shall include the corresponding shares of the Solvency Capital Requirement and the own funds of the related insurance or insurance undertaking eligible for the Solvency Capital Requirement. reinsurance undertakings.

(5) In assessing whether the aggregated Solvency Capital Requirement of the Group, calculated in accordance with paragraph 3, adequately reflects the group's risk profile, the FMA, as the supervisory authority concerned, has paid its attention, in particular, to special Group level risks, which are not adequately covered due to their severe quantifiability. If the risk profile of the group deviates significantly from the assumptions underlying the aggregate solvency capital requirement of the group, the FMA may, as the group supervisor, have a capital impact on the aggregate the solvency capital requirement of the group. § 277 is to be applied in a reasonable way.

Intra-group models in Method 2

§ 214. (1) A request for the use of an internal model for the calculation of the Solvency Capital Requirement for the group's insurance and reinsurance undertakings shall be:

1.

in the case referred to in Article 197 (1) (1), the insurance or reinsurance undertaking concerned in its own name and the name of the related insurance undertakings or reinsurance undertakings; and

2.

in the case referred to in Article 197 (1) (2), an insurance or reinsurance undertaking in its own name and on behalf of the related insurance or reinsurance undertakings of an insurance holding company or a mixed insurance undertaking Financial holding company

to the FMA as the authority responsible for group supervision.

(2) § 212 shall apply mutatily.

Section 3

Groups with centralised risk management

Conditions

§ 215. (1) In the case of insurance or reinsurance undertakings with a registered office in Germany, which are subsidiaries of an insurance undertaking or a reinsurance undertaking, § 217 and § 218 shall apply if:

1.

the subsidiary is included in the group supervision at the level of the parent undertaking,

2.

include the risk management system and the internal control system of the parent undertaking, including the subsidiary undertaking, and the parent undertaking shall provide the supervisory authorities concerned with evidence of the prudent management of its subsidiary; ,

3.

the parent company has received the permits pursuant to section 224 (3) and in accordance with section 245 (2), and

4.

the parent undertaking has submitted an application for the application of the provisions for groups with centralised risk management and the application has been approved.

(2) In the case of insurance and reinsurance undertakings, which are subsidiaries of an insurance holding company or a mixed financial holding company, § 215 bis § 219 shall apply mutatily.

Decision on the application

§ 216. (1) The application for the use of § 217 and § 218 shall be submitted exclusively to the FMA as the supervisory authority responsible for supervising the subsidiary. The FMA shall immediately inform the other members of the Board of Supervisors thereof and immediately forward the full application to them.

(2) The FMA, together with the other supervisory authorities concerned in the college of supervisors, shall, after full consultation, decide jointly on whether the authorisation is granted and the conditions to be laid down, where appropriate, to: which is subject to this authorisation.

(3) The FMA shall, within the limits of its powers, make every effort, within the limits of its powers, to ensure that all supervisors of the Board of Supervisors exercise their powers within three months of the full application of the application. a joint decision on the application. This shall also apply where the FMA is the competent authority under the law of another Member State in a procedure carried out in accordance with Art. 237 of Directive 2009 /138/EC.

(4) If, before the expiry of the period of three months referred to in paragraph 3, one of the supervisory authorities concerned has referred the matter to EIOPA pursuant to Article 19 of Regulation (EU) No 1094/2010, the FMA has the responsibility of the group supervisor. to postpone its decision in anticipation of a decision by EIOPA pursuant to Article 19 (3) of the Regulation and to take its decision in accordance with the EIOPA decision. If the decision proposed by the Panel pursuant to Article 41 (2) and (3) of Regulation (EU) No 1094/2010 is rejected in accordance with Article 44 of Regulation (EU) No 1094/2010, the FMA shall, as the group supervisor, adopt a final decision Decision. The period of three months shall be deemed to be the time limit for the settlement of disagreements within the meaning of Article 19 (2) of Regulation (EU) No 1094/2010.

(5) If the supervisory authorities concerned fail to reach a joint decision within the three-month period referred to in paragraph 3, the FMA, as the group supervisor, shall itself inform the competent authority of the application for decision. Within this period, the FMA, as the group supervisor, shall take due account of the following:

1.

all of the positions and withheld views expressed by the supervisory authorities concerned within the relevant time limit; and

2.

any reserve which the other supervisory authorities have expressed within the supervisory board.

The FMA shall provide the communication with a detailed justification, which shall also include an explanation of any significant deviations from the reserves of the other supervisory authorities concerned. The FMA shall send the notification to the applicant and shall submit a copy of the date to the other supervisory authorities concerned.

(6) The joint decision referred to in paragraph 3 shall be set out in writing on the basis of a comprehensive justification. In accordance with the joint decision, the FMA, as the supervisory authority responsible for the supervision of the subsidiary undertaking, has to issue a communication and, together with a copy of the joint decision, have adopted the decision to: Applicants. The FMA has to submit a copy of the date of the decision to the other supervisory authorities concerned.

(7) The FMA has a decision taken in accordance with the law of another Member State in accordance with the joint decision referred to in Article 237 (4) of Directive 2009 /138/EC on the application for the mobilisation of the supervisory regime. for groups with centralised risk management to be binding. A parent undertaking established in the territory of the country which has submitted the application in accordance with paragraph 1 shall, without delay, inform all the subsidiaries concerned of the decision referred to in the first sentence. This Decision shall be directly applicable to subsidiaries established in the territory of the country.

Determination of the Solvency Capital Requirement

§ 217. (1) Without prejudice to Section 212 and Article 214, the Solvency Capital Requirement shall be calculated for a subsidiary under the terms of paragraphs 2, 4 and 5.

(2) Where the Solvency Capital Requirement for the subsidiary is calculated with an internal model approved in accordance with section 212 or 214 of the group level, the FMA may be the supervisory authority responsible for supervising the subsidiary undertaking. to fix a capital charge on the Solvency Capital Requirement established by such a model for that subsidiary, if it considers that the risk profile of that subsidiary is significantly affected by the latter internal model and the conditions laid down in § 277 are fulfilled. In the event that such a capital charge should be inappropriate on a case-by-case basis, the FMA may propose that this subsidiary calculate its Solvency Capital Requirement with the Standard Formula. The FMA has to justify its proposal to both the subsidiary and the supervisory authorities in the colleges of supervisors and to consult the supervisory authorities in the colleges of supervisors.

(3) Where the Solvency Capital Requirement for the subsidiary is calculated using the standard formula, the FMA, as the supervisory authority responsible for the supervision of the subsidiary undertaking, considers that its risk profile is significantly reduced by the assumptions of the standard formula, the FMA may, in exceptional circumstances, propose that the subsidiary be a sub-group of the parameters used in the calculation using the standard formula by company-specific parameters in the calculation of life, non-life, and In accordance with Article 181 (1), or in the event that the conditions set out in § 277 are fulfilled, a capital surcharge on the Solvency Capital Requirement shall be fixed for that subsidiary. The FMA has to justify its proposal to both the subsidiary and the supervisory authorities in the colleges of supervisors and to consult the supervisory authorities in the colleges of supervisors.

(4) The FMA, as the supervisory authority responsible for the supervision of the subsidiary undertaking, shall, within the limits of its powers, make every effort to ensure that the supervisory authorities in the supervisory board are jointly responsible for the supervision of the supervisory authorities. Decision on the proposal referred to in paragraph 2 or 3 or on other possible measures. This also applies in the case where the supervisory authorities in the colleges of supervisors are consulted in the context of a proposal by another competent supervisory authority. The FMA, as the supervisory authority responsible for the supervision of the subsidiary undertaking, shall, in writing and in accordance with the joint decision, state in writing the joint decision, in accordance with the joint decision. and to deliver it to the subsidiary, together with a copy of the joint decision. The FMA shall forward a copy of the decision and the date of the decision to the Board of Supervisors.

(5) The opinions of the FMA as the supervisory authority responsible for the supervision of the subsidiary and the group supervisor shall be diverted and no agreement shall be reached within the college referred to in paragraph 4 above; the FMA may, within one month of the proposal of the Supervisory Authority, refer the matter to EIOPA in accordance with Article 19 of Regulation (EU) No 1094/2010, and request assistance. This shall apply mutafictily if the FMA is the group supervisor. The period of one month shall be deemed to be the deadline for the settlement of disagreements within the meaning of Article 19 (2) of Regulation (EU) No 1094/2010. The FMA as the supervisory authority responsible for supervising the subsidiary has to postpone its decision in anticipation of a decision by EIOPA pursuant to Article 19 of Regulation (EU) No 1094/2010 and has taken its decision in accordance with Article 19 of Regulation (EU) No 1094/2010. with the decision of the EIOPA. The FMA has to give a full justification for its decision to submit the communication to the subsidiary and to forward a copy of the decision to the college of supervisors.

Non-coverage of the Solvency Capital Requirement or the Minimum Capital Requirement

§ 218. (1) Without prejudice to Section 279, the FMA shall, in the event of non-compliance with the Solvency Capital Requirement, shall immediately inform the supervisory authority of the supervisory authority responsible for the supervision of the subsidiary undertaking to the supervisory authorities of the subsidiary to submit a recovery plan.

(2) The FMA shall, within the limits of its powers, make every effort to ensure that the supervisory authorities concerned in the colleges of supervisors within four months from the date of the determination of non-compliance with the Solvency Capital Requirement a joint decision on the proposal by the FMA concerning the approval of the recovery plan. The FMA, as the supervisory authority responsible for the supervision of the subsidiary undertaking, shall, in writing and in accordance with the joint decision, state in writing the joint decision, in accordance with the joint decision. and to deliver it to the subsidiary, together with a copy of the joint decision. The FMA shall forward a copy of the decision and the date of the decision to the Board of Supervisors. If no agreement is reached, the FMA shall, with due regard to the views and reservations of the other supervisory authorities in the colleges of supervisors, decide on the approval of the recovery plan and the Board of Supervisors shall have a Copy of the decision to be transmitted. The first sentence shall apply mutatily, even if the colleges of supervisors are consulted in the context of a proposal by another competent supervisory authority.

(3) If the FMA, as the supervisory authority responsible for the supervision of the subsidiary undertaking, finds a deterioration of its financial situation in accordance with Section 278, it shall immediately inform the Board of Supervisors of the proposed measures to be taken Measures to be notified. Unless they are crisis situations, the measures to be taken are to be discussed in the colleges of supervisors.

(4) The FMA shall, within the limits of its powers, make every effort to ensure that the supervisory authorities in the supervisory board arrive at a joint decision on the proposed measures to be taken within one month of the notification. The FMA, as the supervisory authority responsible for the supervision of the subsidiary undertaking, has to issue a communication in accordance with the joint decision and has to do so with a copy of the joint decision to the subsidiary undertaking. . The FMA shall forward a copy of the decision and the date of the decision to the Board of Supervisors. If no agreement is reached, the FMA, taking into account the views and reservations of the other supervisory authorities in the colleges of supervisors, shall decide on the approval of the proposed measures and shall have a supervisory board of supervisors Copy of the decision to be transmitted. The first sentence shall also apply where the colleges of supervisors are consulted in the context of a proposal by another competent supervisory authority.

(5) Without prejudice to § 280, the FMA shall, in the event of non-compliance with the minimum capital requirement, transmit without delay the supervisory authority to the supervisory authority to the supervisory authority responsible for supervising the subsidiary undertaking. short term financing plan. The FMA has also to inform the Board of Supervisors of the measures taken to enforce compliance with the Minimum Capital Requirement.

(6) The FMA may, as the group supervisor, refer the matter to EIOPA and request assistance under Article 19 of Regulation (EU) No 1094/2010 if it relates to a subsidiary of the group with its registered office in a different Member State disagreements

1.

in respect of the approval of the recovery plan, including any extension of the period for recovery within the four-month period referred to in paragraph 2, or

2.

in respect of the approval of the proposed measures within the period of one month referred to in paragraph 4

exist. The EIOPA may not be referred to the matter if a crisis has occurred in accordance with paragraph 2. The period of four months or one month shall be deemed to be the deadline for the settlement of disagreements within the meaning of Article 19 (2) of Regulation (EU) No 1094/2010. This paragraph shall apply mutagenly if the FMA is the competent authority responsible for supervising the subsidiary undertaking.

(7) When the EIOPA has been referred to the matter, the FMA as the supervisory authority which has authorised the subsidiary has decided to take its decision in anticipation of a decision by EIOPA pursuant to Article 19 (3) of Regulation (EU) No 1094/2010 and has its final decision in line with the EIOPA's decision. The FMA shall forward to the subsidiary and the college of the supervisory authorities a copy of the date of the decision.

End of derogation for a subsidiary

§ 219. (1) The provisions of § 217 and § 218 shall no longer apply if:

1.

the condition referred to in Article 215 (1) (1) (1) is no longer fulfilled;

2.

the condition referred to in Article 215 (1) (2) is no longer fulfilled and the group has not ensured that it has been complied with within a reasonable period of time; or

3.

the conditions laid down in Section 215 (1) (3) are no longer fulfilled.

(2) In the case referred to in paragraph 1 (1), after having consulted the Board of Supervisors, the FMA, acting as the group supervisor, decides not to include the subsidiary in the group supervision, so that it has decided to do so by the FMA. the supervisory authority concerned and the parent undertaking.

(3) The parent company shall be responsible for the ongoing compliance with the conditions set out in § 215 para. 1 Z 2 and 3. If a condition is not fulfilled, it shall immediately inform the group supervisor and the supervisory authority responsible for the supervision of the subsidiary concerned. The parent undertaking having its registered office in Germany shall submit a plan to the group supervisor, which shall state how to ensure compliance within a reasonable period of time.

(4) Without prejudice to paragraph 3, the FMA shall, as the group supervisor, ensure at least once a year that the conditions set out in § 215 (1) (2) and (3) are met. Such a review shall be carried out by the FMA as the group supervisor, even at the request of a supervisory authority concerned, if the latter has serious doubts as to the continuous fulfilment of these conditions. Where the FMA, as the group supervisor, finds weaknesses in this review, it shall require the parent undertaking to submit a plan in which it shall state how the re-compliance shall be within a the reasonable period of time.

(5) If, after consulting the Board of Supervisors, the FMA, as the competent authority of the group supervisor, finds that the plan referred to in paragraph 3 or 4 is insufficient or is not implemented within a reasonable period, the In accordance with Section 215 (1) (2) and (3), the conditions are no longer fulfilled. The FMA shall inform the supervisory authority concerned without delay.

(6) If, after consulting the Board of Supervisors, the FMA, acting as the group supervisor, finds that the implementation of the plan referred to in paragraph 3 or 4 is to be expected to comply with the conditions laid down in § 215, the FMA has to approve this plan. The parent company shall, at the latest without delay after the expiry of the FMA period laid down in this plan, prove to be the competent authority for the group supervisor that all the conditions in accordance with § 215 have been met again. After consulting the Board of Supervisors, the FMA, as the authority responsible for the group supervisor, has been informed that the conditions set out in § 215 for the application of § 217 and § 218 have been fulfilled.

Section 4

Risk concentrations and intra-group transactions

Risk concentrations

§ 220. (1) Any significant risk concentration at the group level referred to in paragraph 2 shall be:

1.

in the case referred to in Article 197 (1) (1), of the insurance or reinsurance undertaking concerned; and

2.

in the case referred to in Article 197 (1) (2), of the insurance holding company, the mixed financial holding company or the insurance or reinsurance undertaking designated by the FMA as the group supervisor after the consultation of the other supervisory authorities concerned and the group itself for this purpose,

to be reported to the FMA as the group supervisor.

(2) The FMA, acting as the group supervisor after consulting the other supervisory authorities concerned and the group itself, shall determine the following:

1.

the type of risk concentration to be reported in any case, taking into account the specific structure of the group and the structure of the risk management structure of the group,

2.

appropriate thresholds based on the Solvency Capital Requirements, the technical provisions referred to in the first paragraph. Section of the 8. the main part or both and

3.

at least annual reporting intervals.

(3) In the supervision of risk concentrations, the FMA, as the group supervisor, has in particular the potential risk of contagion within the group, the risk of a conflict of interest and the amount of the risk, and the extent of the risk concentration. to monitor risks.

Intra-group transactions

Section 221. (1) All significant intra-group transactions of insurance and reinsurance undertakings in the group referred to in paragraph 2 shall be:

1.

in the case referred to in Article 197 (1) (1), of the insurance or reinsurance undertaking concerned; and

2.

in the case referred to in Article 197 (1) (2), of the insurance holding company, the mixed financial holding company or the insurance or reinsurance undertaking which the FMA has, as the group supervisor, after consultation of the other supervisory authorities concerned and the group itself for this purpose,

to be reported to the FMA as the group supervisor. This reporting obligation includes those intra-group transactions carried out with a natural person who is closely associated with a company of the group.

(2) The FMA, as the group supervisor, shall, after consulting the other supervisory authorities concerned and the group itself, determine:

1.

the type of intra-group transactions to be reported, taking into account the specific structure of the group and the structure of the risk management structure of the group;

2.

appropriate thresholds based on the Solvency Capital Requirements, the technical provisions referred to in the first paragraph. Section of the 8. the main part or both and

3.

at least annual reporting intervals.

(3) In any event, the FMA as the group supervisor shall, in any event, be immediately notified of the undertakings given in paragraph 1 by the FMA as the group of extraordinated intra-group transactions.

(4) In the supervision of intra-group transactions, the FMA, as the group supervisor, has in particular the potential risk of contagion within the group, the risk of a conflict of interest and the level or the level of the transaction. the scope of the risks.

Section 5

Group-level governance

General provisions

§ 222. (1) The requirements laid down in § 107 to § 113, § 117 to § 119 and § 120 to § 122 are to be applied in a reasonable way at the group level.

(2) Without prejudice to paragraph 1, risk management systems, internal control systems and reporting in all companies involved in group supervision in accordance with section 197 (1) (1) and (2) shall be implemented in a consistent manner, in order to ensure that systems and reporting systems are used in the reporting system. can be controlled at the level of the group.

(3) The participating insurance or reinsurance undertaking shall be responsible for the fulfilment of the requirements laid down in this paragraph at the group level in the case in accordance with § 197 (1) (1) (1). In the case referred to in Article 197 (1) (2), the insurance holding company or the mixed financial holding company shall be responsible for the performance of the requirements, unless the latter is another insurance undertaking or reinsurance undertaking of the group, and this has been shown by the FMA. This shall not apply to the implementation of the risk and solvency assessment at the group level in accordance with § 224.

Internal control mechanisms at group level

Section 223. In addition to Section 222, the internal control mechanisms shall include at least the following:

1.

appropriate mechanisms in relation to the solvency of the group, which will enable it to identify and measure all significant risks and to make them adequately subject to eligible own resources; and

2.

a proper reporting system and proper accounting procedures for the monitoring and management of intra-group transactions and risk concentration.

Risk and solvency assessment at group level

Section 224. (1) The insurance or reinsurance undertaking concerned in the case referred to in Article 197 (1) (1) (1) or (1) (1) the insurance holding company or the mixed financial holding company in the case referred to in Article 197 (1) (2) shall carry out the risk and solvency assessment referred to in § 111 at the group level.

(2) Where the solvency of the group is calculated on the basis of Method 1, the participating insurance or reinsurance undertaking shall, in the case referred to in Article 197 (1) (1) (1) or (1) (1) (1), the insurance holding company or the mixed financial holding company in the case in accordance with section 197 (1) (2) in addition to the notification in the context of the regular supervisory reporting of the FMA as the group supervisor To provide an appropriate presentation of the difference between the sum of the Solvency Capital Requirement of all related insurance or reinsurance undertakings in the Group and the Group's Solvency Capital Requirement.

(3) With the approval of the FMA as the authority responsible for the group supervisor, the participating insurance or reinsurance undertaking may, in the case referred to in Article 197 (1) (1) (1) or (1) (1) (1) or the insurance holding company or the mixed financial holding company, in the case referred to in Article 197 (1) (2), simultaneously carry out the risk and solvency assessment at the group level and at the level of the subsidiary undertakings; and sum all these assessments into one single document. This document shall be submitted at the same time to all supervisory authorities concerned.

(4) Prior to the granting of the authorisation in accordance with paragraph 3, the FMA, as the group supervisor, shall consult the supervisory authorities in the Board of Supervisors and shall take due account of their views and reserves.

(5) The use of the option provided for in paragraph 3 shall not affect the obligation of the affiliated subsidiaries to ensure compliance with the requirements laid down in § 111.

Management of insurance holding companies and mixed financial holding companies

Section 225. (1) Insurance holding companies and mixed financial holding companies established in Germany shall ensure that persons who actually do the business of an insurance holding company or of a mixed financial holding company on the professional qualification and personal reliability required to carry out their duties. § 120 to § 122 shall apply mutatily. § 120 para. 2 Z 4 last sentence is not applicable.

(2) Insurance or reinsurance undertakings which are subsidiaries of an insurance holding company or of a mixed financial holding company established in a third country shall have, in accordance with the provisions of the company law, To ensure that the persons who actually manage the business of the parent undertaking have the professional qualifications and personal reliability required to carry out their duties. Where these insurance undertakings or reinsurance undertakings are of the opinion that the persons who effectively manage the parent undertaking ' s operations, the requirements for the necessary professional qualification and personal reliability , the FMA shall immediately notify the FMA of any potential for preventing the appointment of such persons or their dismise from being exhausted.

(3) Where the FMA has reasonable doubts as to the professional qualification or personal reliability of the persons who actually do business in the insurance holding company referred to in paragraph 2 or of a mixed financial holding company The FMA shall, on the basis of an indication as referred to in paragraph 2, or on its own account, the Court of Justice, who shall be responsible for the insurance or insurance policy, shall not be responsible for any such dispute or any other measure which may be in danger of being withdrawn. reinsurance undertaking, the subsidiary of an insurance holding company, or of a mixed financial holding company, which is responsible for exercising jurisdiction in the commercial matters of the first instance, the resting of the voting rights in respect of the shareholders ' rights which the insurance holding company or a mixed financial holding company shall be required to apply for the financial holding of the subsidiary concerned.

(4) The Court of Justice, at the request of the FMA in accordance with paragraph 3, has the right to hold the voting rights. The rest of the voting rights shall end if the court or tribunal at the request of the FMA or the insurance holding company or the insurance holding company or the mixed financial holding company has established that the persons who actually manage the transactions of an insurance holding company or of a mixed financial holding company shall be responsible for the performance of their duties required professional qualifications and personal reliability. This is to be communicated to the FMA. The Court of First Instance shall decide, in accordance with the above provisions, in proceedings other than disputes

(5) If a court has the suspension of the voting rights in accordance with paragraph 4, it shall at the same time appoint a trustee to fulfil the conditions laid down in paragraph 2 and to transfer the exercise of the voting rights to that person. The trustee shall be entitled to the replacement of his/her outlays and to remuneration for his activities, the amount of which shall be determined by the court. The insurance holding company, or a mixed financial holding company, and insurance or reinsurance undertakings whose subsidiaries are subsidiaries, shall be liable for the undivided hand. The recourse shall be open to decisions which determine the amount of the remuneration of the trustee and the expenses to be replaced by the trustee. The decision of the Oberlandesgericht (Oberlandesgericht) does not take place in the event of further legal proceedings.

6.

Measures to facilitate group supervision

Determination of the group supervisor

§ 226. (1) The competent authority responsible for the coordination and exercise of group supervision shall be determined in accordance with Article 247 of Directive 2009 /138/EC.

(2) In the procedure referred to in paragraph 1, the FMA may, as the supervisory authority concerned, within the meaning of Article 247 (1) of Directive 2009 /138/EC, within the time limit laid down in Article 247 (3), third subparagraph of Directive 2009 /138/EC, in accordance with Article 19 of the Regulation (EU) No 1094/2010, EIOPA is concerned with the matter. The joint decision is to be held in anticipation of a decision by the EIOPA pursuant to Article 19 (3) of that Regulation and the FMA has the effect of ensuring that the supervisory authorities concerned agree on their joint decision in accordance with the decision of the EIOPA.

(3) If the FMA has been designated as the group supervisor, the FMA has to present in writing the joint decision referred to in Article 247 (3) of Directive 2009 /138/EC, together with a comprehensive justification. In accordance with the joint decision, the FMA has to issue a communication as the group supervisor. Together with the decision referred to in the first sentence in the case referred to in Article 197 (1) (1), the latter is the insurance or reinsurance undertaking concerned and, in the case referred to in Article 197 (1) (2), of the insurance holding company or the insurance holding company. mixed financial holding company. The FMA has also to forward the joint decision to the College of Supervisors.

Rights and obligations of the group supervisor

Section 227. (1) The FMA, as the group supervisor, shall have the following rights and obligations:

1.

Implementation of the supervisory review procedure, in which it shall, in particular, verify compliance with the following requirements:

a)

the solvency of the group in accordance with section 202 (1) and (2);

b)

the risk concentrations referred to in § 220,

c)

the intra-group transactions according to § 221,

d)

the governance system in accordance with § 222 and § 223 and

e)

the risk and solvency assessment at the group level in accordance with section 224.

In relation to lit. b and c the FMA has in particular the potential risk of contagion within the group, the risk of a conflict of interest and the level or extent of the risks to be monitored.

2.

Assessment of whether the members of the Executive Board or of the Board of Directors and the Managing Directors of the participating company, which is subject to the group supervisor, as set out in § 120 and § 121, respectively § 225 (1).

3.

coordination of the exchange of information between the supervisory authorities concerned in the context of the current supervision and crisis situations;

4.

Planning and coordination of supervisory activities in the context of current supervision and in crisis situations, in cooperation with the supervisory authorities concerned, in the form of regular meetings to be held at least once a year , or by other appropriate means, taking into account the nature, complexity and extent of the risks associated with the activities of all the undertakings belonging to the group, and

5.

other tasks, measures and decisions that are assigned to the FMA as the group supervisor by this Federal Act, the Implementing Regulation (EU) or by technical standards (EU), in particular the Suspension in the validation of possible group-internal models according to § 212 and § 214 and in the granting of the authorisation in accordance with § 216 bis § 219.

(2) In order to facilitate the performance of the tasks referred to in paragraph 1, the FMA, as the group supervisor, shall establish a college of supervisors under its chairmanship.

Colleges of supervisors

§ 228. (1) When establishing colleges of supervisors, the FMA, as the group supervisor in accordance with Article 21 of Regulation (EU) No 1094/2010, has the supervisory authorities of those Member States in which subsidiaries have their registered offices, and to include the EIOPA as members. The FMA, as the group supervisor, is also a member of the Board of Supervisors. The FMA, in accordance with the Implementing Regulation (EU), has to involve the supervisory authorities of major branches and supervisory authorities of affiliated companies in the colleges of supervisors. Their participation in the colleges of supervisors must be limited to ensuring an efficient exchange of information. In order to ensure the effective functioning of the colleges of supervisors, the FMA, as the group supervisor, may decide, after consultation, that certain activities are carried out by a reduced number of supervisory authorities in the colleges of supervisors run.

(2) The FMA, as the group supervisor, shall seek to ensure that the College of Supervisors consult the procedures for cooperation, exchange of information and consultation between the colleges of supervisors. Regulatory authorities in accordance with the 9. the main part of which is to promote the convergence of their respective decisions and activities effectively. This shall apply mutafictily if another supervisory authority is the group supervisor and the FMA is a member of a supervisory board.

(3) Where the group supervisor does not perform the tasks referred to in Article 248 (1) of Directive 2009 /138/EC, or do not work the members of the Board of Supervisors in accordance with the provisions of Article 248 (1) of Directive 2009 /138/EC , the FMA, as the supervisory authority concerned, may, in accordance with Article 19 of Regulation (EU) No 1094/2010, refer the matter to the EIOPA and request assistance.

(4) The FMA, as the group supervisor, has to conclude coordination agreements with the other supervisory authorities concerned, in which the modalities for the establishment and functioning of the colleges of supervisors and the functioning of the supervisory board are: Rules on the exchange of information within the colleges of supervisors should be laid down. This shall apply mutafictily if another supervisory authority is the group supervisor and the FMA is a member of a supervisory board. In the event of disagreement with regard to the coordination agreement, the FMA, as a member of the Board of Supervisors under Article 19 of Regulation (EU) No 1094/2010, may refer the matter to the EIOPA and request assistance. As the group supervisor, the FMA has to take its final decision in accordance with the EIOPA decision and to communicate to the other supervisory authorities concerned.

(5) In the coordination agreements referred to in paragraph 4, procedures shall be laid down in accordance with the implementing Regulation (EU).

1.

the decision-making between the supervisory authorities concerned in accordance with § 212, § 214 and § 226 and

2.

the consultation referred to in paragraph 4 and in accordance with Section 202 (4).

(6) In addition to paragraph 5, the coordination agreements may, in addition to the provisions of the Implementing Regulation (EU), specify:

1.

the consultation between the supervisory authorities concerned, in particular in accordance with § 196 bis § 200, § 203 bis § 205, § 209, § 220 bis § 224, § 230, § 237, § 239 and § 245,

2.

cooperation with other supervisory authorities and

3.

Emergency plans for crisis situations.

(7) By means of coordination arrangements, the FMA may be entrusted with additional tasks as the group supervisor, the other supervisory authorities or the EIOPA, if this is to ensure a more efficient supervision of the group , and the supervisory activities of the members of the Board of Supervisors shall not be affected in view of their individual responsibilities.

Cooperation and exchange of information between supervisory authorities

§ 229. (1) The FMA shall have the supervisory authorities responsible for the supervision of the individual insurance and reinsurance undertakings of a group and, in the event that the group supervision is carried out in another Member State, with the to cooperate closely with the group supervisor. This shall apply in particular in cases where an insurance or reinsurance undertaking is in financial difficulties.

The FMA may process and transmit in colleges of supervisors all the information necessary for the supervision of the individual insurance and reinsurance undertakings of a group and of the supervisory authorities responsible for the supervision of the individual insurance and reinsurance undertakings of a group. to enable and facilitate the fulfilment of their supervisory duties in accordance with Directive 2009 /138/EC for the group supervisor. This information shall be immediately available as soon as it is available on request. This information shall include, inter alia, information on the activities of the group and measures taken by the supervisory authorities and information provided by the Group.

(3) If a supervisory authority fails to provide the FMA with relevant information in accordance with Article 249 (1) of Directive 2009 /138/EC, or if a request for cooperation, in particular for the exchange of relevant information, has been rejected or within a period of two weeks, the FMA may refer the matter to the EIOPA.

(4) The transmission of information to third country authorities shall be permitted only if these authorities are subject to a confidentiality obligation corresponding to the obligation of professional secrecy laid down in Article 64 of Directive 2009 /138/EC, or to such an obligation, have committed. Where information submitted to the FMA by the supervisory authority of another Contracting State is concerned, such information may be disclosed only with the express consent of that supervisory authority and only for the purposes for which it has been provided by the supervisory authority of another Contracting State. Supervisory authority has agreed.

(5) The FMA, as the group supervisor, shall, at least in the following cases, convene a meeting of all supervisory authorities involved in the group supervision without delay:

1.

in the event of a serious breach of the Solvency Capital Requirement or a breach of the minimum capital requirement of a single insurance or reinsurance undertaking,

2.

in the event of a serious breach of the Solvency Capital Requirement at the group level, or

3.

when other exceptional circumstances occur or have occurred.

In the cases referred to above, the FMA, as the competent authority responsible for the supervision of the individual insurance and reinsurance undertakings of a group, shall require the group supervisor to hold a meeting of all the competent authorities responsible for the supervision of the group supervisor. Group supervisor shall immediately convene the supervisory authorities concerned.

Mutual consultation of supervisory authorities

§ 230. Without prejudice to § 227 and § 228, the FMA shall consult with the Board of Supervisors in advance of any decision which is relevant for the supervisory activities of other supervisory authorities concerned in the colleges of supervisors, provided that it is appropriate to: the following cases:

1.

the approval of changes in the shareholder, organisational or governance structure of insurance and reinsurance undertakings in a group;

2.

the decision on the extension of the deadline for remediation pursuant to section 279 (3) to (6) or

3.

significant sanctions or exceptional oversight measures, such as a capital charge in accordance with § 277, or the imposition of a restriction on the use of an internal model in the calculation of the Solvency Capital Requirement according to the 5. Section of the 8. Main piece.

In any event, prior to a decision pursuant to Z 2 and 3, the group supervisor shall consult the competent authority.

Information rights of the FMA as the authority responsible for group supervision

§ 231. (1) The FMA, and not the supervisory authority of the Member State in which the supreme parent undertaking referred to in Article 197 (3) is situated at the level of the Member States, has been designated by the group supervisor in accordance with Article 226 of the FMA and not by the supervisory authority of the Member State in which the competent authority the FMA may request that supervisory authority to require that parent undertaking all information relevant to the exercise of its coordination rights and obligations set out in Section 227 and Article 228 and to provide such information to the FMA should be forwarded as the group supervisor.

(2) In the event that the FMA, as the group supervisor, requires the information referred to in Article 234 and has already been issued to another supervisory authority in the Board of Supervisors, it shall, as far as possible, apply to that other supervisory authority. Supervisory authority.

Cooperation with the authorities responsible for credit institutions and investment firms

§ 232. (1) Where an insurance undertaking or reinsurance undertaking is directly or indirectly connected with a credit institution within the meaning of Directive 2013 /36/EU or an investment firm within the meaning of Directive 2004 /39/EC, or have such undertakings a joint undertaking, the FMA shall cooperate closely with the authorities responsible for the supervision of these other undertakings.

At the request of the competent authorities referred to in paragraph 1, the FMA shall provide those authorities with all the information they need to carry out their duties.

Professional secrecy and confidentiality

§ 233. The information obtained in the context of group supervision, and in particular the exchange of information between the FMA and the supervisory authorities in the EEA and between these and other authorities, provided for in this main piece, are subject to § 294, § 298 and Section 299.

Access to information

Section 234. (1) The natural and legal persons included in the group supervision, including their associated and participating undertakings, shall ensure that they have access to all information relevant to the group supervision .

(2) The insurance or reinsurance undertakings included in the group supervision shall, at any time, provide information on all matters to the FMA as the group supervisor and shall have access to all information relating to: , which are appropriate for group supervision. If the information requested is not provided by the insurance or reinsurance undertaking included in the group supervisor within a reasonable period, the FMA may also directly provide such information from those undertakings. of the group which are not insurance or reinsurance undertakings. This shall be without prejudice to measures taken by the FMA in relation to the insurance or reinsurance undertakings concerned.

Review of the information

Section 235. (1) The FMA may review the information referred to in § 234 in accordance with the general provisions of Section 272 (4) and § 274 of the Federal Republic of Germany in the following locations:

1.

in the case of an insurance or reinsurance undertaking subject to group supervision;

2.

in the case of affiliated undertakings of that insurance undertaking or reinsurance undertaking;

3.

in the case of parent undertakings of this insurance or reinsurance undertaking, and

4.

in the case of affiliated undertakings of a parent undertaking of that insurance undertaking or reinsurance undertaking.

(2) The FMA, as the group supervisor, intends to verify information relating to a group of regulated or non-prudential entities established in another Member State, the FMA shall ask the supervisory authority of that Member State to carry out the examination. If that supervisory authority does not carry out the audit itself or has it carried out by its authorised audit bodies, the FMA may, where the supervisory authority of the Member State concerned empowers it to do so, the audit itself. , or have the examination carried out in accordance with § 274 (2) of the appointed examination boards. The FMA may participate in the examination, even if it does not carry out the examination itself.

(3) Where the supervisory authority of a Member State intends to verify information relating to a company with a registered office in a Member State which is subject to supervised or non-prudential supervision, the FMA shall have that examination: , or to have the examination carried out by examination bodies appointed by it in accordance with Article 274 (2), or to authorize the supervisory authority of that Member State or persons commissioned by it to carry out the examination. The FMA may take part in this examination. Section 274 (2) shall apply. If the supervisory authority of the Member State concerned does not take the examination itself, it shall allow the FMA to take part in the examination.

(4) From the measures taken pursuant to para. 2 and 3, the FMA shall inform the group supervisor.

(5) In the absence of a response to a request made pursuant to paragraph 2 to another supervisory authority, the FMA has not responded to a review within two weeks, or if the FMA is in practice in exercising its right to participate in accordance with In accordance with Article 19 of Regulation (EU) No 1094/2010, the FMA may refer the matter to the EIOPA and may request assistance.

Compulsory measures

§ 236. (1) The insurance or reinsurance undertakings of a group do not fulfil the requirements in accordance with § 202 to § 224 or the solvency of the group is at risk, despite the fulfilment of the requirements, or endanger intra-group transactions, or Where risk concentrations are the financial situation of insurance or reinsurance undertakings, the FMA must take the necessary measures to remedy the situation without delay,

1.

in the case of insurance holding companies or mixed financial holding companies, if it is the group supervisor, and

2.

in the case of insurance and reinsurance undertakings in the group, if they have their registered office in Germany.

(2) The FMA shall, in respect of insurance holding companies or mixed financial holding companies established in Germany, have all the arrangements necessary and appropriate to operate the business in accordance with the provisions of this main body and to comply with the relevant provisions of the Implementing Regulation (EU) and the technical standards (EU).

(3) Where the insurance or reinsurance undertaking concerned of a group or the insurance holding company or the mixed financial holding company has its registered office in another Member State, the FMA shall be deemed to have been established in another Member State. Group supervisor shall inform the supervisory authority of the other Member State of its findings in order to enable them to take the necessary measures.

(4) If the FMA is not the group supervisor, and the group supervisor of the FMA shares its findings in accordance with Article 258 (1) of Directive 2009 /138/EC with regard to the insurance holding company or the mixed financial holding company at the head of that group or to an insurance or reinsurance undertaking of that group domicated in Germany, the FMA shall take the necessary measures in accordance with the provisions of this Federal Law.

(5) The FMA shall coordinate its coercive measures in accordance with this paragraph with the other supervisory authorities concerned and the group supervisor, where appropriate. This shall apply in particular in cases where the head office or principal establishment of an insurance holding company or a mixed financial holding company is not located at the place where it is situated.

Section 7

Parent companies established in third countries

Verification of equivalence

§ 237. (1) In the case referred to in Article 197 (1) (3), the FMA shall, at the request of the parent undertaking or of one of the insurance and reinsurance undertakings established in a Member State or on its own account, provided that they are in force in applying the criteria in accordance with § 226 would be responsible for group supervision (as the group supervisor), in accordance with the criteria laid down in the Implementing Regulation (EU), with the support of EIOPA pursuant to Article 33 (2) of Regulation (EU) No 1094/2010 to verify whether the insurance or reinsurance undertakings, the parent undertaking has its registered office in a third country, supervised by the supervisory authority of the third country concerned in such a way as to ensure that the supervision at the group level provided for in this main piece is subject to supervision in accordance with Article 215 (1) (1) and (2) of the Regulation (2) is equivalent. Before deciding on equivalence, the FMA has decided to consult the other supervisory authorities concerned with the support of the EIOPA. The FMA, as the group supervisor, shall not take a decision concerning a third country which is contrary to a decision previously made to that third country pursuant to Article 260 (1) of Directive 2009 /138/EC , unless this is necessary in order to take into account significant changes to the supervisory system and the supervisory system of the third country as set out in Title I of Directive 2009 /138/EC.

(2) If the FMA is not in agreement with a decision taken pursuant to the third subparagraph of Article 260 (1) of Directive 2009 /138/EC as the supervisory authority concerned, it may, in accordance with Article 19 of Regulation (EU) No 1094/2010, be able to take three steps within three Months after notification of the decision by the group supervisor, the EIOPA will deal with the matter and request assistance.

(3) According to a Commission decision pursuant to Article 260 (3) or (5) of Directive 2009 /138/EC on the equivalence of the solvency requirements of a third country, paragraph 1 shall no longer apply. Where the Commission finds that the solvency rules of a third country are not equivalent, a decision taken in accordance with paragraph 1 shall not enter into force.

Existence of equivalence

§ 238. (1) If the equivalence of supervision in accordance with § 237 has been established, the FMA has to rely as the supervisory authority concerned on the group supervision carried out in a third country.

(2) The 6. Section of the 9. The main part and § 225 shall apply in the cooperation of the FMA as the supervisory authority of insurance and reinsurance undertakings with registered offices in the home country with the supervisory authorities of third countries.

Lack of equivalence

§ 239. (1) If there is no equivalent supervision in accordance with Section 237, the FMA, as the group supervisor, shall have either the insurance and reinsurance undertakings in the 2. and 4. to 6. the general principles and methods defined in paragraph 3, or one of the methods laid down in paragraph 3, at the level of the insurance holding company established in a third country, the mixed financial holding company established in a third country, the Third country insurance or third country reinsurance undertaking.

(2) Finally, for the calculation of the solvency of the group, the parent undertaking shall be treated as an insurance or reinsurance undertaking for which, in relation to the eligible own resources, the parent undertaking shall be treated in the second section of the 8. The terms and conditions shall apply and one of the following requirements shall apply:

1.

a Solvency Capital Requirement determined in accordance with the principles set out in Article 208 (2) and (3) if it is an insurance holding company or a mixed financial holding company; or

2.

a Solvency Capital Requirement determined in accordance with the principles set out in Article 209, in the case of a third country insurance undertaking or a non-member third country reinsurance undertaking.

(3) The FMA may, after consulting the other supervisory authorities concerned, use other methods as the group supervisor in the case of a reasonable supervision of the insurance and reinsurance undertakings of a supervisory authority. group and the achievement of the objectives set for the group supervisor in this main piece. In particular, the FMA may, as the group supervisor, require the establishment of an insurance holding company or a mixed financial holding company established in a Member State, and that principal item at the level of the group supervisor. of this company. The FMA must inform the other supervisory authorities concerned as well as the European Commission of the methods chosen.

Levels of supervision

§ 240. (1) Where the parent undertaking referred to in Article 237 is itself a subsidiary of an insurance holding company or a mixed financial holding company having its registered office in a third country or a third country, insurance or Third country reinsurance undertaking, the FMA, as the group supervisor, shall carry out the review provided for in Article 237 only at the level of the supreme parent undertaking which is an insurance holding company, a Mixed financial holding company established in a third country, a third country insurance or a third country reinsurance undertaking.

Where there is no equivalent supervision in accordance with Article 237, at a lower level, the FMA may, in the case of a parent undertaking of insurance or reinsurance undertakings, re-examine, either at the level of a An insurance holding company, a mixed financial holding company established in a third country, a third country insurance undertaking or a third country reinsurance undertaking. In this case, the FMA of the Group has to explain its decision. § 239 shall apply mutatily.

10. Main piece

Information

Section 1

Publication obligations of insurance and reinsurance undertakings

Solvency and financial situation report: content

§ 241. (1) In the preparation and publication of the Solvency and Financial Situation Report in accordance with the Implementing Regulation (EU), the insurance and reinsurance undertakings shall take account of the principles set out in Article 248 (1).

(2) insurance and reinsurance undertakings may use publications which they have made in compliance with other legal or regulatory provisions for the report, or may refer to them by means of a specific reference; provided that these publications are equivalent to the type and extent of the information to be published in accordance with paragraph 1.

(3) Insurance and reinsurance undertakings may, on a voluntary basis, publish all information and explanations relating to their solvency and financial situation, the publication of which is not already in accordance with paragraph 1 of this Article. is required.

Solvency and financial situation report: non-publication of certain information

§ 242. (1) With the approval of the FMA, an insurance or reinsurance undertaking does not need to include certain information, with the exception of the description of the capital management, in the report on the solvency and financial situation, if:

1.

to obtain a significant undue advantage by publishing such information to competitors of the undertaking; or

2.

an obligation on the part of the policyholder or, on the basis of a relationship with third parties, of the undertaking to maintain secrecy or confidentiality on a commercial scale.

(2) In the case of the non-publication of information referred to in paragraph 1, the FMA shall, in its report on its solvency and financial situation, give the companies the reasons to do so, indicating the reasons for the failure to publish information.

Solvency and financial situation report: updates

§ 243. (1) Insurance and reinsurance undertakings shall publish significant developments which significantly alter the importance of the information published in the report on the solvency and financial situation. Appropriate information on the nature and impact of the essential development must be provided. In particular, there is a significant development in the case where:

1.

a non-compliance with the minimum capital requirement is established and the FMA is of the opinion that the company will either not be able to present a realistic short-term financing plan or within one month of the non-compliance is not submitted to such a plan; or

2.

a substantial non-compliance with the Solvency Capital Requirement is established and a realistic recovery plan shall not be submitted to the FMA within two months of the identification of non-compliance.

In the event of a substantial development referred to in paragraph 1, the insurance undertaking or reinsurance undertaking shall immediately have the amount of non-compliance, an explanation of the causes of non-compliance, its consequences and any possible consequences. To publish remedial action.

(3) If a non-compliance with the minimum capital requirement has not been removed, despite the existence of a realistically regarded short-term financing plan within three months of its finding, the insurance policy or the Reinsurance undertakings shall, without delay, publish them, explaining their causes, consequences and any remedial measures. In the event that a substantial non-compliance with the Solvency Capital Requirement has not been removed, despite the existence of a reputable recovery plan, within six months of its finding, the insurance or reinsurance undertaking shall: to publish them without delay, together with an explanation of their causes, consequences and any remedial measures.

Solvency and financial situation report: written guidelines

§ 244. (1) Insurance and reinsurance undertakings shall have adequate systems and structures to comply with the requirements set out in this Section. Similarly, written guidelines must be drawn up and implemented to ensure the continuity of the information published and published in the report on the solvency and financial situation.

(2) The Solvency and Financial Situation Report shall be submitted by the Management Board. The Administrative Board shall be adopted and shall not be published until this date.

Solvency and financial situation report: group level

§ 245. (1) participating insurance and reinsurance undertakings which are subject to supervision in accordance with Article 197 (1) (1) (1) (1) (1) (1) Insurance holding companies and mixed financial holding companies which are subject to supervision pursuant to Article 197 (1) (2) (2) have, in the preparation and publication of the report on their solvency and financial situation, on: Group level, in accordance with the implementing regulation (EU) § 241 to § 244 mutatily to apply.

(2) With the approval of the FMA as the group supervisor, the undertakings referred to in paragraph 1 may publish a single report on the solvency and financial position of the group. It shall contain at least the following:

1.

all information to be published at the group level in accordance with paragraph 1; and

2.

the information for each subsidiary of the group to be published in accordance with § 241 to § 244. The information has to be assigned to the individual subsidiaries.

As a result, the subsidiaries of the Group are exempted from the obligation to publish a report on the solvency and financial situation in accordance with Section 241 (1).

(3) The FMA, as the group supervisor, shall consult the supervisory authorities before granting the authorisation in accordance with paragraph 2, and shall take due account of their views and reserves.

(4) In the absence of the report referred to in paragraph 2, the FMA may provide the subsidiary with the separate publication of the essential information relating to a subsidiary which is an insurance undertaking or a reinsurance undertaking with a registered office in Germany. required information.

Disclosure of certain information relating to financial reporting and accounting

§ 246. (1) The annual accounts, including the whole of the Annex and the annual report, shall be at the seat of the insurance undertaking at the latest six months after the end of the financial year up to the end of the third calendar year following the financial year. Reinsurance undertakings and all premises shall be subject to inspection. The annual accounts and annual reports of a national branch of a third country insurance or third country reinsurance undertaking, as well as the annual accounts and annual report of the undertaking as a whole, shall be based on the registered office of the domestic Branch to be taken up for inspection. If these documents are to be submitted in German in accordance with § 280a of the German Commercial Code (UGB), the documents must be published in German.

(2) The documents referred to in paragraph 1 shall be handed out to any person at the request of replacement of the costs.

(3) Insurance companies have the information in accordance with § 198 (9), § 222 (2), § 223 (2), § 233, § 236 with the exception of Z 2 and 4, § 237 Z 3, 7, 8, 10 and 12, § 238 Z 1, § 239 para. 2 and § 240 Z 9 UGB and the claims in accordance with § 145 and § 155 in the "Official Journal of the Wiener Zeitung" or in another newspaper with distribution throughout the territory of the Federal Republic of Germany.

(4) Non-national branches of third country insurance and third country reinsurance undertakings shall apply, irrespective of the legal form, Section 280a of the UGB.

(5) The publication of the annual accounts shall include an indication that the annual accounts and the management report as referred to in paragraph 1 are based on the registered office of the insurance or reinsurance undertaking and in all its premises or at the registered office of the insurance undertaking or the insurance undertaking. the national branch of a third country insurance or reinsurance undertaking for inspection. The publication of the domestic branch of a third country insurance or third country reinsurance undertaking shall include an indication that the annual financial statements of the undertaking as a whole, in accordance with Section 280a of the UGB, shall apply to the Company Book Court has been filed. The company's book court and the company's book number are to be disclosed at the time of publication.

(6) The confirmation of the trustee for the supervision of the cover stock and the responsible actuary or the endorsement of this confirmation note shall be filed with the annual accounts in the company register and shall be published in the "Official Journal". to the Wiener Zeitung " or to publish in another newspaper with distribution throughout the entire federal territory.

(7) The consolidated financial statements and the group management report shall apply in accordance with the provisions of paragraphs 1 to 3 and 5.

(8) The consolidated financial statements and the group management report pursuant to § 138 (8), which is drawn up in accordance with international accounting standards, do not apply paragraph 3. The information must be published in accordance with Section 245a (3) of the German Commercial Code (UGB) and § 138 (9) as well as those which correspond to those referred to in paragraph 3 above.

Section 2

Reporting obligations of the insurance and reinsurance undertakings to the FMA

General provisions

§ 247. (1) Insurance and reinsurance undertakings shall have adequate systems and structures to comply with the requirements set out in this Section, as well as written guidelines to ensure the continuity of the Adequacy of the information to be reported to the FMA pursuant to § 248 (1) and to be implemented. These written guidelines are by the Board of Directors or Board of Directors to decide.

(2) The transmission of information pursuant to § 248 (1) and (8) as well as § 249 and § 250 shall be made electronically. In this case, the officially defined data features, including the record build-up, must be taken into consideration.

(3) This paragraph and section 248 (1) shall apply mutationally to the group level for the participating insurance and reinsurance undertakings which are subject to supervision in accordance with § 197 (1) (1) (1) (1) (1). for insurance holding companies and mixed financial holding companies, which are subject to supervision in accordance with section 197 (1) (2) (2).

Reports to the FMA

§ 248. (1) In the compilation and reporting of the information necessary for the purposes of supervision, in the context of regular supervisory reporting in accordance with the Implementing Regulation (EU) and the technical standards (EU), the Insurance and reinsurance undertakings shall: have this information

1.

to take account of the nature, extent and complexity of the operations of the undertaking concerned and, in particular, of the risks associated with such activities;

2.

as well as being consistent in all essential aspects, comparable and consistent in time, and

3.

to be relevant, reliable and understandable.

(2) Insurance and reinsurance undertakings shall submit to the FMA immediately, at the latest within five months of the end of the financial year:

1.

the annual accounts,

2.

the annual report,

3.

where appropriate, the Corporate Governance Report,

4.

the report of the auditor,

5.

proof of the determination of the annual financial statements and

6.

as regards the consolidated financial statements, the reporting items listed in Z 1, 2, 3 and 4.

The time limit for the report parts listed in Z 6 is extended by 6 weeks.

(3) Insurance and reinsurance undertakings shall submit to the FMA immediately, at the latest within six months of the end of the financial year:

1.

a certified complete copy of the Protocol on the Assembly, which provides for the discharge of the members of the Management Board and of the Supervisory Board or of the Management Board and of the Managing Directors,

2.

proof of publication of the annual financial statements and

3.

proof of the publication of the consolidated financial statements.

(4) By way of derogation from paragraph 2, domestic branches of third country insurance and third country reinsurance undertakings shall submit to the FMA immediately, at the latest within five months of the end of the financial year, the following:

1.

the annual accounts of the branch,

2.

the position report of the branch,

3.

the report of the auditor of the audit of the branch; and

4.

the annual financial statements and the management report of the entire company.

(5) By way of derogation from paragraph 3, domestic branches of third country insurance and third country reinsurance undertakings shall submit to the FMA immediately, at the latest within six months of the end of the financial year:

1.

a certified complete copy of the Protocol on the Assembly which has been the subject of the conclusion of the annual accounts, and

2.

proof of the publication of the annual financial statements of the branch and of the entire company according to § 246 (4).

(6) If this is necessary for the supervision of the business management, the FMA may require that the documents referred to in paragraph 4 (4) (4) and (5) (1) (1) are also submitted in certified German translation.

(7) On request, the FMA may, in duly substantiated cases, extend the time limits set out in paragraphs 2 to 5.

(8) The FMA may require all information required for the ongoing supervision of the business management pursuant to § 268, for group supervision and for the management of insurance statistics in accordance with § 256. This information may, in particular, cover the breakdown of annual accounts, statements of the assets referred to in Article 144 (2), as assessed in accordance with the rules applicable to the accounting, of business results after Branches and services, as well as business areas and business units, information on the companies to be included in the group supervision, statistical data on the enterprise, the assignment of the acquired Reinsurance business to certain balance sheet departments and to Composite insurance companies shall include information on the balance sheet items with a view to their allocation to a balance sheet department and in respect of transfers between the balance sheet departments. The FMA has adopted a regulation laying down detailed rules on the content and structure of the information referred to in this paragraph, and may specify that it should be reported to be at shorter intervals than annually.

(9) Insofar as a notification of the assets under suburb days is provided for in accordance with paragraph 8, the insurance and reinsurance undertakings shall also have the assets on those dates in accordance with the relevant financial statements in accordance with the accounting period for the balance sheet. Rules to be assessed.

Inventories and orders of assets dedicated to the cover stock

§ 249. (1) Insurance undertakings shall keep their registered offices on a permanent basis at their registered offices. Insurance undertakings shall be obliged to hold FMA orders of all assets dedicated to the covering stock at the end of the financial year, in the form of extracts from the directories, within six weeks of the end of the Financial year. The assets are also to be assessed on the basis of the rules governing the balance sheet on the basis of the under-year reporting date.

(2) The FMA has to regulate with a regulation which minimum information has to be included in the lists of coverage and the orders and can determine that it is to be presented at shorter intervals than annually.

(3) In duly substantiated cases, the FMA may, upon request, extend the terms of reference for linings.

Statistical data on cross-border activities

§ 250. (1) Insurance undertakings have the FMA for transactions effected under the freedom of establishment and, separately, for transactions effected within the framework of the freedom to provide services, the amount of the premiums calculated, the expenditure incurred for the Insurance cases and costs, without deduction of reinsurance, by Member State, to be reported as follows:

1.

in the case of non-life insurance, in accordance with the business areas defined in the Implementing Regulation (EU), and

2.

in the case of life insurance, in accordance with the business areas defined in the Implementing Regulation (EU).

(2) In respect of branch 10 of Appendix A, except for the liability of the carrier, the FMA's insurance undertaking shall also report the frequency and the average cost of the refund services.

After notification of the information referred to in paragraphs 1 and 2, the FMA shall inform the supervisory authorities of each Member State concerned, on request, in summary form.

Limitation of regular supervisory reporting

§ 251. (1) If the intervals laid down in the Implementing Regulation (EU) and the technical standards (EU) are shorter than one year, the FMA may authorise a restriction of the regular supervisory reporting without prejudice to § 193 (3), if

1.

the transmission of that information in relation to the nature, scope and complexity of the risks associated with the transaction would be at too much expense; and

2.

the information is provided at least once a year.

If an insurance and reinsurance undertaking is part of a group in accordance with Section 195 (1) (3), the FMA may restrict the regular supervisory reporting under this paragraph only if the insurance and reinsurance undertaking concerned is Reinsurance undertaking of the FMA sufficiently proves that regular supervisory reporting with shorter than annual intervals in view of the nature, scope and complexity of the activities associated with the business of the Group Risks are not appropriate.

(2) FMA may exempt insurance and reinsurance undertakings from individual postal reporting if:

1.

the transmission of that information in relation to the nature, scope and complexity of the risks associated with the transaction would be at too great a cost,

2.

the transmission of this information is not necessary for the effective supervision of the undertaking;

3.

the exemption does not run counter to the stability of the financial systems in question in the Union; and

4.

the company is in a position to submit the information on an ad hoc basis.

If an insurance and reinsurance undertaking is part of a group in accordance with Article 195 (1) (3), the FMA may restrict the regular supervisory reporting under this paragraph only if the insurance and reinsurance undertaking concerned is Reinsurance undertaking of the FMA sufficiently proves that reporting broken down by item, taking into account the nature, scope and complexity of the risks associated with the business of the Group, taking into account the The objective of financial stability is not appropriate.

(3) However, the FMA may grant the restriction of the regular supervisory reporting referred to in paragraphs 1 and 2 only to undertakings which, in each case, shall not exceed 20% of the life insurance and non-life insurance market. where the share of the non-life insurance market is based on the calculated and demarcated premiums and the share of the life insurance market on the technical provisions of the 1. Section of the 8. Main piece is based. The FMA has the preference of the smallest companies.

(4) For the purposes of paragraphs 1 and 2, the FMA shall evaluate, in the context of the supervisory review procedure, whether the transmission of information in relation to the nature, scope and complexity of the risk of the insurance or Reinsurance undertakings shall, at the very least, take account of:

1.

the volume of premiums, technical provisions and assets of the undertaking;

2.

the volatility of the insurance benefits covered by the undertaking;

3.

the market risks arising from the investments made by the company;

4.

the level of risk concentrations;

5.

the total number of life assurance and non-life insurance classes for which a concession has been granted;

6.

the potential impact of the management of the company's assets on financial stability;

7.

the company's systems and structures for the transmission of information for the purposes of supervision and the guidelines referred to in Article 247 (1);

8.

the adequacy of the governance system of the enterprise;

9.

the amount of own funds to cover the Solvency Capital Requirement and the Minimum Capital Requirement; and

10.

whether the company is a company-owned insurance or reinsurance undertaking, which only covers risks associated with the industrial or trading group to which it belongs.

(5) If information is to be provided at group level in accordance with Section 247 (3) and the intervals laid down in the Implementing Regulation (EU) and the technical standards (EU) are shorter than one year, the FMA may be the one for group supervision competent authority shall authorise a restriction of the regular supervisory reporting if all the insurance or reinsurance undertakings in the group benefit from this restriction in accordance with paragraph 1, with the nature, scope and nature of the The complexity of the risks associated with the Group's business activities It should be taken into account.

(6) The FMA may, as the group supervisor at the group level, authorise an exemption from the individual post reporting if all insurance or reinsurance undertakings in the group are exempt from the exemption provided for in paragraph 2. , taking into account the nature, scope and complexity of the risks associated with the Group's business activities and the objective of financial stability.

Section 3

Information obligations of insurance undertakings to policyholders

General information requirements

§ 252. (1) In the event of a direct insurance contract being concluded, the policyholder shall be informed in writing about a risk situated within the territory of the policyholder prior to the delivery of his contractual declaration.

1.

the name, address of the registered office and legal form of the insurance undertaking, including, where appropriate, of the branch on which the insurance contract is concluded,

2.

the law applicable to the contract, or, where the applicable law may be freely chosen, the law proposed by the insurance undertaking;

3.

the name and address of the supervisory authority responsible for the undertaking and, where appropriate, a body to which complaints relating to the insurance contract may be addressed,

4.

the duration of the insurance contract;

5.

the number of premium payments and the duration of the premium and

6.

the circumstances under which the policyholder can withdraw from or withdraw from the insurance contract.

(2) In addition to life assurance, the information requirements referred to in paragraph 1 (1) (2) and (3) shall consist only of natural persons.

(3) If, on account of the nature of the agreement in question, the written information of the policyholder is not possible before the contract is concluded, the obligation to provide information shall be fulfilled by the fact that the policyholder is responsible for the Information at the latest at the same time as the insurance certificate.

(4) The particulars referred to in paragraph 1 (1) (1) must, in any case, also be apparent from the insurance application and from the insurance certificate and all other documents granting coverage.

(5) During the term of the insurance contract, the policyholder shall be informed in writing of changes to the particulars referred to in paragraphs 1, Z 1, 4 and 5 and of changes in the establishment from which the contract is administered.

(6) The information must be written in the German language, unless the policyholder has expressly agreed to the use of another language or has chosen the right of another.

(7) The admissibility of sending unsolicitated messages for the purpose of advertising the conclusion of an insurance contract is governed by § 107 TKG 2003.

(8) Any information which insurance undertakings shall direct or disseminate to policyholders in such a way that they are likely to be aware of them must be unambiguous, should not be misleading and must be granted in a reputable manner. Furthermore, in all such information, the name of a supervisory authority may not be mentioned in a manner which indicates or suggests that the products or services of the insurance undertaking are authorised by that supervisory authority. .

(9) The FMA, with the agreement of the Federal Minister of Finance, can define, by means of a regulation, which business practices are deemed to be unreputable or the information which is deemed not to be unambiguous or misleading within the meaning of paragraph 8.

Special information requirements for life assurance

§ 253. (1) At the conclusion of a life insurance contract, the policyholder shall be informed in writing about a risk situated within the country before submitting his/her contractual declaration in addition to the information requirements in accordance with § 252

1.

on the performance of the insurance undertaking, the extent to which it is guaranteed, the accounting bases to be applied and the choices available to the policyholder in respect of those benefits,

2.

the details of a guarantee granted by a third party and of any default liability taken by the insurance undertaking,

3.

on the conditions under which the insurance contract ends,

4.

on the principles governing the calculation of profit-sharing,

5.

on the repurchase values and premium-free insurance benefits and the extent to which they are guaranteed,

6.

on the premium shares for the main performance and for ancu-ties,

7.

In the capital-forming life insurance over the expected percentage shares of the insurance tax, the premiums to cover technical risks (risk premiums), broken down by individual risk, the premiums in the premium Calculated costs and the estimated amounts (savings premiums) on the estimated amount of the premium over the entire duration, in the form of a tabular presentation, which also provides information on the estimated costs, the assets assessed be measured. In addition, the estimated reduction of the total interest rate by costs, insurance tax and risk premiums, the effective total interest rate of the premium payments over the entire duration and a possible effective guarantee interest rate, in each case by using the values of the model calculation referred to in paragraph 2,

8.

in the fund-linked life insurance cover of the capital investment funds in which the shareholders ' rights exist and the nature of the assets contained therein,

9.

in the index-linked life assurance on the nature of the capital investment, the reference value and the basic factors used to calculate the insurance performance,

10.

in the capital investment-oriented life assurance on the nature of the capital investment, the agreed investment strategy, and the conditions for a change in the investment strategy,

11.

on the contractual risks borne by the policyholder himself,

12.

on the tax provisions applicable to the insurance, whereby it should be clearly pointed out that the tax treatment in question depends on the personal circumstances of the customer and that future changes will be subject to changes in the tax law ,

13.

on existing security systems and their access and

14.

on the Solvency and Financial Situation Report in accordance with Section 241, by a specific reference enabling the policyholder to have access to such information in a simple manner.

(2) In the case of a capital-forming life assurance undertaking, the insurance undertaking shall forward a model invoice to the policyholder in respect of which the benefits of the insurance undertaking, the repurchase values and the premium-free benefits are covered by: On the basis of the accounting basis for the premium calculation on the basis of at least three different interest rates, the premium, the premium sum and any guaranteed value shall be compared in annual steps. The model calculations shall be explained in a clear and comprehensible way. The policyholder must point out that the model calculation is only a calculation model based on fictitious assumptions and that the policyholder from the model calculation does not have any contractual claims against the model. insurance companies.

(3) During the term of the insurance contract, the policyholder shall be informed in writing.

1.

on changes to the general and special insurance conditions,

2.

on changes to the information referred to in paragraphs 1, Z 4 to 6 and 8 to 10, and Section 252 (1) Z 6 in the event of a change in the Treaty or a change in the specific legislation applicable to the Treaty;

3.

in the fund-linked life assurance system, a substantial change in the classification of the risk of a capital investment fund by the insurance undertaking,

4.

annually on the level of an acquired profit-sharing and on the composition of the capital investments by category, in the fund-linked life insurance, on the value of the fund shares allocated to the policyholder and in the index-linked life assurance on the value development of the insurance contract's reference value,

5.

In the case of a capital-forming life insurance, annually on the effects of deviations of the current values from the values predicted for the conclusion of the contract in the model calculation in the form of newly calculated anticipated expiry services as well as the indication of the current return value and

6.

on the use of the provision for income-dependent premium restitution or Profit participation in the coverage of losses pursuant to § 92 (5).

(4) § 252 (3) and (6) shall apply to the information referred to in paragraphs 1 to 3.

(5) The FMA, with the agreement of the Federal Minister of Finance, shall specify the information requirements referred to in paragraphs 1 to 3 in more detail by means of a regulation, to the extent that this is in the interest of the policyholders and of better comparability and Transparency is required.

Special information requirements for fund-and index-linked life insurance

§ 254. (1) The following provisions shall apply to the operation of the fund-linked life insurance within the country, where the policyholder bears the risk of predisposition:

1.

Prior to the conclusion of the insurance contract, the policyholder shall be required to provide information on his experience or knowledge in the field of investment in transferable securities and on his financial circumstances, to the extent that this is necessary in order to ensure that the insurance contract is maintained. The interests of the policyholder are necessary in view of the risk of predisposition to which he is responsible. This information shall be recorded in writing by the customer.

2.

Prior to the conclusion of the insurance contract, the policyholder shall provide all relevant information necessary to safeguard the interests of the policyholder with regard to the risk of predisposition to which he or she is responsible. In particular, this information shall contain a reference to the fact that the development of the value of the past does not allow any reliable conclusions to be drawn on the future development of a fund.

3.

The policyholder must not be recommended to the choice of an apportionment provided for in the insurance contract if and to the extent that this recommendation does not correspond to the interests of the policyholder.

4.

The policyholder may not be advised to select a predisposition provided for in the insurance contract for the purpose, in the interests of its own interest or in the interest of a company affiliated with them, of the output prices of the shares in the insurance contract. Capital investment funds in a particular direction.

5.

The prohibition in accordance with Z 4 also applies to all employees and to the persons working in the insurance undertaking.

6.

Where, in other legislation, prospectuses or accounting reports on capital investment funds intended for assessment are required, the policyholder shall be made aware of the fact and such documents shall be free of charge at the request of the policyholder To be made available.

(2) Insofar as the policyholder bears the risk of predisposition, paragraph 1 (1) (1) to (3) shall also apply to the index-linked life insurance.

Special information requirements for health insurance and accident insurance in the manner of life insurance

§ 255. (1) Insofar as the sickness insurance or accident insurance is operated in the manner of life assurance, the policyholder shall, at the conclusion of a contract, be in addition to the risk situated in the national territory before the delivery of his contract declaration. Information requirements in accordance with § 252 in writing to inform about

1.

the performance of the insurance undertaking;

2.

the conditions under which the amount of the premium or the insurance cover may be unilaterally altered by the insurance undertaking, and the procedures to be followed,

3.

the principles applicable to the calculation of profit-sharing,

4.

the conditions under which the insurance contract ends,

5.

the legal and economic consequences of a termination of the contract for the policyholder,

6.

the tax rules applicable to insurance, and it must be made clear that the tax treatment in question depends on the personal circumstances of the client and may be subject to changes in the future,

7.

the report on the solvency and financial situation referred to in Article 241, by a specific reference enabling the policyholder to have access to such information in a simple manner.

(2) During the term of the insurance contract, the policyholder shall be informed in writing.

1.

on changes to the general and special insurance conditions,

2.

changes in the information referred to in paragraph 1 and section 252 (1) Z 6 in the event of a change in the contract or a change in the specific legislation applicable to the contract,

3.

on the extent and the reasons for any premium adjustment made, and

4.

on the use of the provision for income-dependent premium repayment for the coverage of losses pursuant to section 92 (5).

(3) § 252 (3) and (6) shall apply to the information referred to in paragraphs 1 and 2.

(4) The FMA, with the agreement of the Federal Minister of Finance, shall specify in more detail the information requirements referred to in paragraphs 1 and 2 of this Regulation, in so far as this is in the interests of policyholders and better comparability, and Transparency is required.

Section 4

Disclosure requirements of the FMA

Transparency and accountability

§ 256. The FMA has to disclose the following information on its homepage in accordance with the Implementing Regulation (EU) and to update it on an ongoing basis:

1.

the laws, regulations and general guidelines in force in the field of insurance supervision;

2.

the general criteria and methods of the supervisory review process, including the instruments developed in accordance with Article 273 (3);

3.

the aggregated statistical data on key aspects of the application of the supervisory framework in accordance with the Implementing Regulation (EU);

4.

the manner in which the voting rights provided for in Directive 2009 /138/EC are exercised;

5.

the objectives of supervision and its main functions and activities; and

6.

the insurance statistics, which contain the essential data on the insurance portfolio and the financial circumstances of the insurance undertakings for one year each.

Section 5

Participation obligations of the FMA

Communications to the European Commission and EIOPA

§ 257. (1) The FMA shall inform the European Commission and the EIOPA of the following:

1.

the concession to be granted to an insurance undertaking which is a subsidiary of a company established in a third country, in which case the structure of the group shall be presented;

2.

the acquisition of a holding in an insurance or reinsurance undertaking located in the territory of the country by which it becomes a subsidiary of a company established in a third country;

3.

general difficulties encountered by insurance and reinsurance undertakings domicated in the home country if they wish to establish a branch in a non-Member State or to those in the activities of such undertakings; Branch offices and

4.

on the number and type of cases which have resulted in a refusal pursuant to § 21 (4) and § 23 (4) and measures pursuant to § 289 (5).

(2) A communication pursuant to Z 1 and 2 shall also be communicated to the supervisory authorities of the other Member States.

Communications to the EIOPA

§ 258. (1) The FMA has to inform the EIOPA each year:

1.

the average capital surcharge per enterprise and the distribution of the capital charges fixed by the FMA during the previous year, measured as a percentage of the Solvency Capital Requirement, and separately identified as follows:

a)

for insurance and reinsurance undertakings;

b)

for life assurance undertakings;

c)

for non-life insurance companies;

d)

for composite insurance undertakings;

e)

for reinsurance undertakings;

2.

for each publication in the meaning of Z 1, the share of the capital surcharges as determined in accordance with Article 277 (1) (1) (1) to (4);

3.

the number of insurance and reinsurance undertakings which have been authorised to restrict the regular supervisory reporting in accordance with Article 251 (1) and the number of insurance and reinsurance undertakings to which the Exemption from the individual post reporting pursuant to section 251 (2) was approved, together with its volume of capital requirements, calculated and deferred premiums, technical provisions according to the first subparagraph of Article 251 (2). Section of the 8. Principal and asset values, measured as a percentage of the total volume of capital requirements, calculated and defined premiums, technical provisions as defined in the 1. Section of the 8. the main assets and assets of the insurance and reinsurance undertakings of the Member State;

4.

the number of groups to which the restriction of regular supervisory reporting has been approved in accordance with Article 251 (1) and the number of groups to which the exemption from single-post reporting has been approved in accordance with Article 251 (2), together with their volume of capital requirements, calculated and defined premiums, technical provisions according to the 1. Section of the 8. Principal and asset values, measured as a percentage of the total volume of capital requirements, calculated and defined premiums, technical provisions as defined in the 1. Section of the 8. the main assets and assets of all groups;

5.

Information on the functioning of the colleges of supervisors and on any difficulties which are relevant to the EIOPA's reviews pursuant to Article 247 (6) of Directive 2009 /138/EC, with regard to those colleges of supervisors in which the FMA the group supervisor is responsible for the group supervision; and

6.

any grant of a concession and any revocation of a concession by the FMA.

(2) The FMA has to inform EIOPA annually of:

1.

the availability of long-term guarantees in respect of insurance products and the behaviour of insurance and reinsurance undertakings as long-term investors;

2.

the number of insurance and reinsurance undertakings, the matching adjustment, the volatility adjustment, the extension of the deadline for the restoration of healthy financial conditions in accordance with § 279 para. 3, the durations-based submodule apply share risk and transitional measures in accordance with § 336 and § 337;

3.

the effects of the matching adjustment, the volatility adjustment, the symmetric adjustment of the capital requirement for equity investments, the durations-based sub-module share risk and the transitional measures according to § 336 and § 337 on the financial situation of insurance and reinsurance undertakings at national level and anonymized for each undertaking;

4.

the effects of matching adjustment, volatility adjustment, the symmetric adjustment of capital requirements for equity investments and the durations-based sub-module share risk on the investment behavior of insurance and reinsurance undertakings and whether this leads to an undue burden of capital relief;

5.

the impact of an extension of the period for restoring healthy financial conditions in accordance with Article 279 (3) to the efforts of the insurance and reinsurance undertakings, the eligible own funds, except for the efforts to cover the To increase the amount of the solvency capital requirement or to reduce the risk profile for recovering the Solvency Capital Requirement; and

6.

the fulfilment or non-compliance of the plans for the gradual introduction pursuant to Section 338 by insurance and reinsurance undertakings applying the transitional measures in accordance with § 336 and § 337, and the likelihood of a lower dependency of these transitional measures, including measures taken or likely to be taken by the undertakings and supervisory authorities, taking into account the regulatory environment of the Member States concerned.

Communications to the Insurance Association of Insurance Companies

§ 259. The FMA is obliged to provide information to the trade association of the supervisory authorities of other Member States concerning the operation of branches or the provision of services by insurance undertakings established in Germany. the insurance undertaking, insofar as it requires it to carry out tasks which it is required to carry out in accordance with Article 22 (4) of the KHVG 1994 and Article 2 of the VOEC.

6.

Auditor

Election of the auditor

§ 260. (1) The election of the auditor shall be made before the beginning of the financial year to be audited. The Executive Board or the Managing Directors shall immediately notify the FMA:

1.

the elected auditor and

2.

the natural persons responsible for the final examination of the statutory auditor pursuant to § 271a (3) of the last sentence of the UGB.

Any change of these persons shall be reported to the FMA without delay.

(2) The grounds for exclusion in accordance with Section 271a of the German Commercial Code (UGB) shall apply to the auditors of insurance and reinsurance undertakings without taking into account the size characteristics.

(3) If the FMA has reasonable doubts that the person elected to the auditor or a certain natural person appointed in accordance with paragraph 1 fulfils the conditions for the election to the auditor, it may, within one month, be satisfied: Announcement of the election to submit an application in the sense of § 270 paragraph 3 UGB. If a reason for exclusion or grounds of absence is not known until after the election or if it does not enter into force until after the election, the application shall be submitted within one month of the date on which the FMA became aware of it or would have had no gross negligence. can be obtained.

(4) If the person elected to the auditor has already been appointed by the insurance and reinsurance undertaking as auditor for the financial year preceding the year of his election, the person elected to the auditor has already been appointed as a statutory auditor and is in receipt of the announcement of the election. the auditor of the FMA does not yet present the report of the auditor pursuant to § 248 (2) (4) or (4) (4) (3) for this financial year, the application in accordance with paragraph 3 may be made no later than one month after the date of the submission of this report.

Commissioning of accountants

§ 261. (1) The Supervisory Board or the Board of Directors may, with the conduct of the examination of the legality and conduct of the Board of Directors, auditors or audit firms in which there is no partiality or exclusivity pursuant to Section 271, § 271a or § 271b UGB. the regularity of the entire insurance or reinsurance undertaking. They are to be provided with a corresponding examination order.

(2) The one on behalf of the Supervisory Board or Auditor acting on the outcome of the audit shall be the Chairman of the Supervisory Board, or of the Management Board. The auditor has the Chairman of the Supervisory Board or the Administrative Council shall be notified without delay if it has established serious deficiencies in respect of the legality and regularity of the undertaking.

(3) Insurance and reinsurance undertakings shall be obliged to do so by the Supervisory Board or Auditors appointed by the Board of Directors to conduct audit procedures in accordance with § 274 (4) to (6).

Temporary ban on activities

§ 262. (1) The auditor, the group auditor, the auditor of a significant affiliated undertaking and the auditor, which is the auditor, may, within two years of the drawing of the Confirmation of confirmation neither an organ function nor a managerial position (§ 80 AktG).

(2) If one of the persons referred to in paragraph 1 assumes an organ function, it shall be deemed not to be ordered. You should not be charged for any services provided, and this also applies to the taking of a leading position.

Audit obligations of the auditor

§ 263. (1) In addition to the audit of the annual financial statements, the auditor shall carry out the following tests for insurance and reinsurance undertakings:

1.

the examination of the solvency and financial situation report, in particular the solvency balance, the conditions for calculating the Solvency Capital Requirement, the calculation of the Minimum Capital Requirement and the determination, classification and the consideration of own resources;

2.

the verification of the functioning of the internal control system, the risk management system and the internal audit, on the basis of the rules defined as a prerequisite for an effective governance system;

3.

the examination of the operability of the procedures and controls established to comply with § 128 bis § 135 (Money Laundering and Terrorist Finance);

4.

the effect of intra-group transactions in accordance with § 221 on the Solvency

5.

the examination of compliance with the FKG with regard to the following provisions:

a)

the effect of intra-group transactions in accordance with § 10 FKG on the solvency and

b)

the functioning of the internal control mechanisms established in accordance with Article 11 (4) of the FKG for the submission of information and information relevant to the supplementary supervision of the supervisory authority;

6.

the existence of the legal requirements for the evaluation and in particular the amount of the silent net reserves present in the company in the case of the application of the last sentence of section 149 (2);

7.

the examination of compliance with the certificates and letters referred to in paragraph 3, and

8.

in the case of small insurance undertakings, the observance of § 88 bis § 90 (own resources and capital investment).

(2) At the level of the Group, the consolidated auditor or, if no consolidated financial statements are to be drawn up in accordance with Section 245 of the UGB, the auditor shall carry out the following audits at the level of the group:

1.

the examination of the report on the solvency and financial position of the group, in particular the solvency balance, the conditions for calculating the Solvency Capital Requirement and the determination, classification and settlement of the solvency capital requirement. to examine own resources, each at the level of the group;

2.

the examination of the functioning of the internal control system, the risk management system and the internal audit, each at the level of the group, on the basis of the rules which are required as a prerequisite for an effective governance system are defined;

3.

the examination of the observance of § 220 (risk concentration);

4.

the examination of compliance with the FKG with regard to the following provisions:

a)

§ 6 to § 8 FKG (adjusted own resources),

b)

§ 9 FKG (risk concentration) and

c)

§ 11 FKG (internal control mechanisms and risk management).

(3) In accordance with § 272 of the German Commercial Code (UGB), insurance and reinsurance undertakings have to submit to the auditor all the authorities of the FMA issued to the company. In addition, all letters from the FMA and the FMA must be submitted to the auditor, provided that they are required for a careful examination.

Reporting requirements of the auditor

§ 264. (1) The result of the examination in accordance with § 263 (1) and (2) shall be presented in an annex to the audit report on the annual financial statements (supervisory audit report).

(2) The examination in accordance with Section 263 (1) (1) (1) and (2) (2) (1) has the effect of applying the provisions relating to the annual and/or year- Consolidated financial statements are to be carried out. The audit shall include the organisational structure and the administrative, accounting and control procedures which have been established and documented with a view to complying with the relevant provisions.

(3) The reporting of the results of the examinations pursuant to § 263 (1) (1) and (7), (2) (1) and (2) (2) Z 4 lit. a is with a positive assurance to link the reporting of the outcome of all further exams with a negative assurance. The auditor also has to report on major perceptions in the context of his activities, which indicate that the permanent fulfilment of the obligations under the insurance contracts could be affected.

(4) The exclusion of companies from the group supervision in accordance with § 198 (1), the conduct of subgroup supervision at the level of a national subgroup according to § 199 and the sub-group supervision at the level of a number of Member States The subgroup referred to in § 200 shall be stated in the report referred to in paragraphs 1 and 3.

(5) With the agreement of the Federal Minister of Finance, the FMA may, by means of a regulation, special orders concerning the rules on the conduct of the final examination, the supervisory audit report of the auditor and the requirement to: It is the case that the auditor's report is subject to its own hands.

Auditor's obligation to notify

§ 265. (1) The auditor shall immediately inform the FMA in writing of any facts which he/she has become aware of in the performance of his/her duties and which he/she shall be informed of

1.

an infringement of laws, regulations or administrative provisions which govern the conditions of admission or apply to the pursuit of the business of the insurance or reinsurance undertaking,

2.

the impairment of the continuation of the business of the insurance or reinsurance undertaking;

3.

the rejection of the confirmation of proper accounting or reservations in this respect,

4.

the non-coverage of the Solvency Capital Requirement may be withdrawn; or

5.

the non-coverage of the minimum capital requirement may be withdrawn.

(2) The obligation to disclose information referred to in paragraph 1 shall also refer to those facts from which the auditor acquires knowledge of a company which is closely linked to the insurance undertaking in a close connection resulting from a control relationship. or reinsurance undertaking, for which he is a statutory auditor.

(3) In any case, the obligation to notify the FMA shall include the exercise of the reporting obligation in accordance with Section 273 (2) of the UGB.

(4) Ads made in good faith pursuant to paragraphs 1 and 2 shall not be deemed to constitute a breach of a statutory or contractual obligation of confidentiality and shall not be liable for the statutory auditor.

(5) Ads according to paragraphs 1 and 2 are the Executive Board and the Supervisory Board respectively. inform the Board of Directors and the Executive Directors without delay.

Auditor's obligation to replace the auditor

§ 266. The statutory auditor's replacement obligation is limited to insurance and reinsurance companies with a balance sheet total

1.

up to 200 million euros

2 million euros,

2.

up to 400 million euros

3 million euros,

3.

up to a billion euros on

4 million euros,

4.

up to two billion euros

6 million euros,

5.

up to 5 billion euros

9 million euros,

6.

up to 15 billion euros

12 million euros,

7.

of more than 15 billion euros

EUR 18 million

Each insurance or reinsurance undertaking under test. In the case of an attachment, the replacement obligation is unlimited. In addition, the obligation to provide compensation for statutory auditors is to be applied in section 275 (2) of the UGB.

11. Main piece

Supervisory authority and procedures

Section 1

General provisions

Objectives of supervision

§ 267. (1) The main objective of the FMA in the exercise of its supervisory powers is the protection of the interests of policyholders and beneficiaries.

Without prejudice to the main objective referred to in paragraph 1, the FMA shall, in the performance of its duties, duly take into account the potential impact of its decisions on the stability of the financial system in all the Member States concerned, and in particular in the case of: take account of crisis situations, taking into account the information available at the time. In times of exceptional movements on the financial markets, the FMA has to take into account the potential pro-cyclical effects of its actions. This does not result in a legal obligation on the part of the FMA to achieve a certain result, and no claims for damages can be justified on the basis of the achievement or non-purpose of certain results. In particular, such results do not represent any damage in the sense of the AHG.

(3) The FMA has in the enforcement of the provisions of this Federal Law, including the release and enforcement of the regulations issued under this Federal Act, in the enforcement of the Implementing Regulation (EU) and the technical Standards (EU) of European convergence of supervisory instruments and supervisory procedures. To this end, the FMA has to participate in the EIOPA activities and to apply the guidelines (EIOPA) and Recommendations (EIOPA) and other measures adopted by EIOPA. The FMA may derogate from the Guidelines (EIOPA) and the Recommendations (EIOPA), provided there are justified reasons for this. In this case, the FMA has to inform the EIOPA of its reasons for non-application or deviation from the relevant guidelines (EIOPA) and recommendations (EIOPA).

(4) The FMA shall cooperate with EIOPA in accordance with Regulation (EU) No 1094/2010 and shall immediately make available to EIOPA all information necessary for the performance of its tasks in accordance with Regulation (EU) No 1094/2010.

Principles of prudential supervision

§ 268. (1) In the scope of the concession granted in accordance with Section 6 (1), the FMA has to monitor the entire business management of the insurance and reinsurance undertakings.

(2) The supervisory activity of the FMA has to be foresight and risk-based. FMA has the proper functioning of the insurance and reinsurance business and the compliance with the rules applicable to the operation of the contract insurance, in particular this Federal Act, the Implementing Regulation (EU) and of the technical standards (EU) by which insurance and reinsurance undertakings are to be monitored. In this connection, an appropriate combination of site-dependent activities and on-site inspections must be ensured.

(3) In the exercise of its powers, the FMA has to take due account of the nature, scope and complexity of the risks associated with the business of insurance and reinsurance undertakings.

(4) Where an insurance undertaking is entitled, within the framework of the concession granted pursuant to Article 6 (1), to cover the risks classified under Section 18 of Annex A, the supervision shall also cover the availability of technical means to: Compliance with the obligation to provide assistance.

Form of communication with the FMA-electronic transmission

§ 269. The FMA may prescribe, by means of a regulation, that the advertisements, templates and messages according to § 11 para. 2, § 21 para. 1, § 23 para. 1 and 5, § 24 para. 1 and 2, § 63 para. 5, § 65 para. 3, § 66 para. 3 Z 4, § 79 para. 3, § 85 para. 2, § 87 para. 4, § 92 para. 1, 2 and 5, § 100 (4), § 102 (1), § 109 (2) and (4), § 115 (2) and (4), § 122 (1) and (3), § 123 (3) and (4), § 127 (1) to (3), Section 129 (8) (2), Section 176 (1), Section 185 (2), § 193 (3), § 194 (2) and (3), § 196 (3), § 202 (4), § 203 (2) and 3, § 220 (1), § 221 (1) and (3), § 224 (2), § 225 (2) and (4), § 248 (2) to (6) and (8), § 249 (1) and (2), § 250 (1) and (2), § 260 (1), Section 265 (1), Section 272 (2), § 278 (1), § 279 Paragraph 1, § 280 (1) and (3), § 300 (3), § 305 (1) (3) and (6), section 306 (1) and (309) (1) shall only be carried out in electronic form, as well as certain modifications, technical minimum requirements and methods of transmission of transmission. . The FMA must be guided by the principles of efficiency and expediency and to ensure that the electronic availability of the data for the FMA is guaranteed and that the interests of the supervisory authorities are not guaranteed. shall be affected. The FMA shall take appropriate measures to ensure that the notifiers or, where appropriate, their persons responsible for the movement of persons are in the system for a reasonable period of time in respect of the accuracy and completeness of the information provided by them or by their To ensure that persons responsible for the movement of persons are able to verify the data.

Participation of Bundesbilling Center GmbH

§ 270. The Bundesrechenzentrum GmbH has to participate in the errands of the business which the FMA oblies under this Federal Act, insofar as such participation is in the interest of simplicity, expediency and cost saving.

Costs of insurance supervision

§ 271. (1) The personal and material expenses incurred by the FMA on the basis of insurance supervision, with the exception of the costs in accordance with § 304 (3) second sentence (costs of insurance supervision), must be replaced by the FMA from the companies mentioned in § 1 paragraph 1 and by a fee. EEA insurance and reinsurance undertakings shall only be subject to a fee if they have established a branch in the territory of the country.

(2) The tax base for the fee shall be the calculated premiums of the entire transaction operated on the basis of the concession. In the case of companies that do not charge premiums, the FMA has to fix a flat rate which is in proportion to the expected costs of supervision.

(3) The rate of charge shall be the ratio of the costs of insurance supervision to the total amount of the tax base referred to in paragraph 2. From the costs of insurance supervision, the flat-rate packages calculated in accordance with paragraph 2 shall be deducted from the costs. It shall be fixed annually by the FMA on the basis of the results of the previous financial year. A rounding up to a thousandth of a per mille and the fixing of an amount of a minimum fee shall be allowed. The rate of charge shall not exceed 0.8 vT of the tax base referred to in paragraph 2.

(4) The FMA has to prescribe the fee to each individual company.

Section 2

Supervision

Information, display and deposit requirements

§ 272. (1) The FMA may, at any time, require insurance and reinsurance undertakings to provide information on all matters relating to the management of the business and the submission of such documents and to determine the manner in which the documents are to be submitted. . This does not include the obligation of insurance undertakings to submit a systematic presentation of the general insurance conditions, the tariffs and the forms and other printed documents which they make in the course of transport with the policyholders or in traffic with assignor or retro-students.

(2) Insurance and reinsurance undertakings shall, without delay, notify the FMA in writing of any facts which may result in a direct or indirect risk to the permanent fulfilment of the obligations arising out of the insurance contracts can lead.

(3) The FMA may, in order to ensure the legality of insurance sales, also provide information to insurance intermediaries at any time and the submission of documents, in particular information on contracts held by insurance intermediaries. or contracts with third parties, and examine them on the spot; Section 274 (1) to (3) shall apply mutatily.

(4) The FMA may, within the framework of the monitoring obligations imposed on it under this Federal Act, request information from any person on matters relating to the business management of insurance and reinsurance undertakings. This does not affect a confidentiality requirement in accordance with other statutory provisions. However, the statutory auditor of the insurance or reinsurance undertaking cannot rely on his or her duty of confidentiality.

(5) The obligation to provide information shall include the obligation to present documents and other written documents, or to allow them to be included in the information.

Supervisory review procedure

§ 273. (1) The FMA shall review and assess the appropriateness of the strategies, processes and reporting procedures introduced by the insurance and reinsurance undertakings in order to comply with the rules applicable to the operation of the contract insurance scheme. . At the same time, the FMA has in particular the qualitative requirements relating to the governance system, the risks to which the insurance or reinsurance undertaking concerned is or may be exposed and the ability of the undertaking to: to assess these risks, taking into account the respective business environment. In particular, the FMA has to review and assess compliance with the following requirements:

1.

Governance system including the corporate risk and solvency assessment and the investment rules as set out in the 5. the main item with the exception of § 106 and § 114 bis § 116;

2.

technical provisions in accordance with the first paragraph Section of the 8. the main item;

3.

the solvency capital requirement and the minimum capital requirement;

4.

the quality and quantity of own resources; and

5.

If necessary, ongoing compliance with the requirements for an internal model.

The FMA must also assess the appropriateness of the methods and practices of insurance and reinsurance undertakings, which are designed to identify possible events or future changes in economic conditions that are will have an adverse effect on the overall financial performance of the respective company. In addition, the FMA has to assess the ability of insurance and reinsurance companies to withstand these possible events or future changes in economic conditions.

(2) The verifications, assessments and evaluations referred to in paragraph 1 shall be carried out on a regular basis by the FMA. Depending on the nature, scope and complexity of the business and the risks, the FMA has to determine the frequency and scope of each insurance undertaking or reinsurance undertaking.

(3) The FMA shall set up appropriate supervisory instruments to identify a deterioration in the financial situation of insurance and reinsurance undertakings and the measures taken by an insurance undertaking or reinsurance undertaking Countermeasures can be monitored.

(4) In the context of the supervisory review procedure, where appropriate and necessary, the FMA may develop quantitative instruments which may assess the ability of insurance undertakings or reinsurance undertakings to assess the to take account of events or future changes in the economic situation which could have an adverse effect on their overall financial and financial situation. The FMA may order insurance and reinsurance undertakings to carry out appropriate tests.

On-site verification

§ 274. (1) The FMA may examine the business management of insurance and reinsurance undertakings at any time on the spot.

(2) As far as it is necessary for the supervision of the business management, the FMA may order examination bodies which are not members of the FMA. They are to be paid by the FMA, which is in proportion to the work involved in the examination and to the costs of the work.

(3) The examination shall be announced one week before the start, provided that the purpose of the examination is not thatched. The examination bodies must be provided with a written examination order and have to show unsolicly before the start of the examination as well as to present the examination order. The examination order has to rewrite the subject of the examination.

(4) Insurance and reinsurance undertakings shall make available to the examining bodies the documents required for the examination and shall provide them with an insight into the books, documents and documents, as well as information. In addition, you have access to the business and work rooms at any time within the usual business and working hours.

(5) The examining bodies may require the information and business records required for the examination directly by any person employed in the insurance or reinsurance undertaking in the scope of their action.

(6) In order to carry out the examination, appropriate premises and tools shall be made available to the examining bodies. Where entries or retention have been made using data carriers, the insurance or reinsurance undertaking shall, within a reasonable period of time, make available to the insurance or reinsurance undertaking the means of assistance which: in order to make the documents legible and, where necessary, to provide legible permanent reproductions in the required number without aid.

(7) The findings made in the examination shall be recorded in writing. The company concerned shall be given the opportunity to comment.

(8) The provisions of paragraphs 1 to 7 shall apply mutatily to service providers to which functions or business activities have been outsourced, irrespective of whether the transfer of authorisation is required. If the service provider has its registered office in another Member State, the FMA shall inform the supervisory authority of the Member State concerned before an on-the-spot check is made. In the case of a non-regulated entity, the supervisory authority of the Member State in which the service provider has its registered office shall be the competent authority. The FMA may delegate an on-the-spot check to the supervisory authority of the Member State in which the service provider is located. If it is not possible for the FMA to exercise its right to conduct these on-the-spot checks, the FMA may, in accordance with Article 19 of Regulation (EU) No 1094/2010, refer the matter to EIOPA and request assistance.

(9) A domestic service provider to which functions or business activities have been outsourced by an EEA insurance or EEA reinsurance undertaking may be provided by the supervisory authority of the Member State concerned or by the latter. shall be examined on the spot as soon as the FMA has been notified in writing of this. The FMA may take part in this examination itself or through examination bodies ordered by it in accordance with paragraph 2. Paragraphs 3 to 7 shall apply mutatily.

Arrangements of the FMA

§ 275. (1) The FMA has to take all orders,

1.

which are necessary and suitable for business operations with the provisions applicable to the operation of the contract insurance, in particular the provisions of this Federal Act, the Implementing Regulation (EU) and the technical standards (EU), to be consistent,

2.

which are necessary and appropriate to address weaknesses or shortcomings identified in the context of the supervisory review procedure, or

3.

necessary and suitable for the protection of the interests of policyholders and beneficiaries, in order to ensure that the business is in accordance with the recognised principles of a proper business operation of insurance and reinsurance undertakings.

(2) Recognizing principles of proper business operation within the meaning of paragraph 1 (3) may be infringed, in particular, by the fact that:

1.

policyholders and beneficiaries are granted direct or indirect benefits in addition to benefits under the insurance contract;

2.

policyholders and beneficiaries are fostered by the insurer's performance pledge or by the agreed insurance charge for no objective reason, or

3.

insurance benefits are provided, although there is no insurance contract or no damage has occurred for that purpose.

(3) arrangements as referred to in paragraph 1 may, if their purpose requires, other than to the insurance or reinsurance undertaking itself, also to:

1.

the members of the Executive Board or the Management Board and the Managing Directors, as well as to the persons controlling the undertaking, or

2.

to service providers to which functions or business activities have been outsourced, irrespective of whether the outsourcing of authorisation is required,

shall be directed.

Convening of the Annual General Meeting or Supervisory Board

§ 276. To the extent that it serves to enforce compliance with the regulations applicable to the operation of the contract insurance and the arrangements of the FMA, the FMA has the convening of the Annual General Meeting (General Assembly or Members ' Representation) or of the To require the supervisory board or the management board of an insurance or reinsurance undertaking and the announcement of certain items of advice and decision-making on the agenda. If this request is not met without delay, the FMA may, if otherwise the concerns of policyholders and claimants are at risk, the convening or announcement at the expense of the insurance or the reinsurance undertaking itself.

Capital charge

§ 277. (1) Within the framework of the supervisory review procedure, the FMA may only set a capital charge in the following cases:

1.

if the risk profile of the insurance or reinsurance undertaking deviates significantly from the assumptions underlying the Solvency Capital Requirement calculated by the Standard Formula, and

a)

to use an internal model in accordance with Section 181 (2), was inappropriate or was ineffective, or

b)

an internal model is still being developed, according to an order pursuant to Section 181 (2);

2.

if the risk profile of the insurance or reinsurance undertaking deviates significantly from the assumptions underlying the Solvency Capital Requirement calculated using an internal model, because

a)

certain quantifiable risks have been insufficiently covered and

b)

the adaptation of the model to depict the risk profile has failed within a reasonable period of time,

3.

if the governance system of an insurance or reinsurance undertaking deviates significantly from the requirements laid down in § 107 to § 113, § 117 to § 122; and

a)

the company is prevented from detecting, measuring, monitoring, managing, managing and reporting on the risks to which it is exposed or may be exposed to it; and

b)

the application of other measures is unlikely to sufficiently remedy the deficiencies within a reasonable period of time; or

4.

if an insurance or reinsurance undertaking applies the matching adjustment, the volatility adjustment or the transitional measures in accordance with § 336 and § 337 and the risk profile of that company deviates significantly from the assumptions made by this Adjustments and transitional measures.

(2) In the cases referred to in paragraph 1 (1) and (2), the calculation shall be made by the FMA in such a way that the calibration of the Solvency Capital Requirement in Section 175 (3) shall be complied with. The amount of capital surcharges referred to in paragraph 1 Z 3 shall be in accordance with the essential risks associated with the deficiencies which led to the setting of a capital impact by the FMA. In the case referred to in paragraph 1 Z 4, the capital charge shall be proportional to the significant risks associated with the deviations.

(3) The FMA shall take appropriate measures to remedy the deficiencies which have led to the fixing of a capital charge in accordance with paragraph 1 (1) (2) and (3).

(4) A capital charge determined in accordance with paragraph 1 shall be reviewed and repealed by the FMA at least once a year, as soon as the enterprise proves that it has fixed the underlying defects.

(5) The capital surcharge determined in accordance with paragraph 1 shall be added to the Solvency Capital Requirement calculated by the insurance or reinsurance undertaking and this amount shall be replaced by the Solvency Capital Requirement inadequately. Without prejudice to this, the capital charge fixed pursuant to paragraph 1 (1) (3) shall not be taken into account for the purposes of calculating the risk margin in accordance with Section 161.

Measures in the event of deterioration of the economic situation: Solvency plan

§ 278. (1) Where an insurance or reinsurance undertaking finds that, as a result of a deterioration in the financial performance of the undertaking, the coverage of the Solvency Capital Requirement with eligible own resources no longer will be permanently guaranteed, but the requirements of § 279 are not yet fulfilled, so it has to notify the FMA immediately. Insurance and reinsurance undertakings shall have appropriate procedures to establish a deterioration in their financial standing.

Within two months of the entry into force of the conditions referred to in paragraph 1, the insurance or reinsurance undertaking concerned of the FMA shall submit a solvency plan for approval. The solvency plan shall specify how the deterioration in financial performance will be remedied and the solvency capital requirement may be permanently covered by eligible own resources.

Non-coverage of the Solvency Capital Requirement: Sanation Plan

§ 279. (1) If an insurance or reinsurance undertaking finds that the Solvency Capital Requirement is no longer covered or that there is a risk that such a case will occur within the next three months, it shall immediately: FMA.

Within two months of the determination of the non-coverage of the Solvency Capital Requirement, the insurance or reinsurance undertaking concerned of the FMA shall have a realistic recovery plan for the recovery of healthy Financial ratios. This plan shall require the approval of the FMA and shall ensure that the Solvency Capital Requirement is again covered within six months from the date of non-coverage, by:

1.

the eligible own funds shall be increased at least to the level of the Solvency Capital Requirement; or

2.

the risk profile is reduced accordingly.

If necessary, the FMA may extend this period by a further three months.

(3) Where exceptional adverse circumstances have been established by EIOPA in accordance with paragraph 4, the FMA may, at the request of an insurance or reinsurance undertaking concerned, the time limit referred to in paragraph 2, taking into account all the relevant Factors, including the average duration of the technical provisions, extend for a maximum of seven years.

(4) FMA has a request for the existence of exceptional adverse circumstances to be made to EIOPA when insurance or reinsurance undertakings, which have a substantial share of the market or the affected parties, have been In the light of the above, they shall not be expected to comply with any of the conditions set out in paragraph 2. Exceptional adverse circumstances exist where the financial situation of insurance or reinsurance undertakings which make up a substantial part of the market or in the business areas concerned is significant or detrimental to the financial situation of the insurance undertaking or reinsurance undertaking. is affected by one or more of the following circumstances:

1.

an unforeseen violent and steep slump in the financial markets;

2.

an environment characterised by permanently low interest rates, or

3.

a catastrophic event with serious consequences.

EIOPA shall, after consulting the supervisory authority concerned, regularly assess whether the conditions set out in the preceding paragraph remain in force. The EIOPA shall, after consulting the supervisory authority concerned, determine when there are no more exceptional adverse circumstances.

(5) The insurance or reinsurance undertaking concerned shall submit a progress report to the FMA every three months setting out the measures to increase the amount of eligible own funds, except those to cover the Solvency Capital Requirement the level required or the reduction of the risk profile until the Solvency Capital Requirement has been recovered and the progress achieved in this respect.

(6) The FMA has to withdraw the extension granted in accordance with paragraph 3 if the progress report indicates that between the date of the determination of the non-coverage of the Solvency Capital Requirement and the transmission of the Solvency Capital Requirement, the Progress report no substantial progress in attaining an increase in eligible own resources, except for the amount required to cover the Solvency Capital Requirement or to reduce the risk profile until recovering of the Solvency Capital Requirement.

Measures in the event of non-coverage of the minimum capital requirement: financing plan

§ 280. (1) If an insurance or reinsurance undertaking finds that the minimum capital requirement is no longer covered or that there is a risk that such a case will occur within the following three months, it shall immediately: FMA.

Within one month of the determination of the non-coverage of the minimum capital requirement, the affected insurance or reinsurance undertaking of the FMA shall submit a short-term financing plan. This plan shall require the approval of the FMA and shall ensure that the minimum capital requirement is covered again within three months from the date of non-coverage, by:

1.

the eligible basic own resources shall be increased at least at the level of the minimum capital requirement, or

2.

the risk profile is reduced accordingly.

(3) If a composite insurance undertaking finds that the fictitious life-insurance minimum capital requirement or the fictitious non-life insurance minimum capital requirement is no longer covered or there is a risk that this case may be within the following three months, it shall immediately notify the FMA of this. The FMA shall apply the measures provided for in paragraph 2 and in § 283 (1) (3) to the activity concerned or has the transfer of eligible basic own resources from the life insurance business to the Non-life insurance activity or vice versa.

Common provisions for the Solvency, Sanation and Finance Plan

§ 281. The minimum content of the solvency, reorganisation and financing plan shall be as follows:

1.

the estimated commission expenses and the other expenses for the insurance business;

2.

the estimated revenue and expenditure for the initial insurance business, and the reinsurance business acquired and discharged,

3.

a forecast of the Solvency Balance;

4.

estimates of the financial resources available to cover the technical provisions referred to in the first paragraph. Section of the 8. the main item, the minimum capital requirement and the Solvency Capital Requirement, and

5.

comprehensive information on reinsurance policies.

Measures of the FMA in relation to technical provisions

Section 282. (1) At the request of the FMA, insurance and reinsurance undertakings shall demonstrate the following:

1.

the adequacy of the amount of their technical provisions in accordance with the provisions of the 7. the main item and the appropriateness of the amount of its technical provisions as referred to in the first paragraph. Section of the 8. Main item,

2.

the suitability and relevance of the methods used, and

3.

the adequacy of the basic statistical data used.

(2) The calculation of technical provisions shall not be subject to the rules laid down in the 7. Main piece or the 1. Section of the 8. Main item, the FMA may order an increase in the technical provisions to the amount required by law.

Disregard of the free disposal of assets

§ 283. (1) The FMA may restrict or prohibit the free disposal of the assets of an insurance or reinsurance undertaking in order to ensure the fulfilment of the obligations under the insurance contracts at all times, if:

1.

no sufficient technical provisions in accordance with the provisions of the 7. Main item or the 1. Section of the 8. The main part shall be formed,

2.

the conditions set out in § 279 (1) are met, there is reason to believe that the financial situation of the insurance or reinsurance undertaking concerned will continue to deteriorate and that exceptional circumstances make this necessary,

3.

the conditions set out in Section 280 of paragraph 1 are fulfilled; or

4.

the concession has fallen away.

(2) Insofar as an insurance or reinsurance undertaking has prohibited or restricted the free disposal of assets, it may have legal effect on the assets only with the consent of the FMA. Consent shall be granted if the availability of the obligations under the insurance contracts does not endanger the fulfilment of the obligations.

(3) The incurring or restriction of the free disposal of domestic property, equal rights and mortgage loans on domestic real estate or equal rights is to be entered in the land register.

(4) The FMA has the general public informed of decisions concerning the restriction or disregard of the free disposal of assets through the use of assets by the Internet, print in the "Official Journal of the Wiener Zeitung" or in another newspaper with dissemination in the entire federal territory.

Measures at the risk of the concerns of policyholders and beneficiaries

§ 284. (1) In the event of a continued deterioration of the solvency of an insurance or reinsurance undertaking, the FMA may order temporary measures in so far as they are used to avert a risk to policyholders ' interests; and Eligible persons, in particular for the fulfilment of obligations under the insurance contracts or in order to ensure the obligations arising from reinsurance contracts, are necessary. These measures must be proportionate and reflect the degree and duration of the deterioration of the solvency of the insurance or reinsurance undertaking concerned. These measures shall be repeal at the latest 18 months after the date of the effective date of action. The FMA may, in particular,

1.

the members of the Executive Board or of the Management Board and the Managing Directors, in whole or in part, prohibit the management,

2.

appoint a government commissioner and

3.

Prohibit the continuation of business operations in whole or in part.

(2) In order to avoid a risk within the meaning of paragraph 1, the FMA may, by means of a regulation, be entitled to the extent of the insurance cover agreed by an insurance undertaking in existing insurance contracts if all of the following conditions are met. limit:

1.

the agreed scope of the insurance cover is based on general insurance conditions or generally used tariffs;

2.

the agreed scope of the insurance cover differs substantially from the normal market conditions;

3.

the premiums are not sufficient to cover the agreed insurance cover in the long term, and

4.

the general insurance conditions and generally used tariffs for insurance contracts to be concluded are subject to the same restrictions for the same premiums.

(3) If a risk within the meaning of paragraph 1 cannot be averted otherwise, the FMA may apply to an insurance or reinsurance undertaking a transfer of the stock of insurance contracts in accordance with Section 28 on reasonable terms and conditions to an insurance undertaking or reinsurance undertaking. order other insurance or reinsurance undertakings. The FMA has made this decision, if it serves the purpose of the transfer of the stock, on the Internet, in the "Official Journal of the Wiener Zeitung" or in another newspaper with distribution throughout the territory of the Federal Republic of Germany, with the invitation to: Willingness to take over the stock, to communicate to the insurance company or to the FMA.

(4) Persons appointed to the Government Commissions (para. 1 and 2) have to comply with the requirements of Section 120 (2) (2) (1) and (2). As a government commissioner, the FMA has to appoint a qualified person, who can be a member of the profession of attorneys or auditors. The government commissioner is responsible for all supervisory rights in accordance with § 272. It may prohibit the insurance undertaking or reinsurance undertaking from taking certain transactions in order to avoid any risk or to ensure compliance with the conditions laid down in paragraph 1. For his duties, he and a substitute appointed in accordance with paragraph 5 of this Article shall be subject to an appropriate fee.

(5) The FMA may, at the request of the government commissioner appointed in accordance with paragraph 1 (2), appoint a deputy if and as long as this is necessary for important reasons, in particular because of temporary prevention of the government commissioner. The appointment of the deputy as well as his/her rights and duties shall be subject to the provisions applicable to the Government Commissions. The Government Commissioner may, with the approval of the FMA, be able to meet professionally qualified persons in order to fulfil his duties, to the extent that this is necessary in accordance with the scope and difficulty of the tasks. The approval of the FMA shall be designated by name and shall also be granted to the insurance or reinsurance undertaking. These persons act on instructions and on behalf of the government commissioner or his deputy.

(6) The FMA has to obtain reports on appropriate government commissioners from the Austrian Bar Association and from the Chamber of Economic Scatterers. If a government commissioner is to be ordered pursuant to paragraph 4 or a deputy according to paragraph 5 and if no order is possible on the basis of these reports, the FMA shall, in particular, have the following after the seat of the insurance or reinsurance undertaking , to notify the competent Bar Association or the Chamber of Economic Scatters to make such a professional lawyer or auditor, as a government commissioner, repudiating. In case of danger in default, the FMA may, in particular, appoint an attorney or an economic spreader provisionally as a government commissioner. This order shall not apply to the appointment of a lawyer or chartered accountant after the first sentence.

(7) The costs incurred by the Federal Government through measures pursuant to paragraphs 1 to 6 shall be replaced by the insurance and reinsurance undertakings concerned.

Revocation of the concession

§ 285. (1) The FMA has to revoke the concession if:

1.

the conditions for granting the concession are no longer met;

2.

the insurance or reinsurance undertaking has seriously infringed obligations under the rules applicable to the operation of the contract, in accordance with the business plan or on the basis of arrangements by the FMA;

3.

the assets of the insurance or reinsurance undertaking have opened the bankruptcy procedure, or the insurance undertaking has been dissolved in another way; or

4.

the insurance or reinsurance undertaking does not have sufficient chargeable basic own resources to cover the minimum capital requirement, and the FMA considers that the financial plan submitted is manifestly is insufficient or fails to comply with the financing plan within three months of determining the non-coverage of the minimum capital requirement.

(2) By way of derogation from a revocation of the concession pursuant to Section 1 (1) (1) in conjunction with Section 8 (2) (8) and (9), the FMA may, in relation to the insurance or reinsurance undertaking, meet in accordance with Article 275 (1) those orders which are required in order to: to enable the proper performance of their monitoring obligations.

(3) Where the solvency of the branch of a third country insurance or third country reinsurance undertaking is monitored by the supervisory authority of another Member State on the basis of an authorisation in accordance with Section 15, the FMA shall have the following: The concession shall be revoked if the supervisory authority responsible for the supervision has withdrawn the concession for non-coverage of the Solvency Capital Requirement.

(4) The revocation of the concession shall result in the fact that insurance contracts must no longer be concluded and existing insurance contracts must be terminated in the most appropriate way.

Measures after revocation, erasal or revocation of the concession

§ 286. (1) Following the withdrawal of the concession, the FMA has to monitor the business management until all insurance or reinsurance contracts have been fully settled. This does not apply to the settlement of the insurance contracts in the course of a bankruptcy procedure.

(2) In order to ensure the fulfilment of the obligations arising from the insurance contracts following the elimination of the concession, the FMA must order all appropriate measures which are necessary to meet the needs of policyholders and It may, in particular, require the lodging of a security deposit to the extent necessary for this purpose. The security deposit shall not exceed, however, the amount of the technical provisions referred to in the 7. The main item plus half of the absolute lower limit of the minimum capital requirement shall be fixed in accordance with Article 193 (2). The FMA has to determine the appropriate assets, as well as to determine the nature and content of the security deposit in such a way that it cannot be held without the consent of the FMA on the assets.

(3) In the event of the withdrawal, cancellation or withdrawal of the concession, the FMA has to inform the supervisory authorities of all the other Member States.

Label protection

§ 287. The terms "insurance", "insurer", "insurance", as well as any translation in another language or a name in which one of these words is contained may-in so far as the admissibility does not come from other legal provisions This applies to companies which are entitled to operate the contract insurance and to their professional interest groups.

Manifestation in the case of unauthorised business operations

§ 288. The FMA may inform the public that a named natural or legal person has been designated by the Internet, printing in the "Official Journal of the Wiener Zeitung" or in another newspaper with distribution throughout the territory of the Federal Republic of Germany. (person) is not entitled to the operation of the contract insurance or certain insurance business, provided that this person has given rise to it and requires information to the public and in view of possible disadvantages of the It is proportionate. These publication measures may also be taken cumulatively. The person must be clearly identifiable in the publication; for this purpose, as far as the FMA is known, business address or residence address, company book number, Internet address, telephone number and fax number may also be specified. The person affected by the publication may request a review of the legality of the publication in a modestly to-do procedure at the FMA. The FMA has to make known the introduction of such a method in the same way. If the unlawfulness of the publication is determined in the course of a review, the FMA shall correct the publication correctly or, at the request of the person concerned, either withdraw it or remove it from the internet presence.

Supervision in the context of freedom of establishment and freedom to provide services

§ 289. (1) The FMA may require EEA insurance and EEA reinsurance undertakings carrying out insurance activities in the country to submit all the documents necessary for the assessment of whether or not this business operation is necessary with the The Company is in accordance with the rules applicable to the operation of the contract insurance and the recognized principles of proper business operations. This does not include the obligation of the EEA insurance undertakings to submit a systematic presentation of the general insurance conditions, the tariffs and the forms and other printed documents which they are responsible for in the field of transport with the policyholders. you intend to use

(2) In the case of an EEA insurance or EEA reinsurance undertaking performing insurance activities in the country, the provisions applicable to such undertakings for the operation of the contract insurance or the recognised principles of a reinsurance undertaking shall be subject to the following conditions: The FMA has to call on this company to remedy these shortcomings, and thereby endangers the interests of the policyholders and the beneficiaries. This request does not take the form of a shelling. At the same time, the FMA shall communicate its findings to the supervisory authorities of the home Member State.

(3) If the EEA insurance or EEA reinsurance undertaking does not comply with the request referred to in paragraph 2, the FMA shall inform the supervisory authority of the home Member State and ask them to take the appropriate measures to remedy the situation. of the deficiencies.

(4) where the supervisory authority of the home Member State does not take any measures or prove to be inadequate or ineffective, the FMA shall, in application of Article 275, have the necessary and appropriate arrangements against the EEA insurance or EEA reinsurance undertakings. To the extent necessary, the FMA may prohibit the conclusion of insurance and reinsurance contracts by the branch or the provision of services. The supervisory authority of the home Member State shall be notified before an action is taken in accordance with this paragraph. In addition, pursuant to Article 19 of Regulation (EU) No 1094/2010, the FMA may refer the matter to EIOPA and request assistance.

(5) Where a measure is urgently required to avert a risk to the interests of policyholders and beneficiaries, the FMA shall have the necessary and appropriate measures, without any procedures pursuant to paragraphs 2 to 4, applying Article 275. Arrangements to be taken against the EEA insurance undertaking. This also includes the failure to conclude insurance and reinsurance contracts by the branch or the provision of services. The supervisory authority of the home Member State shall be notified in accordance with the arrangement of a measure pursuant to this paragraph.

On-the-spot verification under the right of establishment

§ 290. (1) The audit on the spot of branches in other Member States of insurance and reinsurance undertakings established in Germany shall be carried out by the FMA only if the purpose of the examination requires it. She is on the examination

1.

the solvency,

2.

the formation of technical provisions in accordance with the first paragraph of this Article. Section of the 8. Main item,

3.

of assets and

4.

of the eligible own resources

, The supervisory authority of the host Member State shall be notified in writing before the start of the examination.

(2) A domestic branch of an EEA insurance or EEA reinsurance undertaking may be examined on the spot by the supervisory authority of the home Member State or by persons authorised by it in the scope referred to in paragraph 1. as soon as the FMA has been notified in writing of this. The FMA may take part in this examination itself or through examination bodies ordered by it pursuant to § 274 (2). Section 274 (3) to (7) shall apply.

(3) In the case of the EEA, domestic branches of EEA insurance and EEA reinsurance undertakings may be examined by the FMA on the spot, pursuant to Section 274 (3) to (7), to determine whether or not this business operation has been carried out by the FMA with the Contract insurance for these companies and the recognized principles of proper business operations in Germany. The supervisory authority of the home Member State shall be notified before the start of the examination.

(4) If the supervisory authority of the host Member State of the FMA has prohibited the exercise of its right to carry out the on-the-spot verification pursuant to paragraph 1, or if it is not in practice the FMA, its right to participate in an examination as referred to in paragraph 2 , the FMA may, in accordance with Article 19 of Regulation (EU) No 1094/2010, refer the matter to EIOPA and request assistance.

Supervision of business operations in third countries

§ 291. (1) In order to avoid a risk for the permanent fulfilment of the obligations arising out of the insurance contracts which are concluded on the basis of the concession granted in accordance with Section 6 (1), the FMA may be subject to an insurance and reinsurance undertaking prohibit the continuation of a business operation outside the Member States.

(2) In order to determine the circumstances governing a decision pursuant to paragraph 1, the FMA may provide the insurance and reinsurance undertakings with all the necessary information and the submission of relevant documents, including in the context of an audit Place according to § 274, require.

(3) The FMA may, on a reasoned request from the competent authority of the Member State, conclude insurance contracts with persons who have their habitual residence, domided or domicated outside the Member States. A third country in which such persons have their habitual residence, domirior or registered office, in so far as the insurance undertaking is not entitled to conclude the insurance contracts in accordance with the legislation of that State.

Penalties

Section 292. The amount of EUR 30 000 referred to in Article 5 (3) of the VVG shall be replaced by the amount referred to in Article 5 (3) of the VVG for the execution of a decision under this Federal Act.

International sanctions

§ 293. In so far as it is necessary for the implementation of decisions of the United Nations under international law, the Federal Minister of Finance has, by means of a regulation, the conclusion of new insurance contracts and the renewal of existing insurance contracts, or to prohibit the provision of services on the basis of existing insurance contracts.

Section 3

International cooperation

Cooperation in the EEA

§ 294. (1) The FMA may transmit to the supervisory authorities of the Member States the information required for the purposes of paragraph 4 of the supervision of the supervisory authorities of the Member States under the provisions of this Federal Law (Article 1 (1)). It also includes information on the shareholders, the members of the Management Board, the Supervisory Board, the Management Board and the Managing Directors of these companies.

(2) The Federal Minister of Finance may, provided that he is authorized in accordance with Article 66 (2) B-VG thereto, by means of agreements with other Member States, more detailed rules on cooperation with the supervisory authorities of those States within the framework of paragraph 1 meet.

(3) The FMA may also transmit the information referred to in paragraph 1 to the following bodies:

1.

Central banks of the European System of Central Banks (ESCB), including the European Central Bank (ECB), and other bodies with similar tasks in their capacity as monetary authorities, if this information is for the perception of their respective tasks, including the conduct of monetary policy and the associated provision of liquidity, the monitoring of payment transactions, clearing and settlement systems and the maintenance of the stability of the financial systems, and, where appropriate, other national the authorities of the Member States responsible for supervising payment systems;

2.

the European Systemic Risk Board (ESRB) established by Regulation (EU) No 1092/2010, where such information is relevant to the performance of its tasks, and

3.

the competent authorities of the other Member States responsible for the supervision of credit institutions, other financial institutions and financial markets where such information is relevant for the performance of their respective tasks, provided that such information Authorities shall be subject to or committed to a duty of confidentiality in accordance with Article 64 of Directive 2009 /138/EC, in accordance with the provisions of Article 64 of Directive 2009 /138/EC.

In the event of a crisis situation, including a crisis situation referred to in Article 18 of Regulation (EU) No 1094/2010, the FMA may transmit information to the central banks of the ESCB, including the ECB, without delay, where such information is available to the central banks of the ESCB, including the ECB. information for the performance of its tasks, including the conduct of monetary policy and the associated provision of liquidity, the monitoring of payment transactions, clearing and settlement systems and the maintenance of the stability of the financial system, are relevant. The same shall apply to the transmission of information to the ESRB, provided that such information is relevant for the performance of its tasks. The FMA may request from the bodies mentioned in Z 1 to 3 all the information which they require for the purposes of paragraph 4.

(4) When the FMA receives confidential information from a supervisory authority of a Member State, it may use it only for the following purposes in carrying out its tasks:

1.

to verify compliance with the concession requirements for the business of insurance or reinsurance and to facilitate the monitoring of the conditions of the exercise of the activity, in particular as regards the supervision of technical insurance Provisions adopted pursuant to the 7. Main piece and according to the 1. Section of the 8. the main part, the Solvency Capital Requirement, the Minimum Capital Requirement and the Governance System;

2.

for the imposition of administrative penalties;

3.

in the framework of administrative and judicial procedures; and

4.

in the context of an administrative procedure for the challenge of a decision by the FMA.

Cooperation in the event of limitation or reduction of the disposal of assets

§ 295. (1) Before the FMA, in accordance with Article 283 (1) (1) (1), restricts or prohibits the free disposal of assets by an insurance or reinsurance undertaking, it shall notify the supervisory authorities of the host Member States.

(2) In accordance with Article 283 (1) (2) to (4), the FMA has restricted or prohibited the free disposal of assets by an insurance or reinsurance undertaking, it has to notify the supervisory authorities of the host Member States.

(3) The FMA shall issue an order in accordance with section 283 (1), so that it may request the supervisory authorities of Member States in whose territory assets of the insurance or reinsurance undertaking are situated, with regard to those assets to make the same arrangement. In this case, the assets to be the subject of this arrangement shall be designated. If, under the legislation of the Member State in which the assets are situated, the order has the effect that the assets can only be acquired with the consent of the FMA, that agreement shall be declared if the The availability of the obligations arising from the insurance contracts shall not be jeopardised.

(4) If the supervisory authority of another Member State has an arrangement in relation to an EEA insurance or EEA reinsurance undertaking in accordance with Art. 137, Art. 138 (5), 139 (3) or 144 (2), second subparagraph, of the Directive 2009 /138/EC, the FMA, at the request of this supervisory authority, has the free disposal of these assets under the appropriate application of Section 283 (1) of the Regulation, in respect of assets situated in the country and designated in the request. to restrict or prohibit. To the extent that the free disposal of assets has been prohibited or restricted thereafter, the EEA insurance or EEA reinsurance undertaking may, via the assets, have legal effect only with the consent of the FMA. Consent may only be given in agreement with the supervisory authority of the home Member State. § 283 (3) and (4) shall apply.

Cooperation within the framework of freedom of service and establishment

§ 296. (1) If the FMA has reason to believe that the operation of a branch or the provision of services in the domestic sector will endanger the financial performance of an EEA insurance or EEA reinsurance undertaking, the FMA shall have the following reasons: to inform the supervisory authority of the home Member State without delay.

(2) The supervisory authority of another Member State in which an insurance or reinsurance undertaking having its head office is engaged in the business of insurance through a branch or in the provision of services in order to take account of the taking of the appropriate measures in accordance with Article 155 (2) of Directive 2009 /138/EC, the FMA shall arrange appropriate measures in accordance with Section 275 and shall inform the competent supervisory authority accordingly. In addition, pursuant to Article 19 of Regulation (EU) No 1094/2010, the FMA may refer the matter to EIOPA and request assistance.

(3) Where a document of the supervisory authority competent pursuant to paragraph 2 is served in accordance with Article 155 of Directive 2009 /138/EC to an insurance or reinsurance undertaking with a registered office in Germany, or only under disproportionate conditions If difficulties are possible, the notification shall be made at the request of the competent supervisory authority via the FMA.

Cooperation on the dissolution of insurance undertakings or reorganisation measures in the EEA

§ 297. (1) The FMA shall immediately inform the supervisory authorities of the other Member States

1.

the dissolution of an insurance company pursuant to § 203 (1) Z 1 and 2 of the German Stock Corporation Act (AktG) or § 57 (1) (1) and (2) of this Federal Act

2.

the taking of measures pursuant to § 284 or § 316.

(2) The notifications pursuant to Section 1 (2) (2) shall also contain information on the general effects of the measure in accordance with § 284 or § 316.

(3) The supervisory authorities of other Member States shall, at their request, be informed of the progress of the settlement in the event of a dissolution in accordance with paragraph 1 (1) (1).

Cooperation with authorities of third countries

§ 298. (1) The FMA may, by means of the undertakings subject to supervision under the provisions of this Federal Law (Article 1 (1)), the authorities to which the supervision of third country insurance or third country reinsurance undertakings is concerned, It is the responsibility of credit institutions and other financial institutions established in a third country and of financial markets in third countries to provide the information required for the purposes of Section 294 (4). It also includes information on the shareholders, the members of the Management Board, the Supervisory Board, the Management Board and the Managing Directors of these companies.

(2) The transmission of information shall be admissible only if these authorities are subject to or are bound by a confidentiality obligation corresponding to the professional secrecy laid down in Article 64 of Directive 2009 /138/EC. Where information submitted to the FMA by the supervisory authority of another Member State is concerned, such information may be disclosed only with the express consent of that supervisory authority and only for the purposes for which it has been provided by the supervisory authority of another Member State. Supervisory authority has agreed. In addition, the transmission is permitted only on the basis of a reciprocity declaration or reciprocity actually provided.

(3) The Federal Minister of Finance, provided that he is empowered to do so in accordance with Article 66 (2) B-VG, may, by means of agreements with other non-Member States, lay down more detailed rules on cooperation with the authorities of those States in the The framework of paragraphs 1 and 2. It must be agreed that information from another Member State may be disclosed only with the express consent of the competent authorities which have disclosed this information and only for the purposes to which those authorities have been informed. agreed.

Cooperation with the Supervisory Authority of the Swiss Confederation

Section 299. (1) The FMA may transmit the information required for the purposes of Section 294 (4) via the companies subject to supervision under the provisions of this Federal Law (§ 1 paragraph 1) of the Swiss Supervisory Authority.

(2) The FMA has the extinguisher or the revocation of the concession of an insurance or reinsurance undertaking with a registered office in the Swiss Confederation, which has a branch in the Swiss Confederation, the Swiss Supervisory Authority . This authority shall be heard before taking any measure pursuant to Section 283 (1) Z 4.

(3) Before the FMA, pursuant to § 283 (1) (1) (1), a third country insurance undertaking or a third country reinsurance undertaking established in the Swiss Confederation, restricts or prohibits the free disposal of assets, the FMA has the Swiss supervisory authority. Where, in accordance with Article 283 (1), the FMA has restricted or prohibited the free disposal of assets from an insurance undertaking or a reinsurance undertaking with a registered office in the Swiss Confederation, which has a branch in the Swiss Confederation, it shall be notified to the Swiss Supervisory Authority. It may ask that authority to take the same measure in relation to the branch. If the Swiss Supervisory Authority has made an order to a third country insurance or third country reinsurance undertaking established in the Swiss Confederation in accordance with Section 283 (1), the FMA shall, at the request of: to take the same order with respect to a domestic branch of that third country insurance or third country reinsurance undertaking on the basis of section 283 (1) of this Regulation.

12. Main piece

Cover stock, dissolution of an insurance or reinsurance undertaking, and provisions relating to the financial and insolvency law of insurance undertakings

Section 1

Cover stock

Education of the cover stock

§ 300. (1) Insurance undertakings shall be required to form a cover in the amount of the cover requirement in accordance with Section 301, with the exception of the business acquired in reinsurance, if the latter are

1.

life insurance, in so far as it does not fall under Z 2 to 6,

2.

company collective insurance,

3.

fund-linked life insurance,

4.

index-linked life insurance,

5.

the life assurance based on capital investment, in which the policyholder has at least one entitlement to the prepaid premiums guaranteed by the insurance undertaking;

6.

the preferential treatment for the future in accordance with § 108g bis § 108i EStG 1988, insofar as it is not to be assigned to another cover-stock division,

7.

health insurance, to the extent that it is operated in the manner of life assurance, or

8.

accident insurance, to the extent that it is operated in the manner of life assurance,

operate.

(2) The cover stock shall be administered separately from the rest of the assets. Where several of the types of insurance referred to in Z 1 to 8 are operated by an insurance undertaking, a separate division of the cover stock shall be set up for each of these types of insurance, to which the provisions of this Federal law on the cover stock are to be applied separately.

(3) The establishment and the dissolution of a separate division of the cover stock shall be reported to the FMA without delay.

Coverage requirement

§ 301. (1) The cover requirement shall be equal to the sum of the technical provisions which shall be constituted for the types of insurance referred to in Article 300 (1). In the calculation, a deduction of reinsurance shares shall be maintained. In the case of the fund-linked and the index-linked life assurance, the premium surgings, the provision for insurance cases which have not yet been uncovered and the additional technical provisions remain for guaranteed Minimum benefits in so far as they are covered by the cover-stock department of the type of insurance referred to in § 300 (1) (1) (1).

(2) The cover requirement relates to the entire transaction, which is operated on the basis of a concession pursuant to section 6 (1), in respect of the insurance types referred to in § 300 (1).

(3) Insurance undertakings shall ensure that the cover requirement is always fully complied with by means of the assets dedicated to the cover stock in accordance with Section 302. The valuation of the assets shall be based on the relevant valuation approaches of the annual financial statements. Where the right to vote is applied in accordance with § 149 (2), second sentence, the prerequisite for each division of the cover stock is to be fulfilled separately. Except for the end of the financial year, a mere estimate of the cover requirement shall be allowed.

(4) As soon as this is necessary, insurance undertakings shall also have assets to be transferred to the cover stock during the year.

(5) Where an increase in the cover provision is necessary for other reasons than for a change in the business environment, the FMA may authorise the distribution of the resulting increase in the cover requirement over a number of years, to the extent that: the interests of policyholders and beneficiaries will not be jeopardised.

Dedication of assets

§ 302. (1) Assets are dedicated to the cover stock as soon as and as long as they are registered in the cover stock directory (§ 249). Assets may be registered only if they comply with Section 124 (1) (3).

(2) The advances paid to the cover stock for police officers shall be assigned to that division of the cover stock which is used to cover the cover requirement for the insurance contract in question.

(3) The bank accounts and securities depots established pursuant to § 300 (1) for the management of the covering stock departments must in each case be conducted separately according to floor-to-ceiling departments.

(4) The covering stock of domestic real estate, equal rights and mortgage loans on domestic real estate or equal rights is to be entered in the land register.

(5) Domestic properties, equal rights and mortgage loans on domestic real estate or equal rights may be dedicated to the cover stock as soon as the cover stock is entered in the land register has been made. If the registration of the covering stock of foreign properties, equal rights and mortgage loans on foreign properties or rights of property rights are included in a public book, the Consecration shall not be allowed until after this registration.

(6) The assets devoted to the covering stock may be valued at the value resulting from the deduction of the debt and other liabilities of the balance sheet which are appropriate for the assets covered by the cover of the assets. technical provisions shall be used to reduce, and shall be in an economic context with the asset in question. Liabilities in accordance with § 199 of the German Commercial Code (UGB), which are not shown in the balance sheet on the liabilities side, are to be deducted with the highest possible value resulting from the underlying contractual liability relationship. Where a registered asset is subject to a right in rem in favour of a creditor or a third party, with the result that part of that asset is not available for the performance of obligations, the said assets shall be: The fact that the facts are to be noted in the register of coverage and the amount not available shall not be taken into account in the performance of the cover requirement.

Claims after setting up the business operations

§ 303. (1) In the event of the termination of the business operations of an insurance undertaking, the claims shall be subject to the insurance conditions, as far as their insurance branches are concerned, the beneficiaries shall be entitled to the insurance undertaking in the manner of the life assurance scheme. entitlement to the cover requirement shall be entitled to the amount equal to the cover requirement for their insurance contracts as the total amount of the cover stock's values for the total cover requirement, at most, however, the amount of the Coverage requirement.

(2) Other claims arising from the insurance contracts shall be fairly satisfactory from a cover stock for the insurance concerned.

(3) The amount of the claims included in the cover requirement, the amount of the total cover requirement and the amount of the value of the cover stock shall be the date of the extinguishing of the insurance relationships.

(4) In order to satisfy the claims referred to in paragraph 1, the claims shall not be unaffected if the cover stock is not satisfied.

Section 2

Trustee

Order and powers

§ 304. (1) For the monitoring of the cover stock, the FMA has to appoint a trustee and its deputy for a maximum period of three years. A repeated order is allowed. If the cover consists of several departments, trustees and deputists may be appointed separately for each department, if this is appropriate in view of the scope of the business. The insurance undertaking shall be consulted in the procedure relating to the appointment.

(2) Only natural persons with a principal residence in the territory of the country or in another Member State may be appointed to the trustee and to his/her deputy,

1.

for which the special trustworthiness and the ordered economic conditions are in accordance with § 9 and § 10 of the WTBG,

2.

which are neither an institution of the insurance undertaking nor employees of that undertaking and are otherwise not in a relationship of dependence on that undertaking,

3.

who are not trustees or deputists of the trustee for the supervision of the cover stock in the case of more than one other insurance undertaking,

4.

who have the necessary characteristics due to their training and professional development.

(3) The trustee and his deputy shall be paid by the FMA (function fee), which shall be proportionate to the work associated with his activity and to his expenses. The costs incurred by the FMA are to be replaced by the insurance companies. The FMA, with the agreement of the Federal Minister of Finance, has to fix the amount of the fee by Regulation and, in this connection, may, where necessary, also lay down more detailed information on the payment and reimbursement of the fee.

(4) The function of the trustee and his deputy shall be issued if the cover stock or the division of the cover for which they are appointed, as a result of a transfer or a legal transaction, which has an overall succession of rights; brought about, are going to be eliminated. The FMA has issued a notice of the deletion.

(5) FMA may reconvene the trustee and his deputy if the scope of the cover stock or the division of the cover for which they are appointed is due to a transfer or a legal transaction which includes: As a result of the overall legal succession, it increases significantly. The insurance undertaking shall be consulted in the procedure relating to the convening.

(6) The trustee or his/her deputy shall be dismissed by the FMA if the conditions for the order under para. 2 no longer exist or if otherwise it is to be assumed that they will no longer perform their task properly. The insurance undertaking shall be consulted in the procedure relating to the convening.

(7) If the trustee or his deputy return their function, this shall expire at the earliest after the end of a month, after the agreement has been reached on the deferment at the FMA.

Tasks

§ 305. (1) The trustee shall be responsible for the supervision of the cover stock.

1.

to check compliance with Section 301 (3) by the insurance undertaking at least quarterly,

2.

to verify the proper management of the ceiling of the ceiling; and

3.

to notify the FMA immediately of any circumstances which are likely to raise concerns about the fulfilment of the coverage requirement.

(2) With the exception of the separate departments of the cover stock pursuant to § 300 (1) Z 3 and 6, the assets devoted to the cover stock may only be provided with the written consent of the trustee. A divestment, assignment or liability without its consent is legally ineffective.

(3) The consent shall be refused if the cover requirement is no longer fully covered by the disposition and no refilling of the undercover with other assets is proved or otherwise the full fulfillment of the cover requirement is at risk.

(4) In the case of the existence of sufficient coverage of the cover requirement, the trustee's consent for certain provisions may also take the form of a flat-rate release. This flat-rate release is valid for a maximum of one year and may include only those provisions relating to the cover stock values in which at the same time, at least equivalent assets are added to the cover stock.

(5) If both the trustee and his deputy are prevented, the approval of the FMA may, in urgent cases, replace the approval of the trustee. If the trustee fails, the insurance undertaking may request the decision of the FMA. The FMA has to decide within two weeks after the application has been received.

(6) Within six weeks after the end of each calendar quarter, the Trustee shall have the FMA a written report on its activities, in particular on the audits carried out, in the previous quarter (quarterly report) and within three months. to report, after the end of the financial year, a written 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 respectively. to the Board of Directors and the Executive Directors. The FMA may adopt a regulation laying down detailed rules on the content, structure and nature of the transmission of the quarterly report and the annual report.

(7) The Trustee shall include a confirmation note in its annual report in accordance with paragraph 3. It shall expressly state whether the audit opinion is given in full or in a limited way. In an unrestricted confirmation note, the trustee has to declare that the cover requirement is fully met by the dedication of assets suitable for covering the cover. If objections are to be raised, the trustee shall limit his or her declaration 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. If there are only minor deficiencies which can be remedied in the short term, the trustee may give an unrestricted endorsement. The trustee shall sign the endorsement or the endorsement of his/her failure to indicate the place and date. The responsibility of the institutions of the insurance undertaking shall not be affected by the endorsement of the trustee.

(8) The trustee shall at all times be granted access to the books, documents and documents of the insurance undertaking. The insurance undertaking shall inform the trustee of all the facts which are necessary for the performance of its duties. A duty of confidentiality cannot be claimed in relation to the trustee.

(9) Where there have been entries or storage in the use of data carriers, the insurance undertaking shall, within a reasonable period of time, make available to the insurance undertaking those resources which are necessary for the purpose of: To make documents legible and, where necessary, to teach legible permanent reproductions in the required number without any means.

(10) The trustee shall at any time provide the FMA with information on the cover stock which it monitors. Moreover, he is obliged to secrecy about all the facts which have become known to him solely on the basis of his activity.

Section 3

Dissolution of an insurance or reinsurance undertaking

Dissolution of an insurance or reinsurance undertaking

§ 306. (1) The dissolution of an insurance or reinsurance undertaking pursuant to § 203 (1) Z 1 and 2 AktG or § 57 (1) Z 1 to 2 of this Federal Act shall be reported to the FMA without delay.

(2) The liquiders shall make known the dissolution in the Official Journal of the European Union, in the case of Section 203 (1) Z 2 of the German Stock Corporation Act (AktG) by means of an extract from the resolution decision. This notice shall contain, in particular, the names of the liquiders and the indication that Austrian law shall apply to the dissolution.

(3) The liquiders shall have known creditors who have their habitual residence, domicical residence or registered office in another Member State to agree on the dissolution individually without delay. A form must be used for this understanding, which is titled in all the official languages of the Member States, with the words 'invitation to register a claim'. If the creditor is the holder of an insurance claim, the agreement shall be made in one of the official languages of the State in which the creditor is habituated, domicated or domicated. The agreement shall indicate to whom the request for request is to be addressed and to the contents of the provisions of Section 213 of the German Stock Corporation Act (AktG).

(4) Any creditor who has his residence, habitual residence or registered office in another Member State may declare his claim in the official language of that State and explain. In this case, the application must bear the title "Application of a claim" in German.

(5) The liquiders shall inform the creditors each year of the status of the settlement by publishing them in the notices of publication. Known creditors who have their habitual residence, residence or registered office in another Member State shall be informed individually.

Section 4

Executive and insolvency law provisions for insurance undertakings

Execution on the values of the cover stock

§ 307. (1) The values of the cover stock may only be carried out in favour of an insurance claim, which was to be included in the cover requirement.

(2) In life assurance and the accident insurance operated in the manner of life assurance, access is limited to the amount which is in the same proportion as the cover requirement for the individual insurance contract, such as the Total amount of the cover stock for the total cover requirement, but not more than the amount of the cover requirement to be paid to the individual insurance contract.

(3) If the covering stock consists of several departments, the calculation of the amount subject to the execution shall be carried out separately for each department.

(4) Leases shall not be affected by the provisions of paragraphs 1 to 3.

Insurance claims

§ 308. Insurance claims within the meaning of this main item are all claims made by policyholders, insured persons, beneficiaries or injured third parties who have a direct right of action against the insurer by reason of an insurance contract (including a toning business) against the insurance undertaking. This shall include claims for repayment of the premium if a contract has not been concluded before the bankruptcy proceedings have been opened.

Opening of the bankruptcy procedure

§ 309. (1) The Executive Board or the Board of Directors and the Managing Directors or the Unwinders shall immediately notify the FMA of the occurrence of the insolvency or over-indebtedness of the insurance undertaking. § 69 IO is not applicable.

(2) The application for the opening of the bankruptcy proceedings can only be submitted by the FMA. This is obliged to apply for the application, subject to § 316 of the application. The bankruptcy proceedings shall be opened without delay at the request of the FMA.

(3) Insolvency-law remediation proceedings cannot be opened on the assets of an insurance undertaking.

(4) In the insolvency proceedings of an insurance undertaking, an insolvency law remediation plan is not admissible.

Curator

§ 310. (1) The bankruptcy court, at the opening of the bankruptcy proceedings, has to appoint a curator to assert the insurance claims, which were to be included in the cover requirement. The curator has to identify and notify these insurance claims. He is obliged to listen to the claimers on their request prior to notification of the claim and to notify them of the application. The right of the beneficiaries to register the claims themselves shall remain unaffected.

(2) The trustee shall, at the request of the curator and at the request of the holders of insurance claims in accordance with paragraph 1, inspect the books and records of the insurance undertaking and in the drawing up of the cover stock values (section 312 (1)). .

(3) The curator shall be entitled to compensation for his cash outlays and to the appropriate remuneration of his management against the bankruptcist's cash outlays. § 125 IO is to be applied.

Erasing insurance relationships

§ 311. In the case of insurance branches in accordance with Z 19 to 22 in accordance with Annex A, the insurance conditions shall be extinguisher by the opening of the bankruptcy procedure.

Cover in bankruptcy proceedings

§ 312. (1) Where insurance is a cover, the insurance undertaking shall immediately submit to the bankruptcy court a list of the assets devoted to the cover at the time of the opening of the bankruptcy proceedings.

(2) The cover stock forms a special mass in bankruptcy proceedings (§ 48 para. 1 IO). Returns and returns from the assets and bonuses dedicated to the cover (minus the reinsurance levy) for the insurance contracts included in the cover requirement, which enter into force after the opening of the bankruptcy proceedings; fall into this special mass.

(3) The list submitted in accordance with paragraph 1 shall not be amended after the opening of the bankruptcy procedure. Technical adjustments in the case of the registered assets may be made by the mass administrator with the consent of the bankruptcy court.

(4) If the proceeds from the utilization of the assets are less than their valuation in the list submitted in accordance with paragraph 1, the mass administrator shall inform the bankruptcy court and the FMA and justify the deviation.

(5) In the case of insurance claims which were to be included in the cover requirement, § 303 (1) and (2) shall apply mutationally. The date of the opening of the bankruptcy proceedings shall be decisive for the amount of these insurance claims and of the total cover requirement.

(6) As far as insurance claims from the cover stock are not fully satisfied, they shall be treated as other insurance claims.

Login

§ 313. The insurance claims which can be determined from the insurance company's books shall be deemed to be registered. The right of the claimant and the obligation of the curator (§ 310) to also notify these claims shall remain unaffected.

Rank

§ 314. (1) Insurance claims shall be subject to the remaining bankruptcy requirements. Section 312 (2) remains unaffected.

(2) Claims for insurance performance shall be subject to all other insurance claims. Within the same range, the claims shall be satisfied in accordance with the ratio of their amounts.

(3) By way of derogation from Section 103 (1) of the IO, the request for a request shall not include an indication of the rank order.

Mutual insurance associations

§ 315. (1) In order to assess the over-indebtedness of an insurance association on a reciprocal basis, the amount of surpluses which have not yet been paid six months after their due date shall no longer be considered as assets of the association.

(2) § 2 and § 4 to § 12 of the GenIG shall apply in the appropriate way for the calculation and the recovery of the surpluses in the bankruptcy proceedings. The surpluses shall not exceed a maximum amount laid down in the Statute.

(3) In assessing whether the assets of the association are likely to be sufficient to cover the costs of the bankruptcy proceedings, the surpluses allowed under paragraph 2 shall be taken into consideration.

(4) The claims for the redemption of the foundation fund shall comply with all other requirements for bankruptcy and the subordinated claims within the meaning of Section 57a IO.

Prohibition and reduction of benefits

§ 316. (1) In the course of the examination of the management and the assets of an insurance undertaking that the condition for the opening of the bankruptcy proceedings pursuant to § 66 or § 67 IO is fulfilled, the avoidance of a bankruptcy procedure shall be fulfilled in the In the interest of policyholders and beneficiaries, the FMA shall be responsible for the transaction on the basis of the concession granted in accordance with § 6, provided that this is with the interest of the policyholders and the beneficiaries of the concession granted in the the framework of this business is compatible with insurance contracts concluded;

1.

-payments, in particular insurance benefits, in life assurance also repurchases and advance payments to police officers, in the extent necessary to overcome the difficulties of payment, or

2.

to reduce the obligations of the insurance undertaking from life insurance in accordance with existing assets.

(2) The measures taken pursuant to paragraph 1 (1) (1) shall be repealed as soon as the assets of the insurance undertaking so permit.

(3) The obligation of the policyholders to continue to pay the premiums (contributions) in the previous amount shall not be affected by measures pursuant to paragraph 1.

(4) A remedial measure taken in accordance with the law of another Member State within the meaning of Article 2 lit. c Directive 2001 /17/EC is effective in Austria as soon as it is effective in the home Member State. In the sense of Art. 2 lit. The liquidator and its representatives are subject to the provisions of Section 241 of the Directive. At the request of the liquidator or any authority or court of the State in which the reorganisation measure has been initiated, the initiation of the reorganisation measure shall be entered in the land register and in the company register.

(5) Prior to the initiation of a measure pursuant to paragraph 1 against the branch of an insurance undertaking established in a third country, the FMA has the supervisory authorities of other Member States in which the insurance undertaking also has a supervisory authority. A branch has been established to hear. If this is not possible before the action is initiated, these supervisory authorities shall be informed immediately thereafter.

(6) § 222 to § 231 IO shall apply mutatily to the measures provided for in paragraph 1.

13. Main piece

Criminal provisions

Violation of notification, reporting and complaint obligations

§ 317. (1) Those who oppose the obligation to:

1.

the display of the acquisition or abandonation of shareholders in accordance with § 24,

2.

display in accordance with § 63 (5), first sentence (effects of the introduction),

3.

display in accordance with section 65, paragraph 3, first sentence (effects of a restructuring),

4.

Display according to § 66 para. 3 Z 4 first sentence and Z 6 sixth sentence (form-changing conversion into a private foundation) violates

5.

to submit the actuarial basis used before being applied for the first time or in the event of any change or addition prior to its application in accordance with § 92 (1) and § 102 (1);

6.

the display of a swap contract in accordance with § 86 (1) and (4) or § 109 (2) and (4),

7.

indication of the appointment of the responsible actuary or his deputy according to § 115 (2) or against the obligation to display the decision of the responsible actuary or his deputy in accordance with Section 115 (4),

8.

the submission of the annual written report of the responsible actuary in accordance with Section 116 (3), second sentence,

9.

Advertisement according to § 116 para. 4, second sentence, as responsible actuary,

10.

Display in accordance with § 122 (1) and (3) with regard to members of the Executive Board or of the Board of Directors and Executive Directors, as well as any other person who actually leads the Company or who is responsible for governance or other key functions,

11.

Display of the election and the leaving of members to the Supervisory Board in accordance with Section 123 (3),

12.

Display of the election and the decision of the Chairman of the Supervisory Board in accordance with Section 123 (4) of the Supervisory Board,

13.

the display of the acquisition or sale of a substantial stake in a capital company in accordance with Section 127 (1) to (3),

14.

the display of a transfer of assets in accordance with Section 141 (3) of the Liabilities Redeployment of the Passiva

15.

the notification of the auditor in accordance with § 260 (1),

16.

Notice in accordance with Section 265 (1) and (2) as auditor in violation of the law

17.

Notice in accordance with § 272 (2) (endangering the permanent fulfilment of the obligations under the insurance contracts), § 279 (1) (non-coverage of the Solvency Capital Requirement) and Section 280 (1) (non-coverage of the Minimum Capital Requirement),

18.

the display of the establishment or dissolution of a separate division of the cover stock in accordance with Section 300 (3),

19.

display in accordance with § 305 paragraph 1 Z 3 as trustee or

20.

the display of the dissolution of an insurance or reinsurance undertaking in accordance with Section 306 (1) of this Directive,

shall be subject to an administrative surrender and shall be punished by the FMA with a fine of up to EUR 60 000.

(2) Anyone who agrees with the submission and reporting obligations provided for in § 248 (2) to (6) and (8) or § 249 or the reporting obligations in the context of the regular supervisory reporting at the individual and group level pursuant to Section 248 (1) and the Implementing Regulation (EU) and the technical standards (EU) repeatedly fail to comply with the deadline, inaccurate or incomplete, commit an administrative surrender and be punished by the FMA with a fine of up to € 60 000.

(3) In the event of an infringement of an obligation pursuant to Section 122 (1) and (3) with regard to other persons who actually lead the company or are responsible for governance or other key functions, Section 123 (3) regarding the display of the Re-election of the same person as a member of the Supervisory Board, Section 123 (4) with regard to the indication of the re-election of the same person as Chairman, Section 300 (3) with regard to the establishment or dissolution of a separate division of the cover stock the FMA of the initiation and implementation of an administrative criminal procedure if the unduly reimbursed ad has been obtained before the FMA has become aware of this transgressing.

Breach of the obligation to publish the Solvency and Financial Situation Report

§ 318. Anyone who violates the obligation to publish in accordance with § 241, § 243 or § 245 is subject to an administrative surrender and is punished by the FMA with a fine of up to 60 000 euros.

Breach of information obligations

§ 319. Who

1.

the obligation to provide information in accordance with Section 94 (4) to (6), § 98 (1) or § 252 to § 255, or

2.

as the person responsible (§ 9 VStG) of an insurance undertaking, small insurance undertaking, third country insurance undertaking or the EEA insurance undertaking, the request for information of a insured person in accordance with Section 94 (4) also not after the warning , or

3.

as the person responsible (§ 9 VStG) of an employer does not comply with the request for information of an insured person pursuant to Section 94 (3) even after the warning,

Is subject to an administrative surrender and is punishable by the FMA with a fine of up to EUR 60 000 and, in the case of Z 3, with a fine of up to EUR 6 000.

Cover reserve; deck stock

§ 320. Who

1.

be contrary to the rules and actuarial bases for the calculation of the cover provision;

2.

the provisions relating to the filling of the ceiling, the dedication, the assessment and the inventory of the assets of the cover are contrary to the provisions of the Treaty;

3.

Contrary to Article 305 (2), the assets devoted to the cover stock are without the written consent of the trustee,

4.

in relation to the FMA, makes inaccurate statements about the cover requirement or the assets dedicated to the cover stock,

5.

as the responsible actuary, contrary to section 116 (6) (unqualified opinion), at least grossly negligently false confirmation that the circumstances referred to there are true,

6.

, as trustee, in accordance with Section 305 (2) of a disposal of assets on the cover stock, or

7.

as trustee, at least grossly negligently false, contrary to Section 305 (7), that the cover requirement is fully fulfilled by the dedication of assets,

In the case of Z 1 to 5, a fine of up to EUR 60 000 and, in the case of Z 6 and 7, a fine of up to EUR 30 000 is to be punished by the FMA.

Breach of secrets

§ 321. A member of an institution, a trustee, a responsible actuary, a service provider of an insurance undertaking, a reinsurance undertaking, a small insurance undertaking or a small insurance undertaking reciprocity, as an independent insurance representative, as an auditor in accordance with section 274 (2) or as a government commissioner pursuant to § 284 (1) (2) (2) of circumstances or circumstances which have become known to him solely on the basis of his professional activity; their secrecy in the legitimate interest of the persons concerned , shall be subject to an administrative surrender and shall be punished by the FMA with a fine of up to EUR 60 000, unless the transfer or exploitation by content and form is carried out by a public or by a public or a legitimate private interest, or the person concerned expressly agrees with the transfer or recovery.

Money laundering and terrorist financing

Section 322. Anyone who, if only negligent, violates the duties according to § 129 bis § 135, is committing an administrative surrender and is punished by the FMA with imprisonment for up to six weeks or with a fine of up to 150 000 euros.

Mutual insurance associations

§ 323. (1) Who, as a member of the board of directors or of the supervisory board, as a representative or as an unwinding of an insurance association on reciprocity

1.

in reports, representations or overviews relating to the association or undertakings associated with it, addressed to the public or to the members of the supreme body, such as the annual accounts (consolidated financial statements), and Situation Report (Group Management Report),

2.

in lectures or meetings held in the assembly of the supreme body,

3.

in information to be given to a statutory auditor or to the other examiners of the association pursuant to § 272 UGB (UGB), or

4.

in reports, representations and overviews of the Supervisory Board or its Chairman

the circumstances of the association or companies connected to it, or significant circumstances, even if they concern only individual business cases, render untrue, conceal or conceal or otherwise give false information in substantial respects, shall be punished by the court with imprisonment of up to one year or with a fine of up to 360 days ' rates.

(2) Anyone who is not refunded as a member of the Executive Board or as a liquidate person pursuant to Section 81 (1) of the German Stock Corporation Act (AktG) in the face of an imminent threat to the liquidity of the association shall be sentenced by the court with imprisonment of up to one year or with a Fines of up to 360 daily rates are punishable.

(3) Criminal proceedings shall be the responsibility of the Court of First Instance.

(4) § 255 AktG shall apply to the management of the branch of a third country insurance undertaking or a non-member third country reinsurance undertaking.

Small insurance companies

§ 324. Who

1.

the persons referred to in Article 76 (7) shall be granted loans without the consent of the FMA,

2.

, beyond the maximum amount authorized by the FMA in accordance with Section 74 (1), second sentence, taking over risks, or

3.

as the winemaker of a small insurance company violating the obligation to comply with § 80 (4) (annual financial statements, management report),

is an administrative transgressing and is punishable by the FMA with a fine of up to 20 000 euros.

Group supervision

§ 325. Who

1.

in breach of the obligation pursuant to Section 196 (3) to indicate the occurrence and omission of circumstances leading to a group supervision,

2.

is in breach of the obligation to notify pursuant to Section 202 (4) (non-coverage of the Group's Solvency Capital Requirement);

3.

in breach of the obligation under Section 220 (1) to report any significant risk concentration at the group level to the FMA,

4.

is in breach of the obligation under Section 221 (1) or (3) to notify FMA of any significant or extremely significant intra-group transaction,

5.

is in breach of the obligation to display pursuant to Section 225 (2), or

6.

A request for information from the FMA pursuant to section 234 (2) does not comply with the deadline,

Is subject to an administrative surrender and is punishable by the FMA with a fine of up to EUR 60 000, but in the case of Z 2 with a fine of up to EUR 100 000.

Violation of orders

§ 326. Who

1.

an arrangement of the FMA based on § 275 or § 291 (1) or (3) of this Regulation,

2.

as the person responsible (§ 9 VStG) of an insurance holding company or a mixed financial holding company, an arrangement of the FMA based on § 236 (2) is contrary,

3.

an understatement of the government commissioner in accordance with § 284 (4) fourth sentence, or

4.

Contrary to a regulation of the Federal Minister of Finance pursuant to § 293 or a binding EU act, new insurance contracts are concluded, existing insurance contracts are extended or benefits on the basis of existing insurance contracts ,

In the case of Z 1 to Z 3, a fine of up to EUR 150 000 and, in the case of Z 4, a fine of up to EUR 100 000 is to be punished by the FMA.

Freedom of service and establishment

§ 327. (1) Who

1.

commends the operation of the contract insurance by a branch without having fulfilled the conditions laid down in Article 20 (1) to (3);

2.

the operation of the contract insurance is maintained by a branch, although a final decision of the supervisory authority pursuant to section 20 (3) is available; or

3.

the provision of services without the conditions laid down in Article 22 (1) to (3) being met,

shall be subject to an administrative surrender and shall be punished by the FMA with a fine of up to EUR 100 000.

(2) If, contrary to an arrangement of the FMA pursuant to Section 289 (4) and (5), further insurance contracts are concluded, an administrative surrender shall be carried out and shall be punished by the FMA with a fine of up to EUR 100 000.

Other breaches of duty

§ 328. Who

1.

Contrary to Section 11 (2), without notice to the FMA, it covers a different kind of risk or, in the case of the reinsurance acquired, concludes a different kind of reinsurance contract with pre-insurers,

2.

Contrary to § 34, the use of non-authorized persons for the conclusion of insurance contracts in the domestic territory is used;

3.

Contrary to Section 107 (3), the written guidelines are not drawn up or not implemented,

4.

Contrary to Section 108 (1), does not set up any of the governance functions mentioned therein,

5.

decides, in breach of the requirements laid down in the Implementing Regulation (EU),

6.

is carried out without the approval of the FMA in accordance with § 109 para. 2 or § 86 para. 1 offals,

7.

, contrary to Section 14 (1) (6) or § 286 (2) of the dispositions on the assets of the security deposit without the consent of the FMA,

8.

A request for information from the FMA in accordance with Section 272 (1) does not comply with the deadline,

9.

contrary to Section 283 (2) of the provisions relating to assets without the consent of the FMA, even though the FMA has restricted or prohibited the free disposal of such assets pursuant to Section 283 (1), or

10.

in the form of an employee of an insurance undertaking, a small insurance undertaking or a third country insurance undertaking, or otherwise a person acting for one of the abovementioned undertakings, infringes the prohibition in accordance with Article 254 (1) (5),

is subject to an administrative surrender and is subject to a fine of up to EUR 100 000 in the case of Z 3, Z 4, Z 6, Z 7 and Z 9, in the case of Z 1, Z 2, Z 5, and Z 8 with a fine of up to EUR 60 000 and, in the case of Z 10, a fine. to punish up to 30 000 euros.

Unauthorised Business

§ 329. (1) Who

1.

the insurance business, without having the necessary authority under this federal law,

2.

, to conclude an insurance contract for a company or to give it to a company which does not have the necessary entitlement under this Federal Act to operate these insurance transactions, or else as a professional intermediary or adviser in the course of an insurance contract with such a company in whatever form, or

3.

the FMA is knowingly giving false information in order to obtain the concession for the operation of the contract insurance for a company,

shall be subject to an administrative surrender and shall be punished by the FMA with a fine of up to EUR 100 000.

(2) An operation of insurance transactions, which has been prohibited in accordance with Section 284 (1) (3), shall be held to an establishment without the necessary authorization pursuant to Section 1 (1) (1) and (2).

(3) The inclusion of insured persons in a group insurance contract by the policyholder shall be equivalent to the provision of insurance contracts as referred to in paragraph 1 (2) to the insurance undertaking by means of which the policyholder shall be responsible for the insurance policy. Group insurance contract has been concluded.

Violation of label protection

§ 330. Those who, without being entitled to it, are entitled "Insurance", "insurer", "Assekuranz" as well as any translation in another language or a name in which one of these words is contained, contrary to § 287, shall be carried out if this means: There is a likelihood of confusion, an administrative transgressing and a fine of up to EUR 60 000 to be punished by the FMA.

Statute of limitations

§ 331. In the case of administrative transgressions pursuant to this Federal Act, a limitation period of 18 months shall be applied instead of the limitation period of § 31 paragraph 1 VStG. The periods of judicial criminal proceedings are not to be included in this period of limitation and that pursuant to Section 31 (3) of the VStG (German Civil Code).

Insolvency

§ 332. Anyone who fails to display the advertisement prescribed in § 309 (1), first sentence, shall be liable by the court, unless the act is punishable by any other judicial provision with a stricter sentence, with a custodial sentence of up to one year or a fine. to punish up to 360 daily rates.

14. Main piece

Transitional and final provisions

Section 1

Transitional provisions

General transitional provisions

§ 333. (1) Following the entry into force of this Federal Act, the following transitional provisions shall apply:

1.

(to § 5 Definitions):

An insurance undertaking existing at the date of entry into force of this Federal Act shall be considered as a small insurance undertaking in accordance with § 5 Z 3 if the company requests it three months before the date of entry into force, as defined in Section 83 (2) of this Regulation. amounts in excess of the last three balance sheet dates before the date of entry into force have not been exceeded, the insurance undertaking concerned shall not carry out any activity under the 5. Section of the 1. The main part is subject to compliance with the requirements of § 83 (1) to (4) and the FMA (FMA) has established this with a communication. Section 83 (7) shall apply. As a result, the concession of the company shall be deemed to be a concession pursuant to Section 83 (1).

2.

(to § 5 Definitions):

A small insurance association on reciprocity, which exists at the time of entry into force of this Federal Act, is considered to be a small insurance association § 5 Z 4 if the company has the amounts set out in section 83 (2) of the last three Closing dates before entry into force have not been exceeded. For these purposes, the amounts determined on the basis of the annual accounts shall be deducted from the annual accounts by way of derogation from Section 83 (2). As a result, the concession of the company shall be deemed to be a concession pursuant to Section 68 (3).

3.

(to § 13 concession):

A concession pursuant to Section 4 (1) of the Insurance Supervision Act, BGBl, which exists at the time of the entry into force of this Federal Act. No. 569/1978 in the version of the Federal Law BGBl. I No 42/2014 of a third country insurance or third country reinsurance undertaking shall be considered as a concession pursuant to Article 13 (1).

4.

(to § 6 concession):

All other concessions made at the time of the entry into force of this Federal Act, in accordance with Section 4 (1) of the Insurance Supervision Act, BGBl. No. 569/1978 in the version of the Federal Law BGBl. I No 42/2014 on the operation of the contract or reinsurance is considered to be concessions in accordance with § 6 para. 1.

5.

(to § 7 Scope of the concession):

Existing insurance undertakings entitled to operate both life assurance and other classes of insurance on 2 May 1992 may continue to operate all of these insurance branches side by side.

6.

(to § 72 Capital investment of small insurance companies):

At the time of the entry into force of this Federal Act, capital investments held by a small insurance association which do not comply with § 72 may be kept further with the approval of the FMA. FMA has the right to refuse, limit or limit its approval if there is a risk to the interests of the policyholders and the beneficiaries.

7.

(to § 91 Content of the insurance contract):

To the extent that insurance contracts concluded before 1 September 1994 contain provisions whereby the insurer may amend the contents of the insurance contract with the approval of the insurance supervisory authority, the insurer may be responsible for: not called. This does not apply to insurance contracts to which § 172 or § 178f VersVG are to be applied. In the case of these contracts, the binding shall not apply to the approval of the Insurance Supervisory Authority. Section 91 (2) shall apply to insurance contracts in which the conclusion of a new contract has been concluded after 20 December 2012.

8.

(to § 109 outsourcing):

On the date of the entry into force of this Federal Act, existing authorisations pursuant to Section 17a (1) and Section 17b (3) of the Insurance Supervision Act, BGBl. No. 569/1978 in the version of the Federal Law BGBl. I n ° 42/2014 on the breakdown of contracts and existing authorisations, with the exception of the requirement of internal revision, shall be transferred to the extent that they comply with this Federal Act. From the date of entry into force of this Federal Act, insurance and reinsurance undertakings shall have all existing distribution agreements to the provisions now in force concerning the outsourcing of functions and business activities, in particular to the implementing Regulation (EU).

9.

(to § 141 assignment procedure):

On the date of the entry into force of this Federal Act, existing authorisations pursuant to Section 73e (1) of the Insurance Supervision Act, BGBl. No. 569/1978 in the version of the Federal Law BGBl. I n ° 42/2014 of allocation procedures shall be extinguisher with the entry into force of this Federal Law.

(2) Insofar as insurance contracts concluded before 1 September 1994 contain provisions whereby the insurer may amend the contents of the insurance contract with the approval of the insurance supervisory authority, the insurer may rely on it: no more than 1 September 1994. This does not apply to insurance contracts, to which § 172 or § 178f VersVG are to be applied. In the case of these contracts, the binding shall not apply to the approval of the Insurance Supervisory Authority.

(3) An early repayment of participation capital in accordance with Section 73c (1) of the Insurance Supervision Act, BGBl. No. 569/1978, as amended by the Federal Law of the Federal Republic of Germany (BGBl). I n ° 42/2014, is only possible with the approval of the FMA. A termination of additional capital without a fixed term by the insurance or reinsurance undertaking and an early repayment of supplementary capital without and with fixed term in each case pursuant to § 73c (2) of the Insurance supervision law, BGBl. No. 569/1978, as amended by the Federal Law of the Federal Republic of Germany (BGBl). I n ° 42/2014, is only possible with the approval of the FMA. The FMA may grant approval only if the Solvency Capital Requirement is also covered without the participation or supplementary capital, and not the risk of underwriting the Solvency Capital Requirement within the next three months. after authorisation. Holders of participation certificates in accordance with Section 73c (7) of the Insurance Supervision Act, BGBl. No. 569/1978 in the version of the Federal Law BGBl. I n ° 42/2014, have the right to participate in the Annual General Meeting or the Assembly of the Supreme Institution and to request information in the sense of Section 118 (1) of the German Stock Corporation Act (AktG).

(4) Authorisations for early repayment of supplementary capital pursuant to Section 73c (5) and (6) of the Insurance Supervision Code, BGBl. No. 569/1978, as amended by the Federal Law of the Federal Republic of Germany (BGBl). I n ° 42/2014 remain upright.

(5) For the participation capital required at the date of entry into force of this Federal Act, in accordance with Section 73c (1) of the Insurance Supervision Act, BGBl. No. 569/1978, as amended by the Federal Law of the Federal Republic of Germany (BGBl). In the balance sheet and the consolidated balance sheet, I N ° 42/2014 is to be included on the liabilities side of item A.III, and the share capital stock is to be shown there. In this case, items A.III to A.VI of Section 144 (3) as A. IV to A. VII and in the consolidated balance sheet of item A. VII of the balance sheet for the shares of the other shareholders are to be referred to as A. VIII in the balance sheet and the consolidated balance sheet. If the insurance undertaking or reinsurance undertaking holds its own participation certificates, item F. III of section 144 (2) with F. III own shares and own participation certificates must be designated and the shares shall be issued accordingly. The appendix and the group attachment have to contain the information required for own shares in the company's own shares pursuant to § 240 Z 3 UGB (German Commercial Code).

(6) Administrative procedures initiated at the time of the entry into force of this Federal Law are by the FMA in accordance with the provisions of the Insurance Supervision Act, BGBl. No. 569/1978, as amended by the Federal Law of the Federal Republic of Germany (BGBl). I No 42/2014.

(7) The criminality of violations of the provisions of the Insurance Supervision Act, BGBl. No. 569/1978, as amended by the Federal Law of the Federal Republic of Germany (BGBl). I No 42/2014, which is 1. Jänner 2016 has been committed in accordance with the law currently in force. If the prosecution has already been initiated at the time of the entry into force of this Federal Law, the proceedings shall be continued in accordance with the law of the previous year.

(8) The current rules should be applied further to the executive proceedings pending at the time of the entry into force of this Federal Law and opened bankruptes.

Gradual introduction of Solvency II

§ 334. (1) From 1 April 2015, the FMA may decide on the authorisation

1.

Additional own resources pursuant to section 171 (3),

2.

the classification of own resources in accordance with section 172 (1) and (2),

3.

of company-specific parameters in accordance with § 178 (4),

4.

of internal full-or partial models according to § 182 and § 183,

5.

of special purpose vehicles to be set up domestiy pursuant to § 105,

6.

supplementary own funds of an intermediary insurance holding company in accordance with section 208 (3),

7.

an internal model for the group according to § 212 and § 214,

8.

the use of the durations-based sub-module share risk according to § 180,

9.

the use of the matching adjustment for the relevant risk-free interest curve according to § 166,

10.

the application of the transitional measure in the case of risk-free interest rates in accordance with § 336 and

11.

the application of the transitional measure in the case of technical provisions in accordance with § 337

decision.

(2) From 1 April 2015, the FMA has the power to:

1.

define the level and scope of group supervision in accordance with § 196 to § 200;

2.

to establish the group supervisor in accordance with Section 226; and

3.

a college of supervisory authorities in accordance with Section 228.

(3) From 1 July 2015, the FMA has the power to:

1.

decide on the deduction of participation pursuant to section 208 (4),

2.

approve the method for calculating the solvency of the group in accordance with Section 204;

3.

to decide on equivalence, if appropriate in accordance with § 209 and § 237,

4.

decide on an application in accordance with Section 216,

5.

to make the stipulations in accordance with § 239 and § 240, and

6.

where appropriate, to decide that transitional measures pursuant to § 335 shall apply.

(4) The FMA has to examine the applications submitted by insurance and reinsurance undertakings pursuant to para. 2 and 3. A decision by the FMA on applications for approval or permission will not be taken before the 1. Jänner 2016 effective.

Transitional measures to facilitate the introduction of Solvency II

§ 335. (1) Insurance and reinsurance undertakings, which shall conclude new insurance or reinsurance contracts up to 1. January 2016 hiring and managing their portfolio exclusively with the aim of hiring their activities shall not be subject to the 1 in the dates specified in paragraph 2. to 5. The main piece and the 8. up to 11. Main item if:

1.

the company of the FMA proves that it is its activity before the 1. Jänner 2019 will be set or

2.

the undertaking undergoes reorganisation measures within the meaning of Title IV, Chapter II of Directive 2009 /138/EC, and a liquidator has been appointed.

(2) For insurance or reinsurance undertakings, which shall:

1.

Paragraph 1 (1) (1) shall apply from 1 January 2008 onwards. Jänner 2019, or from an earlier date, when the FMA determines that the progress made with regard to the cessation of the undertaking's activity is not sufficient, or

2.

Paragraph 1, point 2, shall apply from 1 January 2008 onwards. Jänner 2021, or from an earlier date, when the FMA determines that the progress made with regard to the cessation of the company's activities is not sufficient,

the provisions of this Federal Law.

(3) (3) (1) and (2) shall apply only under the following conditions:

1.

the company does not belong to a group, or it belongs to a group of which all companies cease the conclusion of new insurance or reinsurance contracts;

2.

the company shall submit an annual report to the FMA on the progress made in hiring its activities, and

3.

the company has informed the FMA on the application of the transitional measures.

Companies are not prevented from operating in accordance with this federal law by means of paragraphs 1 and 2.

(4) The FMA has to draw up a list of the insurance and reinsurance undertakings concerned and shall forward it to the other supervisory authorities of the Member States.

(5) For a period of four years from 1. Jänner 2016 will shorten the time limit in which insurance and reinsurance undertakings, at annual or lower intervals, will receive the information in the context of regular supervisory reporting in accordance with the Implementing Regulation (EU) and have to submit technical standards (EU), per financial year by two weeks, from a maximum of 20 weeks after the end of the business year of the company, which is on or after 30 June 2016, but before the 1. January 2017 shall end, up to a maximum of 14 weeks after the end of the business year of the company, which shall be on or after 30 June 2019, but before the 1. Jänner 2020.

(6) For a period of four years from 1. In January 2016, the time limit in which insurance and reinsurance undertakings must draw up and publish the solvency and financial situation report in accordance with the implementing Regulation shall be reduced by two weeks per financial year, namely: from a maximum of 20 weeks after the end of the business year of the company, which shall be on or after 30 June 2016, but before the 1. January 2017 shall end, up to a maximum of 14 weeks after the end of the business year of the company, which shall be on or after 30 June 2019, but before the 1. Jänner 2020.

(7) For a period of four years from 1. January 2016 shortens the deadline in which insurance and reinsurance companies provide quarterly information in the context of regular supervisory reporting in accordance with the Implementing Regulation (EU) and the technical standards (EU), per financial year by one week, up to a maximum of 8 weeks for quarters, on or after the first quarter. Jänner 2016, but ahead of the 1. January 2017 will end and to 5 weeks for quarters that will be on or after the 1. Jänner 2019, but before the 1. Jänner 2020.

(8) (5) to (7) shall apply by analogy to participating insurance or reinsurance undertakings, insurance holding companies and mixed financial holding companies, with the proviso at the level of the group that the referred to in paragraphs 5 to 7 above apply. Deadlines are extended by six weeks in each case.

(9) By 31 December 2026, basic own resources shall be included in the Tier 1 basic own resources, provided that these components are:

1.

depending on which is the earlier date, before the 1. January 2016 or before the entry into force of the delegated act under Article 97 of Directive 2009 /138/EC,

2.

31 December 2015 in accordance with the Insurance Supervision Act BGBl. No. 569/1978 in the version of the Federal Law BGBl. I n ° 42/2014 should be taken into account up to an amount equal to at least 50 vH of the own resources requirement; and

3.

otherwise they would not be classified in Tier 1 or Tier 2 in accordance with § 172.

(10) By 31 December 2026, basic own resources shall be included in the Tier 2 basic own resources, provided that these ingredients are:

1.

depending on which is the earlier date, before the 1. January 2016 or prior to the entry into force of the delegated act under Article 97 of Directive 2009 /138/EC, and

2.

31 December 2015 in accordance with the Insurance Supervision Act BGBl. No. 569/1978 in the version of the Federal Law BGBl. I No 42/2014 should be taken into account up to an amount equal to at least 25 vH of the own resources requirement.

(11) For insurance and reinsurance undertakings which have been bundled, securitised and pre-listed in negotiable securities or other financial instruments, In the case of loans issued in January 2011, the requirements set out in the Implementing Regulation (EU) shall apply only if the underlying exposures are re-added or replaced after 31 December 2014.

(12) Inrespect of Section 174, Section 175 (3) and Section 178 (1) to (4) shall apply:

1.

until 31 December 2017, in the calculation of the sub-modules for the concentration risk and the spread risk according to the standard formula for exposures to the central states or central banks of the Member States, which shall be based on the national currency of a Member States are and are refinanced in that currency, using the same standard parameters as those denominated in their own national currency and being refinanced in that currency;

2.

In 2018, the standard parameters used in the calculation of the sub-modules for the concentration risk and the spread risk according to the standard formula shall be used in relation to exposures to the central or central banks of the Member States, which shall: are denominated in the national currency of another Member State and are refinanced in that currency, reduced by 80 vH;

3.

In 2019, the standard parameters used in the calculation of the sub-modules for the concentration risk and the spread risk according to the standard formula shall be used against exposures to the central or central banks of the Member States, which shall: are denominated in the national currency of another Member State and are refinanced in that currency by 50 vH;

4.

from 1. By 2020, the standard parameters used in the calculation of the sub-modules for the concentration risk and the spread risk according to the standard formula will no longer be used against exposures to the central states or central banks of the Member States which are denominated in the national currency of another Member State and which are refinanced in that currency.

(13) The standard parameters, which are for shares that an insurance or reinsurance undertaking on or before the 1 are, are not respected by § 174, § 175 (3) and § 178 (1) to (4). In the calculation of the share risk sub-module according to the standard formula without the option to be used in accordance with § 180, January 2016 has been calculated as weighted averages, namely from:

1.

the standard parameter to be used in the calculation of the stock risk sub-module in accordance with § 180, and

2.

the default parameter to be used in the calculation of the stock risk sub-module according to the standard formula without the option of § 180.

The weight of the parameter referred to in Z 2 increases at least linearly at the end of each year of 0 vH during the period of 1. January 2016 beginning year at 100 vH on 1. Jänner 2023.

(14) notwithstanding the second sentence of § 279 (2) and without prejudice to § 279 (3), the insurance and reinsurance undertakings shall be the insurance and reinsurance undertakings which, although on 31 December 2015, shall have own funds in the BGBl insurance supervisory law pursuant to Section 73b of the Insurance Supervision Act. No. 569/1978 in the version of the Federal Law BGBl. I No 42/2014, but which do not meet the Solvency Capital Requirement in the first year of application of this Federal Law, are obliged by the FMA to take the measures necessary to apply the eligible own resources in the amount required to cover the Solvency Capital Requirement or to reduce the risk profile, so as to ensure the coverage of the Solvency Capital Requirement by 31 December 2017. The insurance undertaking or reinsurance undertaking concerned shall submit a progress report to the FMA every three months. In this case, the measures taken to apply the eligible own funds in the amount required to cover the Solvency Capital Requirement or to reduce the risk profile are those measures to cover the Solvency Capital Requirement , as well as the progress achieved in this respect. The FMA has to withdraw the extension with a communication if the progress report indicates that no indication of the non-coverage of the Solvency Capital Requirement and the transmission of the progress report is not available. significant progress in achieving an increase in eligible own resources, except for the amount required to cover the Solvency Capital Requirement, or to reduce the risk profile until the rediscovery of the Solvency capital requirement has taken place.

(15) FMA may authorise the supreme parent insurance undertaking or parent reinsurance undertaking during the period up to 31 March 2022 to apply an internal group model applicable to a part of a group, if the The company and the supreme parent company are located in the same Member State and the part in question forms an independent part whose risk profile is clearly different from the rest of the group.

(16) Inrespect of Section 202 (1) and (2) of the first sentence shall apply mutatily at Group level (9) to (12) and (§ 336) to § 338. If the participating insurance or reinsurance undertakings, or the insurance and reinsurance undertakings in a group, are responsible for the adjusted solvency in accordance with Article 86e of the Insurance Supervision Act, BGBl. No. 569/1978 in the version of the Federal Law BGBl. No 42/2014, but not the Solvency Capital Requirement for the Group, the transitional provisions according to paragraph 14 shall apply at the group level, notwithstanding the first sentence of § 202 (1), first sentence of first sentence and (3).

(17) By 31 December 2017, the FMA may order an insurance or reinsurance undertaking that the percentage limit values set out in Section 193 (3) shall be based exclusively on a Solvency Capital Requirement calculated with the Standard Formula. shall be applied.

(18) Insurance and reinsurance undertakings shall have to pay the share of a capital impact and the effect of company-specific parameters to be applied by the insurance or reinsurance undertaking in accordance with Article 181 (1) of this Regulation to the Amount of the Solvency Capital Requirement up to 31 December 2020, not separately published in the Solvency and Financial Situation Report according to § 241.

(19) By way of derogation from Section 280 (2) and (3) and Article 285 (1) (4), insurance and reinsurance undertakings which are the first sentence of the Insurance Supervision Act BGBl on 31 December 2015 § 73b (1) of the Insurance Supervision Act (BGBl) shall have the right to do so. No. 569/1978, as amended by the Federal Law of the Federal Republic of Germany (BGBl). I n ° 42/2014, but do not comply with sufficient eligible basic own resources to cover the minimum capital requirement, § 193 and § 194 at the latest from 31 December 2016. If the insurance or reinsurance undertaking concerned is subject to § 193 or § 194 within this period, the FMA has to withdraw the concession pursuant to § 285.

Transitional measure in the case of risk-free interest rates

§ 336. (1) Insurance and reinsurance undertakings may, with the approval of the FMA, make a temporary adjustment of the relevant risk-free interest rate curve, taking into account the permissible insurance and reinsurance obligations.

(2) The adjustment shall be calculated for each currency as a proportion of the difference between:

1.

the interest rate applied by the insurance or reinsurance undertaking in accordance with the Insurance Supervision Act BGBl. No. 569/1978, as amended by the Federal Law of the Federal Republic of Germany (BGBl). I No 42/2014 has been established and

2.

the effective annual rate calculated as a constant discount rate which, in the event of an application to the cash flows of the portfolio of eligible insurance or reinsurance obligations, results in a value that is the best Estimated value of the portfolio of eligible insurance or reinsurance obligations when the time value of the money is taken into account by using the relevant risk-free interest rate curve.

The share decreases linearly from 100 vH at the end of each year during the year from the 1. Jänner 2016 at 0 vH on 1. Jänner 2032. If insurance and reinsurance undertakings apply the volatility adjustment, the relevant risk-free interest rate curve after Z 2 shall be adjusted to the relevant risk-free interest rate curve according to § 167.

(3) Only insurance and reinsurance obligations, which meet the following requirements, shall be considered as eligible insurance and reinsurance obligations:

1.

The contracts resulting from the insurance and reinsurance obligations were set before 1 January 2008. Jänner 2016 completed, with the exception of contract renewals on or after this date,

2.

Technical provisions have been made for insurance and reinsurance obligations until 31 December 2015 in accordance with the Insurance Supervision Act BGBl. No. 569/1978, as amended by the Federal Law of the Federal Republic of Germany (BGBl). I No 42/2014 and

3.

§ 166 does not apply in the case of insurance and reinsurance obligations.

(4) Insofar as insurance and reinsurance undertakings (1) apply

1.

they may not apply Section 337 and

2.

, they shall disclose, in the context of their report on their solvency and their financial position, that they apply the temporary risk-free curve and have to quantify the consequences of the non-application of this transitional measure on their financial situation.

Transitional measure for technical provisions

§ 337. (1) Insurance and reinsurance undertakings may, with prior authorisation by the FMA, temporarily claim a deduction in the case of technical provisions. This deduction may only be applied at the level of homogeneous risk groups in accordance with § 159 (2).

(2) The temporary deduction shall be equal to a share of the difference between the following two amounts:

1.

the technical provisions referred to in the first paragraph. Section of the 8. Main item after deduction of the recoverable amounts from reinsurance contracts and special purpose vehicles on the 1. Jänner 2016 was calculated and

2.

the technical provisions, after deduction of the amounts recoverable from reinsurance contracts, which are provided in accordance with the Insurance Supervision Act BGBl. No. 569/1978, as amended by the Federal Law of the Federal Republic of Germany (BGBl). I No. 42/2014 was calculated on 31 December 2015.

At the end of each year, the maximum deductible share will decrease linearly from 100 vH during the year from 1. Jänner 2016 at 0 vH on 1. Jänner 2032. If an insurance or reinsurance undertaking is to adjust the volatility on the 1. January 2016, the amount referred to in Z 1 shall be calculated on the basis of the volatility adjustment applicable on that day.

(3) The amounts of the technical provisions referred to in paragraph 2 (2) (1) and (2) and, where applicable, the amount of the volatility adjustment used to calculate the temporary withdrawal as referred to in paragraph 2, may be subject to prior authorisation the FMA or at the request of the FMA every 24 months, or more frequently, if the risk profile of the company is substantially altered.

(4) The deduction referred to in paragraph 2 may be limited by the FMA if its application could lead to a reduction in the financial requirements applicable to the enterprise as compared to the requirements laid down in the Insurance Supervision Act (Insurance Supervision Act) BGBl. No. 569/1978, as amended by the Federal Law of the Federal Republic of Germany (BGBl). I No 42/2014.

(5) Insofar as insurance and reinsurance undertakings apply paragraph 1

1.

they may not apply Section 336,

2.

if they are able to fulfil the Solvency Capital Requirement only when the temporary withdrawal is applied, they shall submit a report to the FMA each year setting out the measures to be taken to increase the amount of eligible own resources, except for the purpose of covering the the amount of the solvency capital requirement, or the reduction of its risk profile, until the solvency capital requirement has been recovered and the progress achieved in this respect; and

3.

, in the context of their report on their solvency and their financial position, they shall disclose that they apply the temporary deduction to technical provisions and shall have the consequences of non-application of that temporary deduction for their financial situation.

Plan on the progressive introduction of transitional measures for risk-free interest and technical provisions

§ 338. (1) Insurance and reinsurance undertakings which apply the transitional measures in accordance with § 336 or § 337 shall notify the FMA if they find that the Solvency Capital Requirement is not forthcoming without these transitional measures. would be more covered. The FMA shall order the insurance or reinsurance undertaking to take measures necessary to recover the Solvency Capital Requirement at the end of the transitional period.

Within two months of the determination of the non-coverage of the Solvency Capital Requirement in the event of non-application of these transitional measures, the insurance or reinsurance undertaking of the FMA shall submit a plan in which the the progressive introduction of the measures to be taken with a view to the application of the eligible own funds in the amount required to cover the solvency capital requirement or to reduce their risk profile up to the rediscovery of the of the Solvency Capital Requirement at the end of the transitional period. The insurance or reinsurance undertaking may update this plan during the transitional period.

(3) The insurance and reinsurance undertaking shall submit an annual report to the FMA setting out the measures to recover the Solvency Capital Requirement at the end of the transitional period and the progress achieved in this respect. are shown. If it becomes clear from the progress report that recovering the Solvency Capital Requirement at the end of the transitional period is unrealistic, the FMA has to withdraw the authorisation to apply the transitional measure.

Section 2

Final provisions

entry into force

§ 339. (1) This federal law, with the exception of the provisions referred to in paragraph 2 above, occurs on the 1. Jänner 2016 in force.

(2) § 334 (1), (2) and (4) shall enter into force on 1 April 2015 and section 334 (3) on 1 July 2015.

(3) The FMA may adopt regulations on the basis of the authorisations in this Federal Law from the date of its customer's presentation. These Regulations may be put into effect at the earliest with the entry into force of the corresponding appropriations.

Entry into force of changes due to government templates of the Federal Minister for Finance

§ 340. Entry into force for amendments to this Federal Act on the basis of government templates of the Federal Minister of Finance are to be added as paragraphs of this paragraph.

Entry into force of other amendments

§ 341. Provisions for entry into force for all amendments to this Federal Act, not covered by Section 340, shall be added as paragraphs to this paragraph.

References

§ 342. (1) Insofar as the following laws are referred to in this Federal Act, these laws, if not different, shall be applied in their respectively applicable version:

1.

Jurisdictional norm (JN), RGBl. No 111/1895;

2.

Corporate Code (UGB), dRGBl. S 219/1897;

3.

GmbH-Gesetz (GmbHG), RGBl. No 58/1906;

4.

Insolvency order (IO), RGBl. No 337/1914;

4.

Genossenschaftsinsolvency Law (GenIG), RGBl. No 105/1918;

5.

Federal Constitutional Law (WV) (B-VG), BGBl. No 1/1930;

6.

Official Liability Act (AHG), BGBl. No 20/1949;

7.

General Social Security Act (ASVG), BGBl. No 189/1955;

8.

Financial Criminal Law (FinStrG), BGBl. No 129/1958;

9.

Insurance Contract Law (VersVG), BGBl. No 2/1959;

10.

Stock Law (AktG), BGBl. No 98/1965;

11.

Capital adjustment law, BGBl. No 171/1967;

12.

Referrals, BGBl. No 273/1972;

13.

Labour Constitutional Law (ArbVG), BGBl. N ° 22/1974;

14.

Criminal Code (StGB), BGBl. No 60/1974;

15.

Criminal Procedure Code 1975 (StPO), BGBl. No 631/1975;

16.

Capital Insurance Promotion, BGBl. No 163/1982;

17.

Income Tax Act 1988 (EStG 1988), BGBl. No 400/1988;

18.

Stock exchange law 1989 (BörseG), BGBl. 555/1989;

19.

Pensionskassengesetz (PKG), BGBl. No 281/1990;

20.

Corporate Law (BPG), Federal Law Gazette (BGBl). No 282/1990;

21.

Company Book Law (FBG), BGBl. No 10/1991;

22.

General Administrative Procedure Act 1991 (AVG), BGBl. No 51/1991;

23.

Administrative Criminal Law 1991 (VStG), BGBl. No 52/1991;

24.

Administrative Enforcement Act 1991 (VVG), BGBl. No 53/1991;

25.

Capital Market Act (KMG), BGBl. No 625/1991;

26.

Labour Contract Law Adaptation Act (AVRAG), BGBl. No 459/1993;

27.

Banking Law (BWG), BGBl. 532/1993;

28.

Private Foundation Law (PSG), BGBl. No 694/1993;

29.

Industrial Order 1994 (GewO 1994), BGBl. No 194/1994;

30.

Motor Vehicle Civil Liability Insurance Act 1994 (KHVG 1994), BGBl. No. 651/1994;

31.

1. Euro-Justice escort G (1.Euro-JubeG), BGBl. I No 125/1998;

32.

Economic Scattered Trade Act Law (WTBG), BGBl. I No 58/1999;

33.

Data Protection Act 2000 (DSG 2000), BGBl. I No 165/1999;

34.

Signature Act (SigG), BGBl. I No 190/1999;

35.

Financial Market Supervisory Authority Act (FMABG), BGBl. I No 97/2001;

36.

Federal Criminal Police Act (BKA-G), BGBl. I No 22/2002;

37.

Telecommunications Act 2003 (TKG 2003), BGBl. I No 70/2003;

38.

Far-off Financial Services Act (FernFinG), BGBl. I No 62/2004;

39.

European Company Statute (Societas Europaea-SE)-SE Law (SEG), BGBl. I No 67/2004;

40.

Financial Conglomerate Act (FKG), BGBl. I No 70/2004;

41.

Transport Opfer Compensation Act (VOEG), BGBl. I No 37/2007;

42.

Securities Supervision Act 2007 (WAG 2007), BGBl. I No 60/2007;

43.

Payment Services Act (ZaDiG), BGBl. I No 66/2009;

44.

Investment Fund Act 2011 (InvFG 2011), BGBl. I No 77/2011.

(2) Where reference is made in this Federal Act to European Union directives, these are, if not arranged, to be applied in the following version:

1.

Directive 2001 /17/EC on the reorganisation and winding-up of insurance undertakings, OJ L 197, 21.7.2001 No. OJ L 110, 20.04.2001 p. 28;

2.

Directive 2002/87/EC on the supplementary supervision of credit institutions, insurance undertakings and investment firms in a financial conglomerate, and amending Directives 73 /239/EEC, 79 /267/EEC, 92 /49/EEC, 92 /96/EEC, 93 /6/EEC and 93 /22/EEC and Directives 98 /78/EC and 2000 /12/EC, OJ L 206, 22.7.1998, p. No. OJ L 35 of 11.02.2003 p. 1, as last amended by Directive 2013 /36/EU, OJ L 327, 28.12.2013, p. No. OJ L 176, 27.06.2013 p. 338;

3.

Directive 2004 /39/EC on markets in financial instruments, amending Directives 85 /611/EEC and 93 /6/EEC and Directive 2000 /12/EC and repealing Directive 93 /22/EEC, OJ L 175, 5.7.2004, p. No. OJ L 145 of 30.04.2004 p. 1, as last amended by Directive 2010 /78/EU, OJ L 145, 31.5.2010, p. No. OJ L 331, 15.12.2010, p.120;

4.

Directive 2005 /60/EC on the prevention of the use of the financial system for the purpose of money laundering and terrorist financing (OJ L 309, 25.11.2005, p No. OJ L 309, 25.11.2005 p. 15), as last amended by Directive 2010 /78/EU, OJ L 309, 25.11.2010, p. No. OJ L 331, 15.12.2010, p.120;

5.

Directive 2009 /65/EC on the coordination of laws, regulations and administrative provisions relating to undertakings for collective investment in transferable securities (UCITS), OJ L 206, 22.7.2009, p. No. OJ L 302, 17.11.2009 p. 32, as last amended by Directive 2011 /89/EU, OJ L 327, 28.11.2011, p. No. OJ L 326, 08.12.2011 p. 113;

6.

Directive 2009 /103/EC relating to insurance against civil liability in respect of the use of motor vehicles and the monitoring of the corresponding insurance obligation, OJ L 327, 28.10.2009 No. OJ L 263, 7.10. 2009 p. 11;

7.

Directive 2009 /138/EC on the taking up and pursuit of the business of insurance and reinsurance (Solvency II), OJ L 376, 27.12.2009, p. No. OJ L 335, 17.12.2009 p. 1, as last amended by Directive 2014 /51/EU OJ L 327, 22.12.2014, p No 153 of 22.05.2014 S 1;

8.

Directive 2013 /34/EU on the annual accounts, consolidated accounts and related reports of companies of certain legal forms and amending Directive 2006 /43/EC of the European Parliament and of the Council and repealing the Council Directives 78 /660/EEC and 83 /349/EEC, OJ L 136, 31.3.1978, p. No 182 of 29.06.2013 S 19.

9.

Directive 2013 /36/EU on access to the activities of credit institutions and the supervision of credit institutions and investment firms, amending Directive 2002 /87/EC and repealing Directives 2006 /48/EC and 2006 /49/EC, OJ L 73, 14.3.2006, p. No. OJ L 176 of 27.06.2013 p. 338, as last amended by Directive 2014 /17 /ЕU, OJ L 176, 15.7.2014, p. No. OJ L 60, 28.02.2014 p. 34.

(3) Where reference is made in this Federal Act to regulations of the European Union, these, if not otherwise, shall be governed by the text referred to in the following text:

1.

Regulation (EC) No 2157/2001 on the Statute for a European Company (SE), OJ L 327, 28.12.2001, p. No. 1), as last amended by Regulation (EU) No 517/2013, OJ L 294, 10.11.2013, p. No. OJ L 158, 10.06.2013 p. 1;

2.

Regulation (EC) No 1060/2009 on credit rating agencies No. OJ L 302, 17.11.2009 p. 1, as last amended by Directive 2014 /51/EU, OJ L 302, 15.11.2009, p. No. OJ L 153, 22.05.2014 p. 1;

3.

Regulation (EU) No 1092/2010 on the financial supervision of the European Union at the macro level and establishing a European Systemic Risk Board OJ L 327, 22.12.2010, p. OJ No 331 of 15.12.2010, p. 1;

4.

Regulation (EU) No 1093/2010 establishing a European Supervisory Authority (European Banking Authority), amending Decision No 716 /2009/EC and repealing Commission Decision 2009 /78/EC, OJ L 136, 31.7.2009, p. No. 12), as last amended by Directive 2014 /17 /ЕU, OJ L 331, 15.12.2014, p. No. OJ L 60, 28.02.2014 p. 34;

5.

Regulation (EU) No 1094/2010 establishing a European Supervisory Authority (European Insurance and Occupational Pensions Authority), amending Decision No 716 /2009/EC and repealing Regulation (EC) No 103/2010 Commission Decision No 2009 /79/EC, OJ L 327, 31.12.2009, p No. 48, as last amended by Directive 2014 /51/EU, OJ L 331, 15.12.2014, p. No. OJ L 153, 22.05.2014 p. 1;

6.

Regulation (EU) No 1095/2010 establishing a European Supervisory Authority (European Securities and Markets Authority), amending Decision No 716 /2009/EC and repealing Commission Decision 2009 /77/EC, OJ L 136, 31.5.2009, p. No. 84, as last amended by Directive 2014 /51/EU, OJ L 331, 15.12.2014, p. No. OJ L 153, 22.05.2014 p. 1;

7.

Regulation (EU) No 648/2012 on OTC derivatives, central counterparties and trade repositories, OJ L 206, 22.7.2012, p. No. OJ L 201 of 27.07.2012 p. 1, as last amended by the delegated Regulation (EU) No 1002/2013, OJ L 201, 31.7.2013, p. No. OJ L 279, 19.10.2013 p. 2.

Linguistic equality

§ 343. Insofar as personal names are only mentioned in male form in this federal law, they refer to women and men in the same way. The gender-specific form is to be used in the application to certain persons.

Adjustment of the amounts indicated in euro

§ 344. The amounts in § 5 Z 34, § 83 (2), § 88 (1) and § 193 (2) increase to the same extent and in accordance with the same principles as are provided for in Article 300 of Directive 2009 /138/EC for the euro amounts specified in this Directive. In the course of the year in which the amounts resulting from this increase were published by the European Commission in the Official Journal of the European Union, the Federal Minister of Finance has the amounts resulting from this increase. in the Federal Law Gazans. These amounts shall be from 1. Jänner of the following year shall apply.

Override

§ 345. (1) With the entry into force of this Federal Act, the Insurance Supervision Act, BGBl. No. 569/1978 in the version of the Federal Law BGBl. I No 42/2014 and all regulations issued on the basis of this Federal Act with 31 December 2015, except for force.

(2) Where reference is made in other federal legislation to provisions repealed by this Federal Act, the relevant provisions of this Federal Act shall be replaced by the relevant provisions of this Federal Act.

(3) Section 258 (2) shall take the form of 1. Jänner 2021 out of force.

Enforcement clause

§ 346. With the enforcement of this federal law is entrusted

1.

with regard to § 8 (6), § 17 (1) second sentence, para. 2 and 4, § 27 (1) second to fourth sentence and 3 first and third to sixth sentence, § 28, § 31, § 36, § 37 para. 1, § 38, § 40 para. 1, 3 and 4, § 42, § 43, § 48 to § 57 para. 1, 2, 4 and 5, Section 58 (1), (2) and (4) to (6), § 59 (1), (60), § 61 (1) to (3) and (5) to (13), Section 62 (1) to (3), (4) first and second sentence and (5), § 63 (1) and (2), (3), first sentence, para. 4, first to third sentences, § 64, § 65 (1), (1), (2) and (4), § 66 Paragraph 1, para. 3, Z 1, 2, 5, 6, 8 and 9, subsection 4 Z 1 to 5, para. 5 to 7, § 67, § 69 para. 4, § 75, § 76 para. 1 first sentence, para. 3, 4, 8, and 9, § 77, § 78, § 80, § 81, § 105 para. 2, § 122 para. 1 last sentence, § 123 (5), § 133 (8), § 225 (3) to (5), § 246 (6), Section 283 (2), first sentence and (3), § 295 (4), second sentence and third sentence, § 302 (4), § 303, § 305 (2), second sentence, § 306 (2) to (5), § 307 bis § 315, § 316 (4) and 6, § 323 and § 332 of the Federal Minister of Justice;

2.

as regards § 63 (5) and (6), § 65 (1) (2) and § 66 (3) (3) (3), (4) and (7) of the Federal Minister of Finance, in agreement with the Federal Minister for Justice;

3.

as regards Section 133 (1) to (4), last sentence and (9) of the Federal Minister for the Interior;

4.

as regards Section 135 of the Federal Minister of Finance, in agreement with the Federal Minister for the Interior and

5.

in respect of the other provisions of the Federal Minister of Finance.

Assets

Annex A

Zu (§ 7 (4)):

Classification of insurance branches

1.

Accident

a)

one-time benefits

b)

recurrent benefits

c)

combined services

d)

Passenger transport

2.

Disease

a)

Tag Money

b)

Disease cost

c)

combined services

3.

Land vehicle casko (without rail vehicles)

All damage to:

a)

Agricultural vehicles

b)

Land vehicles without their own drive

4.

Rail Vehicle Kasko

All damage to rail vehicles

5.

Aircraft Kasko

All damage to aircraft

6.

Lake, inland waterway and river ship-Kasko

All damage to:

a)

River vessels

b)

Inland waterway vessels

c)

Seagoing

7.

Transport goods

All damage to transported goods, irrespective of the means of transport used in each case

8.

Fire and Elementary Damage

All property damage (as far as they do not fall under Z 3 to 7), caused by

a)

Fire

b)

Explosion

c)

Storm

d)

other elemental damage other than storm

e)

Nuclear energy

f)

Land cuts and landslide

9.

Other property damage

All property damage (as far as they are not covered by Z 3 to 7) caused by hail or frost, as well as by causes of all kinds (such as theft), insofar as these causes are not covered by Z 8

10.

Liability for land vehicles with their own drive

Liability of all kinds (including that of the carrier) resulting from the use of land vehicles with their own propulsion

11.

Aircraft Liability

Liability of all kinds (including that of the carrier) resulting from the use of aircraft

12.

Lake, inland waterway and river shipping-liability

All types of liability (including that of the carrier) resulting from the use of river vessels, inland waterway vessels and sea-going vessels

13.

General liability

All other liability cases not falling under Z 10 to 12

14.

Credit

a)

general insolvency

b)

Export Credit

c)

Repayment transactions

d)

Mortgage loans

e)

Agricultural loans

15.

Deposit

a)

direct deposit

b)

indirect deposit

16.

Various financial losses

a)

Occupational risks

b)

insufficient income (general)

c)

Bad weather

d)

Loss of profit

e)

Running costs of a general nature

f)

unforeseen business costs

g)

Value losses

h)

Loss of rental or income

i)

indirect commercial losses other than those already mentioned

k)

non-commercial money losses

l)

other financial losses

17.

Legal protection

18.

Assistance

in favour of persons who are in difficulty in travelling or in the absence of their place of residence or habitual residence

19.

Life (as far as not covered by Z 20 to 22)

20.

Marriage and birth insurance

21.

Fund-linked and index-linked life insurance

22.

Tontin stores

23.

Reinsurance

a)

Non-life reinsurance

b)

Life reinsurance

Appendix B

Too (§ 88):

Own resources requirement

A) Non-life insurance

All classes of insurance other than life assurance pursuant to Z 19 to 22 of Annex A

Own resources must be equal to the higher of the two following indices, but at least to the own-resources requirement of the financial year preceding the preceding financial year multiplied by the ratio of the amount of the technical Provisions for insurance cases not yet unfolded minus the share of reinsurers at the end of the last financial year and the amount of the technical provisions for insurance cases not yet uncovered less the share of reinsurers at the beginning of the last financial year in any case, this quotient shall be limited to a maximum of 100 vH.

a)

Premium index:

The higher amount of the calculated and defined premiums of the direct and indirect accounts for the last financial year shall be used. A rate of 40 vH is applied to the amount determined in this way. The premium index shall be obtained by multiplying this amount by the quotient of the ratio of the expenses for insurance cases minus the share of reinsurers to the expenses for the last three financial years for the preceding three financial years. Insurance cases without deduction of the share of reinsurers; in any case, this ratio shall be at least 50 vH.

b)

Damage index:

The average expenditure on insurance cases in the direct and indirect accounts of the last three financial years is to be determined. A rate of 50% shall be applied to the amount determined in this way. The loss index shall be obtained by multiplying this amount by the quotient of the ratio of the expenses for insurance cases minus the share of the reinsurers to the expenses for the last three financial years for the preceding three financial years. Insurance cases without deduction of the share of reinsurers; in any case, this ratio shall be at least 50 vH.

B) Life insurance

In life assurance pursuant to Z 19 to 22 of Annex A, the own funds must be equal to the sum of the following two results:

a)

The amount corresponding to 10% of the cover and the premium confirmations without deduction of the share of reinsurers shall be multiplied by the ratio of the financial year in which the financial year has expired and the amount of the repayment of the premium. Premium surgings less the relative share of reinsurers in relation to the repayment of cover and premium surgings without deduction of the share of reinsurers. In any case, this quotient should be at least 85 vH.

b)

In the case of contracts where the risk capital is not negative, the amount corresponding to 2 vH of the acquired risk capital shall be multiplied by the ratio of the risk capital for the past financial year minus the risk capital. the share of reinsurers in relation to the risk capital without deduction of the share of reinsurers. In any case, this quotient shall be at least 50 vH.

Article 3

Amendment of the statutory audit-quality assurance law

The Audit Quality Assurance Act-A-QSG, BGBl. I n ° 84/2005, as last amended by the Federal Law BGBl. I No 129/2013, shall be amended as follows:

1. In § 4 paragraph 2 Z 3 the reference " according to § 62 Insurance Supervision Act, BGBl. No 569/1978, " by reference " according to § 68 of the Insurance Supervision Act 2016, BGBl. I Nr.34/2015 " replaced.

2. In accordance with § 31 (6), the following paragraph 7 is added:

" (7) § 4 para. 2 Z 3 in the version of the Federal Law BGBl. I n ° 34/2015 is 1. Jänner 2016 in force. "

Article 4

Amendment of the Banking Act

The Banking Act-BWG, BGBl. No. 532/1993, as last amended by the Federal Law BGBl. I No 18/2015, shall be amended as follows:

1. § 30d (2) reads:

" (2) Insufficiently a mixed financial holding company, in particular with regard to risk-based supervision, equivalent provisions of this Federal Act or of Regulation (EU) No 575/2013 and the Insurance Supervision Act 2016 (VAG 2016), BGBl I No. 34/2015, the FMA may, in agreement with the group supervisor for the insurance industry, decide to act as a consolidating supervisor that only the provisions of the 2016 VAG or this Federal Law or Regulation (EU) No 575/2013 at the level of these financial holding company, depending on which financial sector is represented in accordance with § 2 Z 7 FKG with the higher average share. "

2. In accordance with § 107 (85), the following paragraph 86 is added:

" (86) § 30d (2) in the version of the Federal Law BGBl. I n ° 34/2015 is 1. Jänner 2016 in force. "

Article 5

Change of company employee and self-employment law

The company employee and self-employment pension law-BMSVG, BGBl. No 100/2002, as last amended by the Federal Law of the Federal Republic of Germany (BGBl). I No 42/2014, shall be amended as follows:

1. In § 17 para. 1 Z 4 lit. a will be the parenthesis " (§ 18f of the Insurance Supervision Act, BGBl. No 569/1978) by the parenthesis expression " (§ 93 of the Insurance Supervisory Act 2016-VAG 2016, BGBl. I No 34/2015) " replaced.

2. In accordance with Section 73 (24), the following paragraph 25 is added:

" (25) § 17 para. 1 Z 4 lit. a in the version of the Federal Law BGBl. I n ° 34/2015 is 1. Jänner 2016 in force. "

Article 6

Amendment of the Law on the Law of the State

The Law on Operations-BPG, BGBl. No 282/1990, as last amended by the Federal Law BGBl. I n ° 138/2013, shall be amended as follows:

1. In § 2 Z 1, the parenthesis shall be " (§ 18f of the Insurance Supervisory Act-VAG, BGBl. No 569/1978) by the parenthesis expression " (§ 93 of the Insurance Supervisory Act 2016-VAG 2016, BGBl. I No 34/2015) " replaced.

2. In § 5 (5) and § 5a (1) (1) the reference to "§ 18k VAG" by reference to "§ 98 VAG 2016" replaced.

3. In § 6a (1), the reference to "§ 18f VAG" by reference to "§ 93 VAG 2016" replaced.

4. In § 6a (1) (1) (1), the reference to "§ 18j VAG" by reference to "§ 97 VAG 2016" replaced.

5. In § 6a (1) Z 3, the reference to "§ 18f VAG" by reference to "§ 93 VAG 2016" replaced.

6. In Section 6c (5) and Section 6e (1), the reference to "§ 18k VAG" by reference to "§ 98 VAG 2016" replaced.

7. By Art. The following Z 14 is added to VI (1) Z 13:

" 14.

§ 2 Z 1, § 5 (5), Section 5a (1), § 6a (1), § 6c (5) and § 6e paragraph 1 in the version of the Federal Law BGBl. I n ° 34/2015 will be 1. Jänner 2016 in force. "

Article 7

Amendment of the 1955 Evaluation Act

The valuation law in 1955, BGBl. No 148/1955, as last amended by the Federal Law BGBl. I No 63/2013, shall be amended as follows:

1. In Section 13 (2), the word order shall be " or the Insurance Supervision Act, BGBl. No 569/1978, " through the phrase " or the Insurance Supervision Act 2016 (VAG 2016), BGBl. I No 34/2015, " replaced.

2. In § 63 (1) and § 68 (3), the word sequences shall be "or the Insurance Supervision Act" or " or the Insurance Supervision Act, BGBl. No. 569/1978 " in each case by the word sequence "or the VAG 2016" replaced.

3. In accordance with Article 86 (14), the following paragraph 15 is added:

" (15) § 13 para. 2, § 63 Z 1 and § 68 para. 3 in the version of the Federal Law BGBl. I n ° 34/2015 will be 1. Jänner 2016 in force. "

Article 8

Amendment of the 1989 Stock Exchange Act

The Stock Exchange Act 1989-BörseG, BGBl. N ° 555/1989, as last amended by the Federal Law BGBl. I n ° 59/2014, shall be amended as follows:

1. In § 48s, the reference " Insurance companies in the sense of the VAG, BGBl. No 569/1978, " by reference " Insurance and reinsurance undertakings within the meaning of Section 1 (1) (1) (1) of the Insurance Supervision Act 2016 (VAG 2016), BGBl. I No 34/2015, " replaced.

2. In Section 83 (5), the phrase "and § 73c para. 1 VAG" through the phrase " and § 73c (1) of the Insurance Supervision Act, BGBl. No. 569/1978, as amended by the Federal Law of the Federal Republic of Germany (BGBl). I No 42/2014, " replaced.

3. In § 87 (3) the reference to "§ § 275 (2) UGB, 62a BWG and 82 Abs. 8 VAG" by reference to "§ 275 para. 2 UGB, § 62a BWG and § 266 VAG 2016" replaced.

4. In accordance with § 102 (39), the following paragraph 40 is added:

" (40) § 48s, § 83 (5) and § 87 (3) in the version of the Federal Law BGBl. I n ° 34/2015 will be 1. Jänner 2016 in force. "

Article 9

Amendment of the e-commerce law

The E-commerce Law-ECG, BGBl. I n ° 152/2001, shall be amended as follows:

1. § 21 Z 4 reads:

" 4.

the provisions of Title I, Chapter VIII, and Articles 179 and 181 (2) of Directive 2009 /138/EC on the taking-up and pursuit of the business of insurance and reinsurance (Solvency II) (recast), OJ L 376, 27.12.2009, p. No. OJ L 335, 17.12.2009 p. 1, as last amended by Directive 2014 /51/EU, OJ L 197, 21.7.2014, p. No. 1, as well as Article 7 of Regulation (EC) No 593/2008 on the law applicable to contractual obligations (Rome I), OJ L 153, 22.6.2008, p. OJ L 177 of 04.07.2008, p. 6, corrected by OJ L 327, 28.12.2008, No. 87. on the freedom of establishment and the freedom to provide services of insurance undertakings in the European Economic Area, on the obligations of insurance undertakings on presentation the conditions for compulsory insurance to be covered by the competent supervisory authority and the applicable law in respect of non-life and life insurance contracts covering risks situated in a Member State; "

2. The previous text of § 28 receives the sales designation "(1)" ; the following paragraph 2 is added:

" (2) § 21 Z 4 in the version of the Federal Law BGBl. I n ° 34/2015 is 1. Jänner 2016 in force. "

Article 10

Amendment of the Income Tax Act 1988

The Income Tax Act 1988-EStG 1988, BGBl. N ° 400/1988, as last amended by the Federal Law BGBl. I n ° 40/2014, shall be amended as follows:

1. In § 4 paragraph 4 Z 2 lit. a becomes the reference to "§ 18f of the Insurance Supervision Act" by reference to " § 93 of the Insurance Supervision Act 2016 (VAG 2016), BGBl. I No 34/2015, " replaced.

2. § 14 (7) Z 1 reads:

" 1.

At the end of each marketing year, securities (Z 4) shall be present in the nominal amount of at least 50% of the amount of the reserve in the assets shown in the balance sheet at the end of the previous marketing year. The cover requirement may be subject to claims arising from reinsuration insurance, which may be found in the separate division of the cover stock for life insurance within the meaning of § 300 (1) (1) (1) or for the capital investment-oriented life insurance in the sense of § 300 (1) Z 5 of the VAG 2016 shall be credited in the amount of the actuarial cover capital. This also applies to comparable claims arising from insurance cover insurance against insurers established in a Member State of the European Union or State of the European Economic Area. If the repurchase value is higher than the actuarial cover capital, the repurchase value can be credited. Where securities or claims arising from reinsurance insurance are not exclusively used for the collateralization of pension rights or pension rights, they do not meet the cover requirement. "

3. In § 18 sec. 1 Z 2, § 25 Abs. 1 Z 2 lit. a, § 26 Z 7 lit. a, § 47 paragraph 4, § 108a para. 1 and 5 and § 124, the reference to "§ 18f of the Insurance Supervision Act" by a reference to "§ 93 of the VAG 2016" replaced.

4. In § 27 para. 2 Z 2 the phrase "or the Insurance Supervision Act" through the phrase "or the VAG 2016" replaced.

5. In § 108h (3), the reference to " § 18b of the Insurance Supervision Act, BGBl. No 569/1978, as amended. ' by reference to "§ 253 of the VAG 2016, in the respectively applicable version." replaced.

6. In § 124 Z 2, the reference to "§ 18i of the Insurance Supervision Act" by a reference to "§ 96 of the VAG 2016" replaced.

7. According to § 124b Z 268, the following Z 269 is added:

" 269.

§ 4 paragraph 4 Z 2 lit. a, § 14 para. 7 Z 1, § 18 paragraph 1 Z 2, § 25 paragraph 1 Z 2 lit. a, § 26 Z 7 lit. a, § 27 paragraph 2 Z 2, § 47 para. 4, § 108a para. 1 and 5, § 108h para. 3 and § 124 in the version of the Federal Law BGBl. I n ° 34/2015 will be 1. Jänner 2016 in force. "

Article 11

Amendment of the Fern-Financial Services Act

The Far-Financial Services Act-FernFinG, BGBl. I n ° 62/2004, as last amended by the Federal Law BGBl. I n ° 66/2009, shall be amended as follows:

1. In Section 8 (2), the reference to the " Directive 2002 /83/EC on life assurance, OJ L 327, 30.4.2002, p. No. OJ L 345 of 19 December 2002 p. 1, " by reference to the " Directive 2009 /138/EC on the taking-up and pursuit of the business of insurance and reinsurance (Solvency II) (recast), OJ L 376, 27.12.2009, p. No. OJ L 335, 17.12.2009 p. 1, as last amended by Directive 2014 /51/EU, OJ L 197, 21.7.2014, p. No. L 153 of 22.05.2014 p. 1, " replaced.

2. In accordance with Section 13 (2), the following paragraph 3 is added:

" (3) § 8 para. 2 in the version of the Federal Law BGBl. I n ° 34/2015 is 1. Jänner 2016 in force. "

Article 12

Amendment of the Financial Conglomerate Act

The Financial Conglomerates Act-FKG, BGBl. I n ° 70/2004, as last amended by the Federal Law BGBl. I n ° 59/2014, shall be amended as follows:

1. In § 6 (6) Z 1 the reference to "§ 4 para. 6 Z 6 VAG" by reference to " § 8 para. 2 Z 9 of the Insurance Supervision Act 2016, BGBl. I No 34/2015, " replaced.

2. In accordance with § 18 (8), the following paragraph 9 is added:

" (9) § 6 paragraph 6 Z 1 in the version of the Federal Law BGBl. I n ° 34/2015 is 1. Jänner 2016 in force. "

Article 13

Amendment of the Financial Market Supervisory Authority Act

The Financial Market Supervisory Authority Act-FMABG, BGBl I No. 97/2001, as last amended by the Federal Act BGBl. I n ° 98/2014, shall be amended as follows:

1. In Section 2 (2), the reference to the " Insurance Supervision Act-VAG, BGBl. No 569/1978, " by reference to the " Insurance Supervision Act 2016 (VAG 2016), BGBl. I No 34/2015, " replaced.

2. In § 18 (1), the reference "pursuant to § 129l VAG" by reference "pursuant to § 182 (5) VAG 2016" replaced.

3. In § 19 (1), the reference "pursuant to § 129l VAG" by reference "pursuant to § 182 (7) VAG 2016" replaced.

4. In § 19 (4), the reference to the "VAG" by reference to the "VAG 2016" replaced.

5. In § 19 (5) the reference "pursuant to § 129l VAG" by reference "pursuant to § 182 (7) VAG 2016" replaced.

6. In Section 19 (5b) the references shall be made to: "§ 129l (1) VAG" and "§ 129l (3) VAG" through the references to "§ 182 (5) VAG 2016" and "§ 182 (7) VAG 2016" replaced.

7. § 22a Z 1 lit. g to i is:

" (g)

Section 116 (3), second sentence, VAG 2016,

h)

Section 248 (1) to 5 VAG 2016,

i)

Section 249 (1), second sentence, VAG 2016, "

8. § 22a Z 2 lit. d and e is:

" (d)

Section 79 (3) Z 3 VAG 2016,

e)

§ 248 (8) VAG 2016 or "

9. § 22a Z 2 lit. f is repealed.

10. § 22a Z 3 reads:

" 3.

an arrangement connected with a time-setting in accordance with

a)

Section 33b PKG,

b)

§ 275 VAG 2016,

c)

§ 277 VAG 2016,

d)

§ 278 bis § 280 VAG 2016,

e)

Section 282 (2) of the VAG 2016,

f)

§ 283 VAG 2016 "

11. In § 22b (1), the reference to "§ 108a para. 3 VAG and § 110 VAG" by reference to "§ 322 and § 329 VAG 2016" replaced.

12. In Section 22c (1), the reference to "§ 108a para. 3 VAG and § 110 VAG" by reference to "§ 322 and § 329 VAG 2016" replaced.

13. In § 22d (1), the reference to "§ 110 VAG" by reference to "§ 329 VAG 2016" replaced.

14. In § 26 para. 3 Z 2 the reference "pursuant to § 117 VAG" by reference "pursuant to § 271 VAG 2016" replaced.

15. In accordance with § 28 (27), the following paragraph 28 is added:

" (28) § 2 (2), § 18 (1), § 19 (1), (4), (5) and (5b), § 22a (1) (lit). g to i, Z 2 lit. d and e, the abduction of § 22a Z 2 lit. f, § 22a Z 3, § 22b para. 1, § 22c para. 1, § 22d para. 1 and § 26 para. 3 Z 2 in the version of the Federal Law BGBl. I n ° 34/2015 will be 1. Jänner 2016 in force. "

Article 14

Amendment of the Financial Stability Act

The Financial Stability Act-FinStaG, BGBl. I n ° 136/2008, as last amended by the Federal Law BGBl. I No 51/2014, shall be amended as follows:

1. § 1 Z 2 reads:

" 2.

Insurance companies according to § 1 paragraph 1 (1) Z 1 of the Insurance Supervision Act 2016 (VAG 2016), BGBl. I No 34/2015. "

2. In § 2 para. 1 Z 3 the reference "pursuant to § 73b VAG" by reference "pursuant to § 169 VAG 2016" replaced.

3. In § 3 (6), the reference to "§ 11b VAG" by reference to " the 6th section of the 1. Main piece of the VAG 2016 " replaced.

4. The previous text of § 10 receives the sales designation "(1)" ; the following paragraph 2 is added:

" (2) § 1 Z 2, § 2 sec. 1 Z 3 and § 3 paragraph 6 in the version of the Federal Law BGBl. I n ° 34/2015 will be 1. Jänner 2016 in force. "

Article 15

Amendment of the Financial Collateral Act

The Financial Collateral Act-FinSG, BGBl. I n ° 117/2003, as last amended by the Federal Law BGBl. I No 184/2013, shall be amended as follows:

1. § 2 para. 1 Z 3 lit. d is:

" (d)

Insurance undertakings within the meaning of Article 13 (1) of Directive 2009 /138/EC on the taking-up and pursuit of the business of insurance and reinsurance (Solvency II) (recast), OJ L 376, 27.12.2009, p. No. OJ L 335, 17.12.2009 p. 1, as last amended by Directive 2014 /51/EU, OJ L 197, 21.7.2014, p. No. L 153 of 22.05.2014 p. 1, "

2. In accordance with Section 12 (3), the following paragraph 4 is added:

" (4) § 2 para. 1 Z 3 lit. d in the version of the Federal Law BGBl. I n ° 34/2015 is 1. Jänner 2016 in force. "

Article 16

Amendment of the Company Book Act

The Company Book Act-FBG, BGBl. No. 10/1991, as last amended by the Federal Act BGBl. I n ° 13/2014, shall be amended as follows:

1. § 7 Z 2 reads:

" 2.

the merger according to § 60 of the Insurance Supervision Act 2016 (VAG 2016), BGBl. I n ° 34/2015, and the conversion according to § 61 VAG 2016; "

2. In accordance with § 43 (9), the following paragraph 10 is added:

" (10) § 7 Z 2 in the version of the Federal Law BGBl. I n ° 34/2015 is 1. Jänner 2016 in force. "

Article 17

Amendment of the Court of Justice Act

The Court Organization Act-GOG, RGBl. I n ° 217/1896, as last amended by the Federal Law BGBl. I n ° 40/2014, shall be amended as follows:

1. § 89c (5) Z 4 reads:

" 4.

Companies according to § 1 paragraph 1 Z 1, 2, 4, 6, 7 and 8 of the Insurance Supervision Act 2016 (VAG 2016), BGBl. I No 34/2015, "

2. In accordance with § 98 (19), the following paragraph 20 is added:

" (20) § 89c para. 5 Z 4 in the version of the Federal Law BGBl. I n ° 34/2015 is 1. Jänner 2016 in force. "

Article 18

Amendment of the Industrial Regulations 1994

The Industrial Order 1994-GewO 1994, BGBl. No. 194/1994, as last amended by the Federal Law BGBl. I n ° 125/2013 and the BGBl rallies. I No 202/2013, BGBl. I No 212/2013 and BGBl. I No 60/2014, shall be amended as follows:

1. In § 137g (2), the reference to " Article 5 (d) of Directive 73 /239/EEC on the coordination of laws, regulations and administrative provisions relating to the taking-up and pursuit of the business of direct insurance other than life assurance, OJ L 327, 30.11.73, p. No. 3., as amended by Directive 02/87/EC amending Directive 73 /239/EEC on the solvency margin of non-life insurance undertakings, OJ L 228, 16.8.1973, p. No. OJ L 77 of 20 March 2002 p. 17 " by reference to " Art. 13 No 27 of Directive 2009 /138/EC on the taking-up and pursuit of the business of insurance and reinsurance (Solvency II) (recast), OJ L 376, 27.12.2009, p. No. OJ L 335, 17.12.2009 p. 1, as last amended by Directive 2014 /51/EU, OJ L 197, 21.7.2014, p. No. L 153 of 22.05.2014 p. 1 " replaced.

2. § 338 (8) reads:

" (8) The Federal Ministry of Science, Research and the Economy and the FMA are working on the enforcement of the provisions on insurance mediation under this federal law as well as in accordance with the BWG and the Insurance Supervision Act 2016, BGBl. I n ° 34/2015, in mutual assistance. "

(3) In accordance with section 382 (64), the following paragraph 65 is added:

" (65) § 137g para. 2 and § 338 (8) in the version of the Federal Law BGBl. I n ° 34/2015 will be 1. Jänner 2016 in force. "

Article 19

Amendment of the Equal Treatment Act

The Equal Treatment Act-GlBG, BGBl. I n ° 66/2004, as last amended by the Federal Law BGBl. I No 107/2013, shall be amended as follows:

1. In Section 30 (4), the annual number shall be: "1958" deleted and the phrase " and the Insurance Supervision Act, BGBl. No 569/1978, " through the phrase " and the Insurance Supervision Act 2016, BGBl. I No 34/2015, " replaced.

2. In accordance with § 63 (8), the following paragraph 9 is added:

" (9) § 30 (4) in the version of the Federal Law BGBl. I n ° 34/2015 is 1. Jänner 2016 in force. "

Article 20

Amendment of the Insolvency-Remuneration Assurance Act

The Insolvency Law on Remuneration Assurance-IESG, BGBl. No. 324/1977, as last amended by the Federal Law BGBl. I No 30/2014, shall be amended as follows:

1. In § 1 para. 3 Z 6 the word order shall be " or an insurance company within the meaning of the Insurance Supervision Act (VAG), BGBl. No. 569/1978. ' through the phrase " or a company according to § 1 (1) (1) (1), (2), (4) or (5) of the Insurance Supervision Act 2016, BGBl. I No 34/2015. " replaced.

2. In accordance with § 30, the following § 31 together with the title is added:

" Entry into force of the Novelle BGBl. I No 34/2015

§ 31. § 1 para. 3 Z 6 in the version of the Federal Law BGBl. I n ° 34/2015 is 1. Jänner 2016 in force. "

Article 21

Amendment of the Insolvency Code

The Insolvency Order-IO, RGBl. No 337/1914, as last amended by the Federal Law of the Federal Republic of Germany (BGBl). I No 69/2014, shall be amended as follows:

1. In § 243 (1), the reference "pursuant to Article 6 of Directive 73 /239/EEC or in Article 4 of Directive 2002 /83/EC" by reference ' pursuant to Article 14 of Directive 2009 /138/EC on the taking-up and pursuit of the business of insurance and reinsurance (Solvency II) (recast), OJ L 376, 27.12.2009, p. No. OJ L 335, 17.12.2009 p. 1, as last amended by Directive 2014 /51/EU, OJ L 197, 21.7.2014, p. No. L 153 of 22.05.2014 p. 1, " replaced.

Section 244 (1) together with the title reads as follows:

" International jurisdiction

§ 244. (1) The Austrian courts are responsible for the opening of insolvency proceedings on the assets of credit institutions authorised in the EEA or in the EEA only if the credit institutions are subject to the provisions of Section 1 (1) of the BWG. or the insurance companies in accordance with Section 6 (1) of the Insurance Supervision Act 2016, BGBl. I n ° 34/2015, in Austria. "

3. In Section 246 (1), the parenthesis shall be " (Art. 2 lit. (h) Directive 2001 /17/EC) " by the parenthesis expression " (Art. 13 ° 10 of Directive 2009 /138/EC) " replaced.

4. In accordance with § 272 (9), the following paragraph 10 is added:

" (10) § 243 (1), § 244 (1) and § 246 (1) in the version of the Federal Law BGBl. I n ° 34/2015 will be 1. Jänner 2016 in force. "

Article 22

Amendment of the Investment Fund Act 2011

The investment fund law 2011-InvFG 2011, BGBl. I n ° 77/2011, as last amended by the Federal Law BGBl. I No 70/2014, shall be amended as follows:

1. § 171 Z 2 reads:

" 2.

At least 5 vH of the fund's assets must be held in shares, securities via participation capital within the meaning of Section 23 (4) of the Federal Elections Act (BWG) in the version before the Federal Law BGBl. No 184/2013, instruments without voting rights within the meaning of Section 26a of the Federal Elections Act or subordinated liabilities within the meaning of Section 170 (1) (2) of the Insurance Supervision Act 2016, Federal Law Gazette (BGBl). I n ° 34/2015, participation certificates and profit and debt securities are applied. "

2. In accordance with § 195 (7), the following paragraph 8 is added:

" (8) The provisions of § 171 Z 2 in the version of the Federal Law BGBl (Federal Law Gazette). In the context of the German Federal Law Gazette (BGBl), I n ° 34/2015 are the securities relating to participation capital within the meaning of Section 23 (4) of the Federal Elections Act (BWG). I No. 184/2013 and instruments without the right to vote within the meaning of Section 26a of the Federal Elections Act (BWG) already from the date of the presentation of the Federal Law BGBl. I No 34/2015 following the following day. "

(3) In accordance with § 200 (11), the following paragraph 12 is added:

" (12) § 171 Z 2 in the version of the Federal Law BGBl. I n ° 34/2015 is 1. Jänner 2016 in force. "

Article 23

Amendment of the Capital Insurance Support Act

The Capital Insurance Funding Act, BGBl. No 163/1982, as last amended by the Federal Law BGBl. No 607/1987, shall be amended as follows:

1. In Section 1 (4), the reference to " the provisions of the Insurance Supervision Act, BGBl. No. 569/1978. ' by a reference to " the provisions of the Insurance Supervision Act 2016, BGBl. I No 34/2015. " replaced.

2. In accordance with Article 5 (2), the following paragraph 3 is added:

" (3) § 1 para. 4 in the version of the Federal Law BGBl. I n ° 34/2015 is 1. Jänner 2016 in force. "

Article 24

Amendment of the Corporate Tax Act 1988

The Corporate Tax Act 1988-KStG 1988, BGBl. N ° 401/1988, as last amended by the Federal Law BGBl. I n ° 40/2014, shall be amended as follows:

1. In § 5 Z 8 the reference to "§ 62 of the Insurance Supervision Act" by a reference to " § 5 Z 4 of the Insurance Supervision Act 2016 (VAG 2016), BGBl. I No 34/2015 " replaced.

2. In § 6 (1) the reference to "§ 18f of the Insurance Supervision Act" by a reference to "§ 93 of the VAG 2016" replaced.

3. In Section 8 (3) Z 1, the word order shall be "and the Insurance Supervision Act" the phrase " in the version before the Federal Law BGBl. I No 34/2015 " .

4. In Section 9 (3), the phrase "in the sense of the Insurance Supervision Act" through the phrase "in the sense of VAG 2016" replaced.

5. In § 13 (5) the reference to "§ 61e of the Insurance Supervision Act, BGBl. 569/1978," by reference to "§ 66 VAG 2016" replaced.

6. In § 13 (5) Z 1 the reference to "§ 61e of the Insurance Supervision Act" by reference to "§ 66 VAG 2016" and the reference to Section 61e (6) of the Insurance Supervision Act " by reference to "§ 66 para. 5 VAG 2016" replaced.

Section 15 (1) reads as follows:

" (1) Insurances of technical provisions shall be deductible in so far as their education is required in the VAG 2016 or in the regulations issued for this purpose. In so doing, the technical provisions shall not exceed the amount necessary to ensure the obligations arising out of the insurance contracts existing at the balance sheet date. For life assurance, health insurance and accident insurance operated in the manner of life assurance, the technical provisions are subject to the use of the financial market supervisory authority in accordance with § 92 (1) and 92 (1) and 92 (1) respectively. § 102 (1) of the VAG 2016 submitted or communicated actuarial basis. "

8. In Section 15 (3), the parenthesis shall be "(Section 81c (3) D VII of the Insurance Supervision Act)" by the parenthesis expression "(§ 144 para. 3 D VII VAG 2016)" replaced.

9. In § 17 (3) the reference to "§ 18f of the Insurance Supervision Act" by a reference to "§ 93 of the VAG 2016" replaced.

10. In accordance with § 26c Z 53, the following Z 54 is added:

" 54.

§ 5 Z 8, § 6 para. 1, § 8 paragraph 3 Z 1, § 9 para. 3, § 13 para. 5, § 15 para. 1 and 3 and § 17 paragraph 3 in the version of the Federal Law BGBl. I n ° 34/2015 will be 1. Jänner 2016 in force. "

Article 25

Amendment of the Motor Vehicle Liability Insurance Act 1994

The motor vehicle civil liability insurance law 1994-KHVG 1994, BGBl. No. 651/1994, as last amended by the Federal Law BGBl. I No 138/2011, shall be amended as follows:

1. In § 25 (2), the reference "pursuant to § 4 (1) VAG" by reference " according to § 6 (1) of the Insurance Supervision Act 2016 (VAG 2016), BGBl. I No 34/2015, " replaced.

2. In § 29a (1) and 29b (1) and (2) the reference shall be made in each case. "according to § 12a VAG" by reference "according to § 100 VAG 2016" replaced.

3. In § 31 (1), the reference ' pursuant to Article 12a (4) of Directive 88 /357/EEC, as amended by Article 6 of Directive 90 /618/EEC (OJ L 327, 30.12.1990, p. No. OJ L 360 of 8 November 1990, S 44) " by reference ' pursuant to Article 152 of Directive 2009 /138/EC on the taking-up and pursuit of the business of insurance and reinsurance (Solvency II) (recast), OJ L 376, 27.12.2009, p. No. OJ L 335, 17.12.2009 p. 1, as last amended by Directive 2014 /51/EU, OJ L 197, 21.7.2014, p. No. L 153 of 22.05.2014 p. 1, " replaced.

4. § 31a (2) (3), (4) (4) (3) and (Z) 4 (lit). b and paragraph 6 Z 4 shall be the reference "according to § 12a VAG" by reference "according to § 100 VAG 2016" replaced.

5. According to Article 37a (10), the following paragraph 11 is added:

" (11) § 25 (2), § 29a (1), § 29b (1) and (2), § 31 (1), § 31a (2) (2) (3), (4) (3) and (4) (lit). b and paragraph 6 Z 4 in the version of the Federal Law BGBl. I n ° 34/2015 will be 1. Jänner 2016 in force. "

Article 26

Amendment of the Land Labour Act 1984

The Landarbeitsgesetz 1984-LAG, BGBl. No 287/1984, as last amended by the Federal Law BGBl. I No 157/2013, shall be amended as follows:

1. In § 39s para. 1 Z 4 lit. a will be the parenthesis "(§ 18f of the Insurance Supervision Act)" by the parenthesis expression " (§ 93 of the Insurance Supervision Act 2016, BGBl. I No 34/2015) " replaced.

2. § 284 (2) Z 42 reads as follows:

" 42.

Insurance Supervision Act 2016, BGBl. I n ° 34/2015, as amended by the Federal Law BGBl. I No 34/2015, "

3. In accordance with Section 285 (59), the following paragraph 60 is added:

" (60) § 39s para. 1 Z 4 lit. a and § 284 sec. 2 Z 42 in the version of the Federal Law BGBl. I n ° 34/2015 will be 1. Jänner 2016 in force. "

Article 27

Amendment of the Pensionskassengesetz

The Pensionskassengesetz-PKG, BGBl. No. 281/1990, as last amended by the Federal Law BGBl. I No 70/2014, shall be amended as follows:

1. In § 16 (4), the parenthesis shall be "(§ 18f Insurance Supervision Act-VAG)" by the parenthesis expression " (§ 93 of the Insurance Supervisory Act 2016-VAG 2016, BGBl. I No 34/2015) " replaced.

2. In § 17 (1) and (3) and § 19b (1), the respective parenthesis shall be "(§ 18f VAG)" by the parenthesis expression "(§ 93 VAG 2016)" replaced.

(3) In accordance with § 51 (39), the following paragraph 40 is added:

" (40) § 16 (4), § 17 (1) and (3) and § 19b (1) in the version of the Federal Law BGBl. I n ° 34/2015 will be 1. Jänner 2016 in force. "

Article 28

Amendment of the Law on the Rights of the Law

The law-making law-RpflG, BGBl. No. 560/1985, as last amended by the Federal Law BGBl. I No 69/2014, shall be amended as follows:

1. In § 22 para. 2 Z 4 lit. a becomes the reference "according to § § 59, 60, 61f VAG" by reference " according to § 60 and § 66 of the Insurance Supervision Act 2016 (VAG 2016), BGBl. I No 34/2015, " replaced.

2. In § 22 para. 2 Z 4 lit. b becomes the reference "according to § § 61, 61e VAG" by reference "pursuant to § 61 and § 66 VAG 2016" replaced.

3. In accordance with § 45 (9), the following paragraph 10 is added:

" (10) § 22 para. 2 Z 4 lit. a and b in the version of the Federal Law BGBl. I n ° 34/2015 is 1. Jänner 2016 in force. "

Article 29

Amendment of the Code of Criminal Procedure in 1975

The Criminal Procedure Code 1975-StPO, BGBl. No. 631/1975, as last amended by the Federal Law BGBl. I No 71/2014, shall be amended as follows:

1. In § 20a (1) Z 6, the reference " and VAG, BGBl. No 569/1978, " by reference " and Insurance Supervision Act 2016, BGBl. I No 34/2015, " replaced.

2. In accordance with § 514 (26), the following paragraph 27 is added:

" (27) § 20a Para. 1 Z 6 in the version of the Federal Law BGBl. I n ° 34/2015 is 1. Jänner 2016 in force. "

Article 30

Amendment of the Reformation Tax Act

The Reformation Tax Act-UmgrStG, BGBl. N ° 699/1991, as last amended by the Federal Law BGBl. I n ° 13/2014, shall be amended as follows:

1. In Section 1 (1) (1) (3), the phrase "and § 60 of the Insurance Supervision Act" .

2. After Z 27 of the transitional and final provisions, the following Z 28 is added:

" 28.

Section 1, Section 1, Z 3, as amended by the Federal Law BGBl. I n ° 34/2015 is 1. Jänner 2016 in force. "

Article 31

Amendment of the Transport Sacrifice Compensation Act

The Traffic Opper Compensation Act-VOEG, BGBl. I n ° 37/2007, as last amended by the Federal Law BGBl. I n ° 12/2013, shall be amended as follows:

1. In § 4 (3), the parenthesis shall be " (§ 14 para. 2 Z 1 lit. b Insurance Supervision Act, BGBl. No 569/1978) by the parenthesis expression " (§ 5 Z 20 lit. a sublit. bb of the Insurance Supervision Act 2016, BGBl. I No 34/2015) " replaced.

2. In accordance with § 19 (4), the following paragraph 5 is added:

" (5) § 4 (3) in the version of the Federal Law BGBl. I n ° 34/2015 is 1. Jänner 2016 in force. "

Article 32

Amendment of the Insurance Tax Act 1953

The Insurance Tax Act 1953, BGBl. N ° 133/1953, as last amended by the Federal Law BGBl. I n ° 13/2014, shall be amended as follows:

1. In § 6 para. 1 Z 2 the reference "within the meaning of § 18f of the Insurance Supervision Act" by reference " within the meaning of Section 93 of the Insurance Supervision Act 2016 (VAG 2016), BGBl. I No 34/2015, " replaced.

2. In § 6 (1) Z 5 the reference to "§ 18i of the Insurance Supervision Act" by reference to "§ 96 VAG 2016" replaced.

3. In Section 7 (1a), the parenthesis shall be " (§ 14 para. 1 Insurance Supervision Act, BGBl. No 569/1978, as amended) " and the phrase " domestic insurance companies (§ 1 para. 1 Insurance Supervision Act, BGBl. No 569/1978, as amended) " by the parenthesis expression "(§ 5 Z 13 VAG 2016, in the respective version in force)" and the phrase "Insurance undertakings according to § 1 (1) (1) (1) of the VAG 2016, as amended respectively," replaced.

4. In § 12 para. 3 Z 19 the reference to "§ 18i of the Insurance Supervision Act" by reference to "§ 96 of the VAG 2016" replaced.

5. In accordance with § 12 (3) Z 24 the following Z 25 is added:

" 25.

§ 6 (1) (2) and (5), Section 7 (1a) and § 12 (3) Z 19 in the version of the Federal Law BGBl (Federal Law Gazette). I n ° 34/2015 will be 1. Jänner 2016 in force. "

Article 33

Amendment of the Insurance Contracts Act

The Insurance Contracts Act-VersVG, BGBl. No 2/1959, as last amended by the Federal Law BGBl. I n ° 12/2013, shall be amended as follows:

1. In § 1c, the reference to "§ 18f paragraph 7 VAG" by reference to " § 93 (7) of the Insurance Supervision Act 2016 (VAG 2016), BGBl. I No 34/2015 " replaced.

2. In Section 5a (6), the reference "according to § § 9a, 18b and 75 VAG" by reference "pursuant to § 252, § 253, § 254 and § 255 VAG 2016" replaced.

3. In § 5b (2) Z 3, the reference to "§ § 9a and 18b VAG" by reference to "§ 252, § 253 and § 255 VAG 2016" replaced.

4. In Section 5c (2) Z 2, the reference to "§ § 9a and 18b VAG" by reference to "§ 252, § 253 and § 255 VAG 2016" replaced.

5. In § 11d the reference to "§ 108a VAG" by reference to "§ 321 VAG 2016" replaced.

6. In § 158j (2), the parenthesis shall be "(Section 12 (1) (2) of the Insurance Supervision Act)" by the parenthesis expression "(§ 99 paragraph 1 Z 2 VAG 2016)" replaced.

7. In § 165a (2), the parenthesis shall be "(Section 9a (1) (1) of the VAG)" by the parenthesis expression "(§ 252 paragraph 1 Z 1 VAG 2016)" replaced.

8. In accordance with § 191c (14), the following paragraph 15 is added:

" (15) § 1c, § 5a paragraph 6, § 5b para. 2 Z 3, § 5c sec. 2 Z 2, § 11d, § 158j paragraph 2 and § 165a para. 2 in the version of the Federal Law BGBl. I n ° 34/2015 will be 1. Jänner 2016 in force. "

Article 34

Amendment of the Securities and Markets Act 2007

The Securities and Markets Act 2007-WAG 2007, BGBl. I n ° 60/2007, as last amended by the Federal Law BGBl. I n ° 59/2014, shall be amended as follows:

1. § 2 para. 1 Z 1 reads:

" 1.

Companies according to § 1 paragraph 1 (1) Z 1 to 5 of the Insurance Supervision Act 2016 (VAG 2016), BGBl. I No 34/2015, as provided for in paragraph 2; "

2. In § 2 (2) the references to "§ 3 para. 3 VAG" and the "VAG" through the references to "§ 6 para. 3 VAG 2016" and the "VAG 2016" replaced.

§ 11a (4) Z 2 reads as follows:

" 2.

non-prudential supervision under Directive 2013 /36/EU, Directive 2009 /138/EC on the taking-up and pursuit of the business of insurance and reinsurance (Solvency II) (recast), OJ L 376, 27.12.2009, p. No. OJ L 335, 17.12.2009 p. 1, as last amended by Directive 2014 /51/EU, OJ L 197, 21.7.2014, p. No. 1., Directive 2009 /65/EC or Directive 2004 /39/EC. "

4. In accordance with § 108 (19), the following paragraph 20 is added:

" (20) § 2 (1) (1) and (2) and § 11a (4) (2) (2) in the version of the Federal Law BGBl (Federal Law Gazette). I n ° 34/2015 will be 1. Jänner 2016 in force. "

Fischer

Faymann