Law on the supervision of insurance undertakings (Insurance Supervision Act-VAG)

Unofficial table of contents

VAG

Date of completion: 01.04.2015

Full quote:

" Insurance Supervision Act of 1 April 2015 (BGBl. 434), the most recent of which is Article 3 (1) of the Law of 21 December 2015 (BGBl. 2553).

Status:

Last amended by Art. 3 No. 1 G v. 21.12.2015 I 2553

For more details, please refer to the menu under Notes

1

This Act is designed to implement Directive 2009 /138/EC of the European Parliament and of the Council of 25 November 2009 on the taking-up and pursuit of the business of insurance and reinsurance (Solvency II) (OJ L 376, 27.12.2009, p. 1), as last amended by Directive 2014 /51/EU (OJ L 197, 21.7.2014, p. OJ L 153, 22.5.2014, p. 1).

Footnote

(+ + + Text evidence from: 1.1.2016 + + +) 
(+ + + For application cf.  § § 2, 5, 7, 12, 13, 14, 33, 62, 63, 65, 66, 67, 69,   
 112, 129, 134, 135, 146, 147, 148, 151, 153, 156, 159, 162, 165, 169,   
 219, 222, 224, 233, 234, 237, 241, 242, 243, 244, 247, 248, 261, 264,   
 265, 271, 274, 277, 288, 290, 291, 292, 293, 316, 327, 336, 339, 350,   
 351, 352 + + +) 
(+ + + Official note from the norm-provider on EC law: 
 Implementation of the 
 EGRL 138/2009 (CELEX Nr: 32009L0138) + + +) 

  

The G was decided by the Bundestag as Article 1 of the G v. 1.4.2015 I 434 with the consent of the Bundesrat. It's gem. Article 3 (1) sentence 1 of this G entered into force on 1 January 2016. § 355 is gem. Article 3 (1) sentence 2 of this G entered into force on 11.4.2015. Unofficial table of contents

Content Summary

Part 1General provisions

§ 1	Scope
§ 2	Public utilities
§ 3	Exceptions to the duty of supervision, authorisation of a regulation
§ 4	Determination of the supervisory duty
§ 5	Exemption from supervision
§ 6	Label protection
§ 7	Definitions

Part 2Rules for the
First-time insurance and reinsurance
Chapter 1Business activity
Section 1Authorisation and
Exercise of business activities

§ 8	Permission; Spartseparation
§ 9	Application
§ 10	Scope of permission
§ 11	Failure and restriction of permission
§ 12	Changes to the business plan and business contracts
§ 13	inventory transfers
§ 14	Transforms
§ 15	Non-insurance business

Section 2Major participations

§ 16	Holders of major holdings
§ 17	Display of significant holdings
§ 18	Reduction or restriction of significant participation
§ 19	Disregard for the exercise of voting rights
§ 20	Examination of the holder
Section 21	Cooperation with the competent authorities in other Member States or States Parties
Section 22	Authorisation

Section 3Business Organization

Section 23	General requirements for the business organization
§ 24	Requirements for people who actually lead the company or carry out other key tasks
Section 25	Remuneration
Section 26	Risk Management
§ 27	Risk and solvency assessment
§ 28	External ratings
§ 29	Internal Control System
§ 30	Internal revision
Section 31	Actuarial function
Section 32	Outsourcing
§ 33	Corresponding application of social legislation
Section 34	Authorisation

Section 4General reporting requirements
Subsection 1Final examination

§ 35	Duties of the auditor
§ 36	Notification of the auditor to the supervisory authority; audit mandate
Section 37	Submission to the Supervisory Authority
§ 38	Accounting and auditing of public insurance undertakings
§ 39	Authorisation

Subsection 2Report on Solvency and the financial situation

§ 40	Solvency and Financial Report
Section 41	Non-publication of information
§ 42	Update of the Solvency and Financial Report

Subsection 3For supervisory purposes information

Section 43	Information requirements; calculations
Section 44	Forecast calculations
§ 45	Exemption from reporting obligations
Section 46	Information requirements in relation to the Federal Institute
§ 47	Notifiable

Section 5Cooperation
with insurance intermediaries

§ 48	Qualification of insurance intermediaries
§ 49	Death
§ 50	Remuneration for the placement of substitute health insurance contracts
Section 51	Complaints about insurance intermediaries

Section 6Prevention of money laundering
and terrorist financing

Section 52	Undertakings committed to:
Section 53	Internal safeguards
§ 54	Simplified due diligence obligations
§ 55	Simplifications in the implementation of the identification
§ 56	Increased due diligence obligations

Section 7Cross-border operations
Subsection 1Services, branches

Section 57	Insurance business through branch offices or services
Section 58	Establishment of a branch office
§ 59	Inclusion of trade in services
§ 60	Statistical data on cross-border activities

Subsection 2Companies established in a Member State of the
European Union or any other Contracting State
of the Agreement on the European Economic Area

Section 61	Business activity through a branch or in the provision of services
Section 62	Supervision of business activities
§ 63	inventory transfers
Section 64	Individual insurers united with Lloyd's
Section 65	Site
Section 66	Services; co-insurance

Subsection 3Companies with headquarters outside
of the European Economic Area

Section 67	Permission; Spartseparation
Section 68	Establishment; Principal Plenipotentiary
Section 69	Application; procedure
Section 70	Facilitation of undertakings already authorised in another Member State or State Party
Section 71	Revocation of permission
Section 72	Insurance of domestic risks
Section 73	Inventory transfer

Chapter 2Financial equipment
Section 1XX_ENCODE_CASE_One solvency overview

Section 74	Valuation of assets and liabilities
§ 75	General rules on the formation of technical provisions
Section 76	Value of technical provisions
Section 77	Best estimate
Section 78	Risk margin
§ 79	General principles for the calculation of technical provisions
§ 80	Matching adaptation to the relevant risk-free curve curve
§ 81	Calculation of matching adjustment
Section 82	Volatility adjustment
Section 83	Technical information to be taken into consideration
Section 84	Other facts to be taken into account in the calculation of technical provisions
§ 85	Financial guarantees and contractual options in the insurance contracts
§ 86	Amounts recoverable from reinsurance contracts and to special purpose companies
Section 87	Comparison with experience data
Section 88	Powers of the supervisory authority in respect of technical provisions; authorisation of a regulation

Section 2solvency requirements
Subsection 1Determination of own resources

§ 89	Own resources
§ 90	Approval of supplementary own resources
Section 91	Classification of own resources
§ 92	Criteria of classification
Section 93	Classification of certain own resources
Section 94	Own resources to comply with the Solvency Capital Requirement
§ 95	Own resources to comply with the minimum capital requirement

Subsection 2XX_ENCODE_CASE_One solvency capital requirement

§ 96	Determination of the solvency capital requirement
Section 97	Calculation of the Solvency Capital Requirement
Section 98	Frequency of calculation
§ 99	Structure of the default formula
§ 100	Establishment of the base solvency capital requirement
§ 101	Non-life insurance-related risk module
Section 102	Life insurance-related risk module
Section 103	Health insurance-related risk module
Section 104	Market trisikomodup
Section 105	Counterparty failure risk module
Section 106	Share Risk Submodule
Section 107	Capital requirement for operational risk
Section 108	Adjustment for the loss-making capacity of technical provisions and deferred tax liabilities
§ 109	Deviations from the default formula
§ 110	Significant deviations from the assumptions underlying the calculation using the standard formula

Subsection 3Internal models

Section 111	Using internal models
Section 112	Internal models in the form of partial models
Section 113	Responsibility of the Executive Board; participation of third parties
Section 114	Non-compliance with the requirements of the internal model
§ 115	Use Test
Section 116	Statistical quality standards for probability distribution forecasting
Section 117	Other statistical quality standards
Section 118	Calibration standards
§ 119	Allocation of profits and losses
§ 120	Validation standards
Section 121	Documentation standards

Subsection 4Minimum Capital Requirement

§ 122	Determination of the minimum capital requirement; Regulation empowerment
§ 123	Calculation urnus; reporting requirements

Section 3Plant; Backup Assets

Section 124	Investment principles
§ 125	Security
§ 126	Asset Directory
§ 127	Feeds to save assets
§ 128	Trustees for securing assets
Section 129	Securing the securing assets
§ 130	Removal from the backup capacity
Section 131	Authorisation

Section 4Insurance undertakings
in special situations

Section 132	Identification and display of a deteriorating financial situation
§ 133	Insufficient level of technical provisions
Section 134	Non-coverage of the Solvency Capital Requirement
§ 135	Non-coverage of the Minimum Capital Requirement
Section 136	Remediation and financing plan
Section 137	Progressive Deterioration of Solvency

Chapter 3Special provisions relating to individual branches
Section 1Life insurance

§ 138	Premium calculation in life insurance; equal treatment
Section 139	Surplus participation
§ 140	Return for contribution restitution
Section 141	Responsible actuary in life insurance
Section 142	Trustees in Life Insurance
Section 143	Special disclosure requirements in life insurance
Section 144	Information on occupational pensions
§ 145	Authorisation

Section 2Health insurance

Section 146	Substitutive health insurance
Section 147	Other health insurance
§ 148	Care insurance
§ 149	Premium surcharge in substitutive health insurance
Section 150	Credit for retirement provision; direct credit
Section 151	Surplus participation of insured persons
Section 152	Basic Rate
Section 153	Notary Rate
Section 154	Risk balancing
§ 155	Premium amendments
Section 156	Responsible actuary in the health insurance
Section 157	Trustees in the health insurance
Section 158	Special notification requirements in health insurance; benefits in the basic and emergency situation
Section 159	Statistical data
§ 160	Authorisation

Section 3Other non-life insurance

Section 161	Accident insurance with premium reinsurance
Section 162	Cover provision for civil liability and accident pensions
Section 163	Claims representative in the insurance against civil liability in respect of the use of motor vehicles
Section 164	Compensation in the field of legal protection

Section 4reinsurance

Section 165	Reinsurance undertakings in liquidate
Section 166	Inventory Transfers; Transformations
Section 167	Financial reinsurance
§ 168	Insurance Special Purpose
§ 169	Reinsurance undertakings with registered offices in another Member State or State Party
§ 170	Authorisation

Chapter 4Insurance associations on reciprocity

Section 171	Legal capacity
Section 172	Application of commercial law
Section 173	Statutes
§ 174	Company
§ 175	Liability for liabilities
Section 176	Membership
Section 177	Equal treatment
Section 178	Foundation stock
§ 179	Contributions
§ 180	Obligation to provide members of the members who have been expleted or entered
§ 181	Ban on charging
§ 182	Invitation to tender for relocations and surpluses
Section 183	Notices
Section 184	Organs
§ 185	Registration for the commercial register
Section 186	Registration documents
§ 187	Registration
Section 188	Board
§ 189	Supervisory Board
§ 190	Liability for damages
Section 191	Top Representation
§ 192	Rights of minorities
Section 193	Loss recovery
§ 194	Excess usage
§ 195	Amendment of the Statute
§ 196	Entry of the amendment to the statutes
§ 197	Change in general insurance conditions
§ 198	Dissolution of the association
§ 199	Resolution decision
§ 200	Inventory transfer
Section 201	Loss of membership
Section 202	Resolving the resolution
§ 203	Fulfillment
Section 204	Settlement Procedure
§ 205	Redemption of the Founding Stock; wealth distribution
§ 206	Continuation of the association
§ 207	Obligation to contribute to insolvency proceedings
Section 208	Rank of insolvency requirements
Section 209	Repayments and relocations in the insolvency proceedings
Section 210	Smaller clubs

Chapter 5Small
Insurance companies and death-holders
Section 1Small insurance companies

Section 211	Small insurance companies
Section 212	Rules to be applied
§ 213	Solvency and minimum capital requirements
Section 214	Own resources
Section 215	Investment principles for securing assets
Section 216	Notifiable
§ 217	Authorisation

Section 2Sterbekassen

§ 218	Death rates
Section 219	Rules to be applied
Section 220	Authorisation

Part 3Backup Funds

Section 221	Mandatory membership
Section 222	Maintenance of insurance contracts
Section 223	Security Fund
Section 224	Private
Section 225	Supervision
§ 226	Financing
Section 227	Accounting of the security fund
Section 228	Duty of co-action
Section 229	Exclusion
Section 230	Confidentiality of Obligations
Section 231	Compulsory appropriations

Part 4Institutions of the
Occupational retirement provision
Chapter 1Pensionskassen

§ 232	Pension funds
Section 233	Regulated pension funds
Section 234	Rules to be applied
Section 235	Authorisation

Chapter 2Pension Funds

Section 236	Pension funds
Section 237	Rules to be applied
Section 238	Financial endows
Section 239	Assets
§ 240	Authorisation

Chapter 3 Cross-border operations
of institutions for occupational retirement provision

Section 241	Cross-border activities of pension funds
Section 242	Cross-border activities of pension funds
Section 243	Entities established in another Member State or State Party
Section 244	Facilities based in third countries

Part 5Groups
Chapter 1-Supervision of
Insurance companies in a group

§ 245	Scope of group supervision
§ 246	Scope of group supervision
§ 247	Supreme parent company at the level of the Member States or States Parties
§ 248	Supreme parent company at national level
§ 249	Parent undertakings comprising a number of Member States or States Parties

Chapter 2Financial situation
Section 1XX_ENCODE_CASE_One solvency of the Group

§ 250	Supervision of group solvency
§ 251	Frequency of calculation
§ 252	Determination of the method
Section 253	Taking into account the proportionate share
§ 254	Exclusion of the multiple consideration of eligible own resources
§ 255	Exclusion of capital creation within the Group
§ 256	Related insurance undertakings
§ 257	Intermediary insurance holding companies
§ 258	Related insurance undertakings of a third country
Section 259	Related credit institutions, investment firms and financial institutions
Section 260	Non-availability of the necessary information
§ 261	Consolidation Method
§ 262	Internal model for the group
§ 263	Capital charge for a group company
§ 264	Capital charge for the Group
Section 265	Deduction and aggregation method
Section 266	Group solvency in an insurance holding company or a mixed financial holding company
§ 267	Conditions for subsidiaries of an insurance undertaking
Section 268	Supervision of centralised risk management
§ 269	Determination of the solvency capital requirement of the subsidiary
§ 270	Non-coverage of the capital requirements of the subsidiary
§ 271	End of derogation for a subsidiary
§ 272	Subsidiaries of an insurance holding company or mixed financial holding company

Section 2Risk concentration
and intra-group transactions

Section 273	Monitoring of risk concentration
Section 274	Intra-group transaction monitoring

Section 3Business Organization, reporting obligations

Section 275	Governance system monitoring
Section 276	Mutual exchange of information
§ 277	Report on the solvency and financial position of the Group
§ 278	Group structure

Chapter 3Measures to be taken
Facilitation of group supervision

§ 279	Responsibility for group supervision
§ 280	Determination of the Group Supervisory Authority
§ 281	Tasks and powers of the Group Supervisory Authority
Section 282	Exemption from reporting at group level
§ 283	Supervisors College
§ 284	Cooperation in the field of group supervision
Section 285	Mutual consultation of supervisory authorities
§ 286	Cooperation with affiliated companies
§ 287	Compulsory measures

Chapter 4Third States

§ 288	Parent company established in a third country
§ 289	Equivalence
§ 290	Lack of equivalence
§ 291	Prudential level

Chapter 5Insurance holding companies
and mixed financial holding companies

§ 292	Intra-group transactions
§ 293	Supervision

Part 6Supervision: Tasks and
general powers, organisation
Chapter 1Tasks and general provisions

Section 294	Tasks
Section 295	Using Ratings
§ 296	Principle of proportionality
§ 297	Discretion
§ 298	General supervisory powers
Section 299	Enlargement of supervisory powers
§ 300	Business Plan Change
Section 301	Capital charge
§ 302	Undersay of participation
§ 303	Dismise of persons with key tasks, warning
§ 304	Revocation of permission
§ 305	Survey, obligation to provide information
Section 306	Entering and searching of spaces; seizure
§ 307	Special Representative
§ 308	Unauthorised insurance transactions
§ 309	Confidentiality of Obligations
§ 310	Secondary provisions; exclusion of suspenseable effect

Chapter 2Safer measures

§ 311	Indication of insolvency
§ 312	Opening of insolvency proceedings
§ 313	Provision of information to creditors
§ 314	Prohibition of payment; reduction of benefits
Section 315	Treatment of insurance claims
§ 316	Erasing certain insurance contracts
Section 317	Depositors in the case of insolvency

Chapter 3Publications

Section 318	Publications
Section 319	Publication of measures

Chapter 4Responsibility
Section 1Federal supervision

§ 320	Bundesanstalt für Finanzdienstleistungsaufsicht
§ 321	Transfer of supervision to a national supervisory authority
Section 322	Transfer of supervision to the Federal Institute
Section 323	Procedure
Section 324	Supervisory cooperation
§ 325	Insurance Advisory Council

Section 2Supervision in the
European Economic Area

Section 326	General principles for cooperation between supervisory authorities
§ 327	Cooperation in local trials
§ 328	Deliveries
§ 329	Cooperation with the European Insurance and Occupational Pensions Authority
Section 330	Reports to the European Commission

Part 7Strait and Penal

Section 331	Criminal provisions
Section 332	Fines
§ 333	Competent managing authority
§ 334	Participation of the supervisory authority and communications in criminal matters

Part 8Transition
and final provisions

§ 335	Continuation of business operations
§ 336	Retribution of approved business plans in life insurance
§ 337	Trustees in the health insurance
Section 338	Surcharge in the health insurance
§ 339	Part-level rules in accident insurance
Section 340	Stock protection for reinsurance undertakings
Section 341	Report on Solvency and the financial situation
Section 342	Compliance with the Minimum Capital Requirement
§ 343	Business Operation Setting
§ 344	Deadlines for reporting and disclosure requirements
Section 345	Own resources
§ 346	Investments in credit securitisations
§ 347	Default Parameters
§ 348	Solvency capital requirement
§ 349	Internal subgroup model
§ 350	Group rules
Section 351	Risk-free interest rates
Section 352	Technical provisions
§ 353	Plan on the progressive introduction of transitional measures for risk-free interest rates and technical provisions
Section 354	Review of long-term guarantees and measures against equity risks
§ 355	Decisions of the Supervisory Authority on the occasion of the entry into force of this Act

Appendix 1	Division of risks by division
Appendix 2	Name of the authorisation which shall be granted at the same time for a number of branches
Appendix 3	Standard formula for calculating the Solvency Capital Requirement (SCR)

Part 1
General provisions

Unofficial table of contents

§ 1 Scope

(1) Subject to supervision under this Act

1.

insurance undertakings within the meaning of Section 7 (33) and (34),

2.

Insurance holding companies within the meaning of Section 7 (31) and undertakings within the meaning of Section 293 (4),

3.

Insurance-purpose companies within the meaning of § 168,

4.

Security fund within the meaning of section 223 and

5.

Pension funds within the meaning of Section 236 (1).

The transactions referred to in Annex 1 (22) to (24) shall fall within the scope of this Act only if they are operated by insurance undertakings to which the permit for one of the items referred to in Annex 1 (19) to (21) is authorised. insurance business; in this case, these operations shall be treated as life insurance business. For the purposes of capitalisation (Annex 1 (23)), transactions shall apply where, by applying a mathematical procedure, the one-time or recurring premiums fixed in advance and the obligations assumed by the duration and the amount of the premiums shall apply. shall be established. Transactions carried out in accordance with Annex 1 (24) shall consist in the management of supply facilities providing for benefits in the event of death or of life or of employment, or in the event of a reduction in earning capacity, including the installation and Management of assets. In the case of transactions as defined in the third sentence, the insurance undertakings may also, in the context of the administration, give guarantee commitments for the maintenance of the managed capital and the attainment of a minimum interest rate. (3) For public service Insurance undertakings of the civil service or of the churches, which are solely responsible for the provision of old-age, invalidity or survivors ' pensions, shall only apply to § 12 (1), § § 13, 37 (1), § 38 (1), § § 39, 47 number 12 as well as § § 294 to 298, 300, 302, 305 to 307, § § 310 to 312 and 314. For the insurance undertakings established in accordance with national law and subject to the supervision of the state, the country law may determine deviating law. (4) For institutions of the type referred to in § 140 (1) of the Seventh Book of the Social Code, § 12 Paragraph 1, § § 13, 37 (1), § 38 (1), § 39 as well as § § 294 to 298, 300, 302, 305 to 307, 310, 312 and 314. Decisions of the representative assembly on these bodies as well as on their statutes and business plans require the approval of the supervisory authority; § 8 (1), § 9 (1) to (4) and § 11 shall apply accordingly.

Footnote

(+ + + § 1 (1) and (1)) 2: For use, see Section 62 (1) sentence 2 no. 1 + + +) Unofficial table of contents

§ 2 Public utilities

(1) To the extent that public service bodies, including the legally independent municipal and ecclesiastic supplementary pension funds and the Federal and State Federal and State Utilities, are provided with the benefit of the voluntary insurance scheme, In order to offer retirement provision, a separate accounting association shall be set up for the liabilities and assets corresponding to these transactions. The liabilities and assets are managed and organized separately from the other business operations of the institution without the possibility of a transfer. The provisions of this law on the business of pension funds are to be applied accordingly to the accounting association; the institutions are also subject to insurance supervision in this respect. (2) For the according to national law and the National supervision of public bodies subject to national law may determine the country's right to deviate. Unofficial table of contents

§ 3 Exceptions to the duty of supervision, regulation empowerment

(1) The supervision under this Act is not subject to

1.

Associations of persons who provide assistance to their members without any legal entitlement, in particular the support facilities and support associations of the professional associations;

2.

the support funds established under the Craft Rules of Insions;

3.

legal groupings of chambers of commerce and industry with associations of the economy, if these concentrations pursue the purpose of relaying the supply burdens which their members have grown from supply commitments , and if these concentrations have obtained their legal capacity through State awards;

4.

not legally competent associations of municipalities and associations of municipalities, insofar as they are intended to compensate for damage of the following nature to the risks of their members and of undertakings operating in the public sector, by relaying A member or a number of municipal members or, in the cases referred to in point b, other local authorities, of at least 50%:

a)

damage to which the members or their servants may be held liable by third parties on the basis of statutory civil liability provisions;

b)

damage resulting from the posture of motor vehicles,

c)

municipal accident prevention services;

5.

Bodies and institutions of public law in which insurance relationships are directly generated by law or which must be dealt with as a result of legal coercion;

6.

the public health care facilities of the Federal Railways and the Postbeamtenkrankenkasse (Postal Officials ' Health Insurance Fund);

7.

the Federal and State Agency for Supply, the Deutsche Rentenversicherung Knappschaft-Bahn-See and the German Federal Post Office, as well as the German Federal Postal Service and the German Federal Post Office,

8.

Entities with a locally narrowly limited scope of action which, in the event of an uncertain event, take over benefits in respect of flat-rate charges, provided that they are not in respect of a cash benefit, a cost takeover or a liability exemption Third party.

(2) The Federal Ministry of Finance is authorized to determine by means of a regulation which does not require the consent of the Federal Council, that the operation of all insurance business or individual types of insurance transactions with the Article I (1) (a) to (c) of the Convention of 19 June 1951 between the parties to the North Atlantic Treaty on the legal status of their troops (BGBl. 1183, 1190), in whole or in part, the provisions of this Act are not subject to the provisions of this Act to the extent that, in the scope of this Act, the interests of other insurers and the continuing fulfilment of the requirements of the other persons Insurance contracts will not be jeopardised.

Footnote

(+ + + § 3: For application see Section 62 (1) sentence 2 no. 1 + + +) Unofficial table of contents

§ 4 Determination of the duty of supervision

The supervisory authority shall decide whether a company is subject to supervision. The decision shall be binding on the administrative authorities. A decision of a court or of an administrative authority before 1 April 1931 shall not preclude a new decision by the supervisory authority.

Footnote

(+ + + § 4: For application, see Section 62 (1) sentence 2 no. 1 + + +) Unofficial table of contents

§ 5 exemption from supervision

(1) The supervisory authority may exempt insurance associations on reciprocity which do not need to be registered from day-to-day supervision under this law if, according to the nature of the transactions operated and in the other circumstances, a Supervision in order to safeguard the interests of insured persons does not appear necessary. These conditions may be met, in particular, in the case of death breeds and in the case of associations with a locally limited circle of activity, a small number of members and a small amount of contributions. The exemption is to be revoked if the supervisory authority becomes aware that the conditions of the exemption are not fulfilled. (2) If the supervisory authority has made an exemption under paragraph 1, the provisions of Sections 12, 13, 178 and 193, Part 2, Chapter 2, Part 3 and Part 6, with the exception of sections 305, 306 and 310, to the extent that secondary provisions relating to the exemption or the above-mentioned rights of the supervisory authority are to be enforced in accordance with § § 305 and 306; a conversion according to the Conversion Act is not allowed. (3) The Federal Ministry of Finance is authorized to Legal Regulation, which does not require the consent of the Federal Council, public-law insurance undertakings within the meaning of Article 1 (3) and supply facilities within the meaning of § 2, which are not subject to national supervision, from the supervision of shall be exempt from this law if, in accordance with the statutory provisions relating to the establishment of undertakings or the agreements between undertakings and their institutions, supervision of the interests of insured persons does not is required. Unofficial table of contents

§ 6 Labelling protection

(1) The names "insurance", "insurer", "insurance", "reinsurance", "reinsurers" and the corresponding foreign language names or a name in which one of these words is included may be used in the company, as an addition to the Company, to name the business purpose or for advertising purposes only by insurance undertakings within the meaning of Article 1 (1) and (3) as well as by their associations, insofar as nothing else is determined by law. Insurance intermediaries may only lead the names referred to in the first sentence if they are accompanied by an addition which makes the intermediary property clear. (2) In cases of doubt, the Bundesanstalt für Finanzdienstleistungsaufsicht (Bundesanstalt für Finanzdienstleistungsaufsicht) decides to apply (Bundesanstalt), whether a company has the power to lead the names referred to in paragraph 1. (3) The Bundesanstalt is entitled, in proceedings of the register court, which relate to the registration or modification of the legal relationships or the company of undertakings which are referred to in paragraph 1. (4) Performs a company or a company, and uses unauthorised names to submit applications and to appeal under the law on the procedure in family matters and in matters of voluntary jurisdiction. (4) Does a company or an addition to the company the use of which is inadmissible pursuant to paragraph 1, or where a company uses such a name, the register court shall delete the company from its own motion, the addition to the company or the subject matter of the company; Section 395 of the Act on the Procedure in Family Matters and in the matters relating to matters relating to the matters relating to the company's business of the voluntary jurisdiction shall be applied accordingly. The company is to be held responsible for the failure to use the company, the company or the object of the company by setting the order for the order; § 392 of the Act on the Procedure in Family Matters and in the Affairs of the Company voluntary jurisdiction shall apply accordingly. Unofficial table of contents

§ 7 Definitions

The following definitions shall apply to this Act:

1.

Supervisory authority: the authority or authorities responsible for the supervision of the undertakings referred to in Article 1 (1) pursuant to Articles 320 to 322 of this Act or of other laws, regulations or administrative provisions.

2.

Breakdown: an agreement of any kind between an insurance undertaking and a service provider, on the basis of which the service provider provides, directly or through further breakdown, a process, a service or an activity which: would otherwise be provided by the insurance undertaking itself; the service provider may be a regulated entity or a non-regulated entity.

3.

Significant participation: the direct or indirect holding of at least 10 per cent of the capital or voting rights of an undertaking or another possibility of exercising a significant influence on the management of this Company; in the calculation of the share of the voting rights, § 21 (1) in conjunction with a legal regulation pursuant to paragraph 3, § 22 (1) and (2), § 22a (1) to (3) in conjunction with a legal regulation pursuant to paragraph 6 and section 23 of the to apply the Securities Trading Act accordingly; shall not take into account the voting rights or Capital shares held by investment firms or credit institutions within the scope of the emission transaction in accordance with Article 1 (1), second sentence, point 10 of the Banking Act, provided that those rights are not exercised or are not otherwise used to in the management of the issuer, and shall be sold within one year of the date of acquisition.

4.

(a) a parent undertaking: a parent undertaking or another undertaking which holds a holding or is connected to another undertaking by means of a relationship as described in Article 271 (1) of the Commercial Code; the participation shall be considered as direct or indirect holding of at least 20 per cent of the voting rights or of the capital of a company; for the purposes of supervision in accordance with sections 245 to 287, the holding of voting rights directly or indirectly shall also be deemed to be involved. or capital in a company which, in the opinion of the supervisory authorities, is the relevant influence is actually exercised.

5.

Diversification effects: a reduction of the risk potential of insurance companies and groups through the diversification of their business activities, resulting from the fact that the negative result of a risk through the If these risks are not fully correlated, it is possible to compensate for a more favourable outcome of a different risk.

6.

Third State: any State which is not a Member State or a Contracting State within the meaning of point 22; as a third country, a State-like administrative unit with independent supervisory powers shall also apply to the extent that the provisions of the law of the European Union on freedom of movement, right of establishment and freedom to provide services are not to be applied.

7.

Close links: a situation in which at least two natural or legal persons are connected by means of control or participation, or a situation in which at least two natural or legal persons with the same person are connected by means of a Control ratio is permanently connected.

8.

External credit rating agency: a credit rating agency set up in accordance with Regulation (EC) No 1060/2009 of the European Parliament and of the Council of 16 September 2009 on credit rating agencies (OJ L 327, 30.12.2009, p. 1), as last amended by Regulation (EU) No 462/2013 (OJ L 302, 15.11.2013, p. 1). 1), or a central bank that provides credit ratings and is exempt from the application of the said Regulation.

9.

Function: an internal capacity within the business organization to perform practical tasks; the business organization closes the risk management function, the compliance function, the internal audit function and the actuarial function.

10.

Mixed financial holding company: parent undertaking which is not a regulated entity of a financial conglomerate within the meaning of Article 2 (1) of the financial conglomerate supervisory act and which, together with its subsidiaries, of which: at least one regulated entity of a financial conglomerate having its head office in the country or in another Member State or a Contracting State, and forming a financial conglomerate with other undertakings.

11.

Mixed insurance holding company: parent undertaking,

a)

that is neither insurance undertakings, nor insurance undertakings of a third country, nor insurance holding company within the meaning of point 31, nor a mixed financial holding company within the meaning of point 10, and

b)

Its subsidiary shall include at least one insurance undertaking.

12.

Basic spread: the spread, the credit quality and the category of the assets to be calculated by the European Insurance and Occupational Pensions Authority for each relevant duration, credit quality and category of assets. Matching adjustment in accordance with Article 77e (1) (b) of Directive 2009 /138/EC of the European Parliament and of the Council of 25 November 2009 on the taking-up and pursuit of the business of insurance and reinsurance (OJ L 327, 30.12.2009, p. 1), as last amended by Directive 2014 /51/EU (OJ L 197, 21.7.2014, p. 1) has been amended, decided at least once in the quarter and published.

13.

Group: an association of undertakings which:

a)

from a participating undertaking, its subsidiaries and the undertakings in which the participating undertaking or its subsidiaries hold a holding, as well as undertakings which form part of a horizontal group of undertakings in the sense of the number 15 is, or

b)

is based on the establishment of contractual or other strong and sustainable financial relations between all those undertakings and may include mutual or similar clubs, provided that:

aa)

one of these companies, through central coordination, exerts a dominant influence on the decisions of all the companies belonging to the group, including financial decisions, and

bb)

the establishment and disbanding of such relations shall be required for the purposes of this Title of prior authorisation by the Group Supervisory Authority;

the company that performs the central coordination is considered a parent company and the other companies are considered subsidiaries.

14.

Intra-group transactions: transactions in which an insurance undertaking, in order to comply with a liability, directly or indirectly relies on other undertakings within the same group or on natural or legal persons, who: with the companies of the group are connected by close links, whether this is done on a contractual or non-contractual basis, or on a basis of remuneration or unpaid.

15.

Horizontal group of companies: a group in which a company is connected to one or more other companies in such a way as to:

a)

they are jointly, on the basis of a statutes or of a contract, under a single management; or

b)

the majority of their administrative, management or supervisory bodies shall be composed of the same persons who are in office during the financial year and until the expiry of the periods specified in Article 290 (1) of the Commercial Code, irrespective of the period in which they are held of whether or not to draw up consolidated accounts.

16.

Control: the exercise of a dominant influence within the meaning of Section 290 of the Commercial Code.

17.

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

18.

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 undertakings claims, and that occurs in the form of counterparty risk, spread risk or market risk concentrations.

19.

Liquidity risk: the risk that insurance companies are unable to implement assets and other assets in order to meet their financial obligations when it is due.

20.

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 for the assets, liabilities and financial instruments.

21.

Significant risk-free interest curve: the interest rate curve established by the European Insurance and Occupational Pensions Authority in accordance with Article 77e (1) (a) of Directive 2009 /138/EC at least once in the quarter shall be adopted and published.

22.

Member State or State Party: a Member State of the European Union or any other State Party to the Agreement on the European Economic Area.

23.

Parent undertaking: a parent undertaking within the meaning of Article 1 of Directive 83 /349/EEC; for the purposes of supervision in accordance with Articles 245 to 287, the parent undertaking shall also apply to any undertaking which, in the opinion of the supervisory authorities, holds a dominant position Influence actually exerts.

24.

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

25.

Qualified Central Counterparty: a central counterparty, either in accordance with Article 14 of Regulation (EU) No 648/2012 of the European Parliament and of the Council of 4 July 2012 on OTC derivatives, central counterparties and trade repositories (OJ L 327, 22.9.2012, p. 1), or has been recognised in accordance with Article 25 of that Regulation.

26.

Risk concentrations: all exposures of the companies of a group or financial conglomerate with a default risk within the meaning of Article 1 (2) of the Financial Conglomerate-Supervisory Law, which are large enough to ensure the solvency or the the general financial position of one or more of the regulated financial conglomerate undertakings or regulated group undertakings, with the risk of default on an address risk, a credit risk, a risk of investment, a risk of investment, a risk of exposure to the risk, the risk of exposure to the risk, and the risk of exposure to insurance risk, market risk, other risk, The combination of these risks or the interaction between these risks may be based or may be based on.

27.

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.

28.

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

29.

Subsidiary: a subsidiary undertaking within the meaning of Section 290 of the Commercial Code, including its own subsidiaries; for the purposes of supervision in accordance with sections 245 to 287, any undertaking to which a subsidiary is responsible shall also be deemed to be a subsidiary undertaking. parent companies, in the opinion of the supervisory authorities concerned, actually exercise a dominant influence.

30.

' affiliated undertaking ' means a subsidiary undertaking or any other undertaking in which a holding is held or an undertaking which is part of a horizontal group of undertakings within the meaning of point 15.

31.

Insurance holding companies: parent undertakings which are not a mixed financial holding company within the meaning of point 10 and whose principal activity is the acquisition and holding of holdings in subsidiaries; these are the parent companies subsidiary undertakings, or mainly insurance undertakings or insurance undertakings of a third country; at least one of these subsidiaries is an insurance undertaking.

32.

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.

33.

Insurance undertakings: first or reinsurance undertakings which are the subject of the operation of insurance operations and which are not social security institutions, the subject of a reinsurance undertaking excluding the insurance undertaking concerned: Reinsurance is.

34.

Insurance undertakings of a third country: first-or reinsurance undertakings which have their registered office in a third country and which would require official authorisation in accordance with Article 14 (1) of Directive 2009 /138/EC if they are to be established in a state within the European Economic Area.

35.

Adjustment of volatility adjustment: adjustment of the relevant risk-free interest rate curve established by the European Insurance and Occupational Pensions Authority in accordance with Article 77e (1) (c) of Directive 2009 /138/EC shall be adopted and published at least once in the quarter.

36.

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

Part 2
Requirements for first-time insurance and reinsurance

Chapter 1
Business activity

Section 1
Authorisation and pursuit of business activities

Unofficial table of contents

§ 8 Permission; Spartsegregation

(1) Insurance companies require the permission of the supervisory authority to operate. (2) The permission may only be granted to public limited companies, including the European Company, mutual insurance associations, and corporate bodies and entities. (3) The place of the main administration must be domestised. (4) A reinsurance undertaking shall only be admitted to the operation of reinsurance. In the case of primary insurance undertakings, the authorisation to operate the life assurance referred to in Annex 1 (19) to (24) and the authorisation to operate other insurance undertakings shall be concluded; the same shall apply in respect of the authorisation to operate the Health insurance within the meaning of § 146 (1) and permission to operate other insurance savings. (5) The supervisory authority shall disclose the grant and the revocation of the permit in the electronic information medium pursuant to § 318 (3) and reports the Commission to the European Insurance and Insurance Supervisory Authority (ECEC) occupational retirement provision. If an insurance company subject to safety requirements is affected in accordance with § 221, it shall also inform the security fund.

Footnote

(+ + + § 8 (2): For the application, see Section 237 (3) (1) + + +)
(+ + + § 8 (4): For application, see Section 13 (1) sentence 2 + + +) Unofficial table of contents

§ 9 Application

(1) The business plan must be submitted with the application for permission; it shall set out the purpose and establishment of the undertaking, the territory of the intended business operation and the conditions under which the future commitments shall be made (2) As part of the business plan, the following must be submitted:

1.

the Articles of Association, in so far as they do not relate to general insurance conditions;

2.

Information on which insurance savings are to be operated and the risks to be covered by an insurance sector; in the case of undertakings which wish to operate exclusively reinsurance, information on the risks involved in the insurance sector shall be provided instead. reinsurance contracts, and the types of reinsurance contracts which the reinsurance undertaking intends to conclude with the pre-insurers;

3.

the basic principles of reinsurance and retrocession;

4.

information on the basic own resources, which are intended to cover the absolute limit of the minimum capital requirement;

5.

an estimate of the expenditure necessary for the development of the administration and the representative network; the company must demonstrate that the necessary funds (Organizational Funds) are available; if the permit for the operation of the business is the insurance sector referred to in Annex 1 (18) is requested to provide information on the resources available to the undertaking in order to comply with the assistance promised.

(3) In addition, the insurance undertaking shall present as part of the business plan for the first three financial years:

1.

a plan balance sheet and a plan-profit and loss calculation;

2.

estimates of the future solvency capital requirement on the basis of the plan balance sheet and the plan profit and loss account referred to in point 1, and the calculation method from which the estimates are derived;

3.

estimates of the future minimum capital requirement on the basis of the plan balance sheet and the plan profit and loss account referred to in point 1, and the calculation method from which the estimates are derived;

4.

estimates of the financial resources that are likely to be available to cover the technical provisions, compliance with the minimum capital requirement and the solvency capital requirement;

5.

for non-life insurance and reinsurance

a)

an overview of the estimated administrative costs, in particular the current overhead costs and commissions, excluding the expenditure on the administration,

b)

an overview of the estimated contributions and the expected damage, and

6.

for life insurance, a plan from which the estimates of income and expenditure in primary insurance transactions, as well as in the active and passive reinsurance business, will be explained in detail.

(4) In addition, please submit:

1.

information on the nature and scope of the business organisation, including

a)

the information which is essential for the assessment of the conditions referred to in § 24; this shall apply to directors, other persons who actually direct the company, the members of the Supervisory Board, the person responsible for the Supervisory Board and the members of the Supervisory Board, as well as the other persons who are responsible for other key tasks,

b)

the information on corporate contracts of the kind referred to in § § 291 and 292 of the German Stock Corporation Act (Stock Corporation Act) and

c)

the information on contracts relating to the allocation of important functions or activities;

2.

provided that significant holdings are held in the insurance undertaking,

a)

the indication of the holders and the level of holdings;

b)

information on the facts required for the assessment of the requirements referred to in Article 16;

c)

provided that the holders of the significant holdings have annual financial statements: the financial statements of the last three financial years, together with audit reports from independent auditors, where such statements are to be drawn up, and

d)

provided that these holders belong to a group: the disclosure of the group structure and, where such financial statements are to be drawn up, the consolidated consolidated financial statements of the last three financial years, together with audit reports of independent auditors, where such audit reports are to be drawn up and the publication of such reports to the applicant in accordance with German law does not prevent any obstacles;

3.

information on the facts which indicate a close link between the insurance undertaking and other natural persons or undertakings;

4.

in the case of compulsory insurance, the general insurance conditions;

5.

for health insurance within the meaning of section 146 (1)

a)

the principles for the calculation of premiums and technical provisions within the meaning of § § 341e to 341h of the Commercial Code, including the accounting principles used, mathematical formulas, calculatory derivation and statistical evidence and

b)

the general insurance conditions and

6.

in the case of cover of the risks referred to in point 10 (a) of Appendix 1, the names and addresses of the claims representative to be appointed in accordance with Section 163.

(5) Except in the case of applications for authorisation to operate insurance operations as a death fund, or as one of the entities referred to in Article 1 (4), the supervisory authority shall have the competent authorities of the other institutions before granting the permit. Member States or States Parties shall be consulted when the undertaking

1.

Subsidiary or sister company of an insurance undertaking, a CRR credit institution within the meaning of Section 1 (3d) sentence 1 of the Banking Act, an e-money institution within the meaning of Section 1 (3d) sentence 6 of the Banking Act or of a securities trading company within the meaning of Section 1 (3d) sentence 4 of the Banking Act and if the parent undertaking or other sister company is already authorised in another Member State or a Contracting State, or

2.

is controlled by the same natural persons or undertakings which control an insurance undertaking, CRR credit institution, electronic money institution or securities trading company established in another Member State or a State Party.

The competent authorities of the Member States or States Parties in which the parent undertaking, the sister company or the controlling undertaking has its principal place of business, or the persons controlling their habitual residence shall be the competent authorities of the Member States or States Parties to which the parent undertaking, the sister undertaking . Sister undertakings within the meaning of the first paragraph of sentence 1 shall be undertakings which have a joint parent undertaking. The hearing shall cover, in particular, the information provided for the assessment of the reliability and professional competence of the persons referred to in Article 24 and for the assessment of the reliability of the holders of a significant holding. Undertakings belonging to the same group as defined in the first sentence of this Article shall be required to have their registered office in the Member State or Contracting State concerned, as well as to the particulars relating to own resources.

Footnote

(+ + + § 9 para. 2 no. 2: For application see Section 234 (3), first sentence, No. 1, and Section 237 (3) no. 2 + + +)
(+ + + § 9 (5): For application, see Section 13 (1) sentence 2 + + +) Unofficial table of contents

§ 10 Scope of permission

(1) The supervisory authority shall grant the permit indefinite if it does not result from the business plan otherwise. The permission shall apply to the territory of all Member States or States Parties. (2) Companies wishing to operate only the first insurance or the primary and reinsurance undertakings shall be granted the permit for each of the insurance classes referred to in Appendix 1. issued separately. It relates in each case to the whole division, unless the company intends to cover only a part of the risks of this insurance division according to its business plan. Permission may also be granted to cover several insurance savings under the terms set out in Appendix 2. (3) Companies wishing to run reinsurance exclusively shall be granted permission to do so for the damage and damage caused by the insurance. Accident-reinsurance, including reinsurance, in so far as it is not life-reinsurance (non-life reinsurance), life-reinsurance, or for all types of reinsurance. Permission shall be granted for all types of reinsurance if it does not result from application or business plan otherwise. (4) A permit issued for one or more divisions shall also cover additional risks from others. Insurance savings, if these risks are related to a risk of an insurance business operated, concern the same subject matter and are covered by the same contract. Risks falling under the insurance division referred to in Annex 1, points 14, 15 and 17 shall not be included as additional risks from the authorization to operate other divisions. However, risks falling within the insurance sector referred to in Annex 1 (17) shall be included in the conditions set out in the first sentence of the first subparagraph, if they relate to disputes or claims arising out of the insurance policy referred to in point 17 of Annex 1. the use of ships at sea or connected with the use thereof, or where the permit is granted for the operation of the division referred to in Annex 1 (18) (a).

Footnote

(+ + + § 10 (4): For application, see Section 237 (1) sentence 2 + + +) Unofficial table of contents

§ 11 Sawing and limitation of permission

(1) The supervisory authority shall be refused permission if:

1.

according to the business plan and the documents submitted in accordance with § 9 (2) to (4), the obligations arising from the insurance are not sufficiently fulfilled to be fulfilled in a continuous manner,

2.

the existence of facts justifying the assumption that the directors or members of the Supervisory Board do not meet the requirements of Section 24; or

3.

where the holder of a significant holding in the insurance undertaking or, where the holder is a legal person, also a legal or statutory representative, or, if the holder is a legal person, the facts exist which justify the adoption of such a case. Proprietor of a commercial partnership, whether or not a shareholder of the proprietor, is not reliable or, for other reasons, is not satisfied with the interests of sound and prudent management of the undertaking; this shall apply in the Doubt even if facts justify the assumption that he is the one of him has provided funds for the acquisition of the significant participation by an act which objectively fulfils a criminal offence,

4.

in the case of first insurance undertakings, in addition to one of the cases referred to in points 1 to 3, where:

a)

in accordance with the business plan and the documents submitted pursuant to § 9 (2) to (4), the interests of the insured are not sufficiently protected,

b)

in the case of the granting of the authorization, the insurance undertaking shall become a subsidiary of an insurance holding company or a mixed financial holding company and shall justify the assumption that a person who has The insurance holding company or the mixed financial holding company actually manages, is not reliable or is not the person responsible for the management of the business of the insurance holding company or the mixed financial holding company possess the necessary professional competence, or

c)

in the case of the health insurance undertaking, facts which justify the assumption that the undertaking will introduce tariffs which, within the meaning of Article 204 of the Insurance Contracts Act, provide similar insurance protection as those provided for in Article 204 of the Insurance Contract Act, Tariffs of another insurance undertaking affiliated with it, provided that the introduction of such tariffs does not sufficiently safeguard the interests of insured persons.

(2) permission may be refused if facts justify the assumption that an effective supervision of the insurance undertaking is impaired. This is particularly the case if:

1.

the insurance undertaking is engaged with other persons or undertakings in a group of undertakings or is in close contact with such a group and the latter by the structure of the participative system or by the lack of a economic transparency impairs effective supervision of the insurance undertaking,

2.

an effective supervision of the insurance undertaking shall be adversely affected by the laws, regulations or administrative provisions of a third State applicable to persons or undertakings referred to in paragraph 1; or

3.

an effective supervision of the insurance undertaking is adversely affected by the fact that persons or undertakings referred to in point 1 are not effectively supervised in the State of their registered office or in their head office or who are responsible for the supervision of such undertakings The competent authority is not prepared to cooperate satisfactily with the supervisory authority.

Permission may also be refused if, contrary to § 9, paragraph 4, the application does not contain sufficient information or documents. (3) For reasons other than those mentioned in paragraphs 1 and 2, the permission must not be refused.

Footnote

(+ + + § 11: For application, see § 12 para. 1 sentence 4 + + +) Unofficial table of contents

§ 12 Amendments to the business plan and to business contracts

(1) Any modification of the components of the business plan of a first insurance undertaking as referred to in Article 9 (2) (1) and (2), any extension of the territory of its business and business contracts of a first-time insurance undertaking in the first and second insurance undertakings in the The meaning of Article 9 (4) (1) (b) and the amendment thereof may not be put into effect until they have been approved by the supervisory authority. The same shall apply to any extension of the business operations of a reinsurance undertaking to an area outside of the Member States or States Parties or to other types of reinsurance. Sentence 1 shall not apply to changes in the statutes which are subject to a capital increase. § 11 shall be applied accordingly. (2) If the business operation is to be extended to other insurance classes or to other types of reinsurance, the evidence shall be submitted in accordance with § 9 (2) to (4). (3) Business operations shall be extended to an area outside of the Member States or States Parties;

1.

specify which insurance branches and types or types of reinsurance should be operated, and

2.

to demonstrate that the insurance undertaking

a)

even after the intended extension of the territory of the business establishment, the rules on the capital allocation in the Member States or States Parties shall be complied with and

b)

in the case of establishment of an establishment in an area outside the Member States and States Parties, a permit required for the establishment of a business or such a permit is not required.

Footnote

(+ + + § 12: For application, see § 5 (2) + + +)
(+ + + § 12 (1): For application, see Section 234 (3) sentence 1 no. 2, § 237 (3) No. 3 and § 336 sentence 2 + + +) Unofficial table of contents

Section 13 Stock transfers

(1) Any contract which is intended to transfer the insurance portfolio of a first insurance undertaking in whole or in part to another insurance undertaking shall require the approval of the supervisory authorities which are responsible for the Companies are responsible. The authorisation shall be granted if the interests of the insured are respected and the obligations arising from the insurance are deemed to be permanently fulfilled; § 9 (5) on the hearing of the competent authorities of another Member-or The Contracting State and the fourth paragraph of Article 8 shall apply accordingly. (2) A national first-time insurance undertaking shall carry over a stock of insurance contracts which it has concluded in accordance with Section 61 by a branch or in the provision of services, in whole or in part to an insurance undertaking with a registered office in a Member State or By way of derogation from the first sentence of paragraph 1, the contracting state shall only require the approval of the supervisory authority responsible for the transfer insurance undertaking. The authorisation shall be granted if the conditions set out in the second sentence of paragraph 1 are met and where:

1.

a certificate issued by the supervisory authority of the host Member State of the accepting insurance undertaking must demonstrate that the competent authority, after the transfer, has sufficient eligible own funds to comply with the the solvency capital requirement,

2.

the supervisory authorities of the Member States or States Parties in which the risks of the insurance order are situated; and

3.

in the case of the transfer of the insurance order of a branch, the supervisory authority of that Member State or of the Contracting State has been consulted.

The first and second sentences of sentences 1 and 2 shall also apply to the transfer of an insurance order acquired domestiy. In the cases referred to in the first and third sentences, paragraph 5 shall apply accordingly; paragraphs 3 and 4 shall remain unaffected. (3) Members of an insurance association on reciprocity shall, in whole or in part, lose their rights as a result of the transfer of stocks. A member of the association, authorisation may be granted only if the stock transfer contract provides for an adequate remuneration, unless the acquiring insurance undertaking is also an insurance association on reciprocity and that of: the members of the transferring association affected by the stock transfer Members of the accepting association. (4) Where insurance relationships are affected by bonuses, the transfer may only be approved if the value of the excess participation of the insured persons of the transferor and the transferor Insurance company after transfer is not lower than before. The assets and liabilities of the transferring insurance undertaking shall be subject to the assumption that the insurance relationships concerned would be continued with that insurance undertaking and the assets and liabilities of the transferor. Insurance undertaking assuming that it takes over the insurance relationships in accordance with the contract for which the authorisation is requested to compare at their fair value as far as they influence the excess share (5) The rights and obligations of the transferor Insurance undertakings from the insurance contracts shall also be transferred to the acquiring insurance undertaking in relation to the policyholders in relation to the policyholders; § 415 of the Civil Code shall not apply. (6) The insurance undertaking shall not be subject to the provisions of the insurance contract. The stock transfer contract requires the written form; § 311b (3) of the Civil Code is not applicable. (7) The approval of the stock transfer is to be published in the Federal Gazette. As soon as the transfer of the stock has become effective, the acquiring insurance undertaking shall inform the policyholders of the reasons, the design and the consequences of the transfer of the stock, in particular on the basis of a transfer of the stock. the change in the authority responsible for legal or financial supervision and a change in a claim against a security body in the event of the insolvency of the insurer. If the competent authority for financial supervision changes, the policyholder may terminate the contract within one month of receipt of the notification of the insurer with immediate effect. The insurer shall inform the policyholder of the right to terminate the contract in the notice.

Footnote

(+ + + § 13: For application, see Section 5 (2), section 222 (2) and (2) Paragraph 6, first sentence, and § 339 sentence 2 + + +)
(+ + + § 13 (1) sentence 2, para. 2, 4 and 5: For use, see: Section 14 (1) sentence 2 + + +)
(+ + + § 13 para. 2: For the application, see Section 65 (2) (4) and Section 237 (1) sentence 2 + + +)
(+ + + § 13 (4) and 5, para. 7, sentence 1: To be applied, see Section 63 (1) sentence 2 + + +) Unofficial table of contents

§ 14 Transformations

(1) Any conversion of a first insurance undertaking in accordance with § § 1 and 122a of the Conversion Act shall be subject to the approval of the supervisory authority. Article 13 (1), second sentence, and (2), (4) and (5) shall apply accordingly. (2) The supervisory authority may also refuse authorisation if the provisions relating to the conversion have not been complied with. Unofficial table of contents

§ 15 Insurance foreign transactions

(1) In addition to insurance operations, first insurance undertakings shall be entitled to operate only those transactions which are directly related to insurance transactions. In the case of futures and transactions with options and similar financial instruments, such a link shall be deemed to be linked if it is to hedge against exchange rate or interest rate risks on existing assets or the subsequent acquisition of securities shall be used, or if an additional income is to be obtained from existing securities, without the ability to conceal the assets of the security in the event of fulfilment of delivery obligations. In the case of foreign funds, there is regular no direct link within the meaning of the sentence 1. In the case of another transaction, such a relationship shall only be assumed if it is not associated with an additional financial risk. (2) reinsurance undertakings may only be subject to reinsurance transactions and related transactions; and Services. Business related to a reinsurance business also applies to the function and activities as a holding company in respect of companies in the financial sector within the meaning of Article 2 (3) of the Financial Conglomerate-Supervisory Act. (3) Mediation activities carried out in accordance with Article 2 (3) and (4) of Directive 2002/92/EC of the European Parliament and of the Council of 9 December 2002 on insurance mediation (OJ L 327, 30.12.2002, p. 3) are not regarded as insurance and reinsurance mediation, and are part of the business of an insurance undertaking.

Section 2
Major participations

Unofficial table of contents

§ 16 Holdings of major holdings

The holders of a significant holding within the meaning of Article 7 (3) of the insurance undertaking shall meet the requirements to be met in the interests of sound and prudent management of the undertaking, and in particular shall be reliable; be. Where the participation is held by legal persons or partnerships, the same shall apply to natural persons who are appointed to conduct business and to represent them in accordance with the law, the statutes or the social contract , as well as for the personally liable partners. Unofficial table of contents

Section 17 Display of major holdings

(1) Any natural or legal person and any person trading company shall immediately notify the supervisory authority in writing if it intends to:

1.

acquire, on their own or in cooperation with other persons or undertakings, a significant participation in an insurance undertaking (the acquirer of interest); in the notification, the interested acquirer shall have the interest in the amount of the shareholesand the for the justification of the relevant influence, the assessment of its reliability and the examination of the other grounds for the subsatiation in accordance with Article 18 (1), the submission of essential documents and the indication of facts, persons and undertakings, of which he intends to acquire the relevant shares; is the interested party If a legal person or a person-trading company is acquired, he/she shall, on the display, make essential facts for the assessment of the reliability of his or her statutory or statutory representatives or personally liable members. indicate;

2.

increase the amount of the significant holding in such a way that the threshold of 20 per cent, 30 per cent or 50 per cent of the voting rights or the nominal capital is reached or exceeded, alone or in cooperation with other persons or undertakings or that control is exercised through the insurance undertaking within the meaning of Section 7 (16), or

3.

to give up a significant holding in an insurance undertaking or to lower the amount of the significant holding under the threshold of 20%, 30 per cent or 50 per cent of the voting rights or of the capital, or to participate in such a way as to alter the absence of any control over the insurance undertaking, indicating the remaining amount of the holding; the supervisory authority may set a time limit within which it is the person or persons trading company; which has refunded the complaint, the enforcement or non-execution of the intended to indicate a reduction or change.

(2) The holder of a significant shareholding shall have each newly appointed legal or statutory representative and each new personally liable partner of the supervisory authority with the essential elements for the assessment of the reliability of the latter. (3) The Supervisory Authority shall, in writing and in writing, have the receipt of a complete notification as referred to in paragraph 1 (1) or (2) without delay, but no later than two working days from the date of such access, in writing. (4) The supervisory authority shall have the following information: To assess the notification referred to in paragraph 1 (1) or (2) within 60 working days from the date of the letter with which it has confirmed the receipt of the full notification in writing (period of assessment). In the confirmation referred to in paragraph 3, the supervisory authority shall notify the person subject to the notification of the date on which the assessment period ends. Up to the 50. Working day within the assessment period, the supervisory authority may request further information necessary for the conclusion of the assessment. The request shall be made in writing, stating the additional information required. The supervisory authority shall confirm the receipt of further information in writing, within two working days of the receipt of such information, to the person subject to the notification. The assessment period shall be inhibited from the date of the request for further information up to the date of its receipt by the supervisory authority. The assessment period shall not exceed 80 working days in the case of the inhibition after sentence 6. The supervisory authority may request additions or clarifications on such information; this does not lead to a renewed inhibition of the assessment period. By way of derogation from sentence 7, the assessment period may, in the event of an inhibition, be limited to a maximum of 90 Working days shall be extended if the taxable person

1.

is established or supervised outside the European Economic Area, or

2.

is a natural person or undertaking which is not subject to supervision under any of the following Directives:

a)

2009 /65/EC of the European Parliament and of the Council of 13 July 2009 on the coordination of laws, regulations and administrative provisions relating to undertakings for collective investment in transferable securities (UCITS) (OJ L 139, 30.4.2009, p. OJ L 302, 17.11.2009, p.32),

b)

2004 /39/EC of the European Parliament and of the Council of 21 April 2004 on markets in financial instruments, amending Council Directives 85 /611/EEC and 93 /6/EEC and Directive 2000 /12/EC of the European Parliament and of the Council and on Repeal of Council Directive 93 /22/EEC (OJ L 136, 31.3.1993, 1, L 45 of 16.2.2005, p. 18),

c)

2006 /48/EC of the European Parliament and of the Council of 14 June 2006 relating to the taking up and pursuit of the business of credit institutions (OJ L 177, 30.6.2006, p. OJ L 177, 30.6.2006, p.1), or

d)

2009 /138/EC.

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§ 18 Undertaking or limitation of significant participation

The supervisory authority may, within the assessment period, prohibit the proposed acquisition of the significant holding or increase in the case where facts justify the assumption that:

1.

the taxable person or, where the person is a legal person, a legal or statutory representative or, if the person concerned is a commercial company, a shareholder not reliable , or, for other reasons, it is not sufficient for the insurance undertaking to conduct a sound and prudent management of the insurance undertaking; this is also the case where the acquirer of the significant participation cannot demonstrate that: He has adequate business plans for the continuation and development of the business of the insurance undertaking and the interests of the insured persons or the legitimate interests of the pre-insurers are sufficiently safeguarded, and in accordance with Article 11 (1) (3), second half-sentence;

2.

the insurance undertaking is not or will not be in a position to comply with the prudential requirements or that the insurance undertaking is in a position to comply with the supervisory requirements by reason of or increase in participation with the holder of the significant holding in a A group of undertakings which, through the structure of the financial participation or through poor economic transparency, would have an effective supervision of the insurance undertaking or an effective exchange of information between the competent authorities or the definition of the distribution of competences between these bodies may be affected;

3.

the insurance undertaking would, by reason or increase of the significant holding, become a subsidiary of an insurance undertaking of a third country which is not effectively supervised in the State of its registered office or in its head office or whose supervisory authority is not prepared to cooperate satisfactily;

4.

the future business manager is not reliable or not technically suitable;

5.

in the context of the proposed acquisition or increase in the participation of money laundering or terrorist financing within the meaning of Article 1 of Directive 2005 /60/EC of the European Parliament and of the Council of 26 June 2005, October 2005 on the prevention of the use of the financial system for the purpose of money laundering and terrorist financing (OJ L 327, 28.12.2005 15), these offences have been attempted, or the proposed acquisition or increase could increase the risk of such behaviour, or

6.

the taxable person does not have the necessary financial soundness, in particular with regard to the nature of the actual and planned operations of the insurance undertaking; this is particularly the case where the taxable person is subject to: The reason for the capital allocation or the financial situation cannot be in accordance with the specific requirements of the insurance undertaking arising from its capital endowment or cash equivalents, in order to ensure the permanent fulfilment of the Obligations under insurance contracts to be guaranteed or to Avoid liquidity bottlenecks.

(2) The supervisory authority may also prohibit the acquisition or increase of the participation if the information referred to in Article 17 (1) (1) and (2) or the information requested in addition to the third sentence of Article 17 (4) is incomplete or not correct; the supervisory authority shall not provide any conditions for the level of the participation or increase in participation to be acquired, nor shall it be allowed to depart from its consideration to the economic needs of the market. (3) the supervisory authority after the conclusion of the assessment, the acquisition or the increase of the To prohibit participation, it shall notify the person subject to the decision in writing, within two working days and in accordance with the assessment period, stating the reasons for the decision. Observations and reservations of the competent authority responsible for the notification shall be reproduced in the decision and shall not be subject to the reasons set out in paragraphs 1 and 2. If the acquisition or increase in participation is not prohibited in writing within the assessment period, the acquisition or increase may be carried out; the rights of the supervisory authority pursuant to § 20 shall remain unaffected. If the acquisition or increase in participation is not prohibited, the supervisory authority may set a time limit after the expiry of which the person liable for the notification is subject to the execution or non-execution of the intended acquisition or increase without delay. . Unofficial table of contents

Section 19 Undertaking to exercise voting rights

1. The supervisory authority may prohibit the holder of a significant holding and the undertakings controlled by it from exercising the voting rights and shall order that the shares may only be subject to their consent if:

1.

the conditions for a submission pursuant to section 18 (1) or (2) are met,

2.

the holder of the significant holding of his obligation pursuant to Section 17 (1) (1) or (2) has not complied with the prior notification of the supervisory authority and that information is not provided within a time limit set by the supervisory authority has picked up, or

3.

the participation has not been acquired or increased within the time limit laid down in accordance with Article 18 (3), fourth sentence, or in spite of a fully-fledgable under-sac pursuant to § 18 (1) or (2).

2. In the event of a plea in accordance with paragraph 1, the court at the registered office of the insurance undertaking shall, at the request of the supervisory authority, the insurance undertaking or any of the parties concerned, appoint a trustee to which it shall exercise the Voting rights are transferred. The trustee shall take the interests of sound and prudent management of the insurance undertaking into account in the exercise of voting rights. In addition to the measures referred to in paragraph 1, the supervisory authority may commission the trustee with the sale of the shares in so far as they give rise to a significant stake, if the holder does not have the significant involvement of the supervisory authority. a reliable acquirer within a reasonable period of time specified by that specified period; the holders of the shares shall have the necessary role in the sale to the extent necessary. If the conditions set out in paragraph 1 are not met, the supervisory authority shall request the revocation of the trustee's order. The trustee shall be entitled to compensation for reasonable outlays and to remuneration for his activities. The court shall, at the request of the trustee, determine the expenses and the remuneration; the appeal against the payment of the remuneration shall be excluded. The insurance undertaking and the holder concerned shall be liable for the costs arising from the order of the trustee and for the expenses and remuneration to be granted to the trustee, and the holder concerned shall be liable to a significant shareholding as a full debtor. The federal government shall present the outlays and the remuneration. Unofficial table of contents

Section 20 Examination of the holder

Where facts give rise to doubt that the holder of a significant shareholding satisfies the requirements referred to in Article 16 or that the connection with other persons or undertakings is sufficient on account of the structure of the participae or effective supervision of the insurance undertaking is possible, the supervisory authority may order the holder to submit the documents referred to in Article 9 (4) (2) (c) and (d), and to: check its costs by an auditor to be determined by the supervisory authority , Unofficial table of contents

Section 21 Cooperation with the competent authorities in other Member States or States Parties

(1) In assessing the acquisition, the supervisory authority shall cooperate closely with the competent authorities in the other Member States or States Parties, if the taxable person is

1.

a CRR credit institution, an electronic money institution or an investment trading company, an insurance undertaking or a management company within the meaning of Article 2 (1) (b) of Directive 2009 /65/EC, which is, or in another the Member State or the sector other than the one in which the acquisition is intended to be authorised,

2.

a parent undertaking of a CRR credit institution, an e-money institution or a trading firm, an insurance undertaking or a management company within the meaning of Article 2 (1) (b) of Directive 2009 /65/EC which is authorised in another Member State or sector other than the one in which the acquisition is intended, or

3.

is a natural or legal person who is a CRR credit institution, an electronic money institution or a trading firm, an insurance undertaking or a management company within the meaning of Article 2 (1) (b) of the Directive 2009 /65/EC, which is authorised in another Member State or in a sector other than the one in which the acquisition is intended.

2. The competent authorities shall immediately exchange the information which is essential or relevant to the assessment. In doing so, the competent authorities shall communicate to each other all relevant information on request and shall communicate all essential information. In the decision of the competent authority which has authorised the insurance undertaking on which the acquisition is intended, any comments or reservations on the part of the competent authority responsible for the purchase of the undertaking concerned shall be noted. Unofficial table of contents

Section 22 Regulation empowerment

The Federal Ministry of Finance is empowered to adopt by means of law provisions on the nature, scope, time and form of the information to be submitted pursuant to Article 17 (1) and (2), in so far as this is in order to fulfil the tasks of the Supervisory Authority is required. In the case of insurance undertakings which are not subject to the supervision of the supervisory authorities of the countries concerned, it may be provided for in the regulation that interested acquirers in general or on a case-by-case basis, those in § 9 (4) (2) (c) and ( , and have to be examined for their costs by an auditor to be determined by the supervisory authority. The authorisation may be transferred to the Federal Institute by means of a legal regulation. Legal regulations according to sentences 1 to 3 do not require the approval of the Bundesrat.

Section 3
Business Organization

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§ 23 General requirements for the business organization

(1) Insurance undertakings must have a business organisation which is effective and orderly and which is appropriate to the nature, extent and complexity of its activities. In addition to complying with the laws, regulations and regulatory requirements to be observed by the insurance companies, the business organization must ensure a sound and prudent management of the company. In addition to compliance with the requirements of this section, this includes in particular an appropriate, transparent organisational structure with a clear allocation and an appropriate separation of responsibilities and an effective (2) The Management Board ensures that the business organization is regularly checked internally. (3) The companies must establish written internal guidelines; their implementation must be ensured. The guidelines must at least provide guidance on risk management, the internal control system, internal audit and, where relevant, the outsourcing of functions and activities. They shall be subject to the prior consent of the Management Board and shall be reviewed at least once a year and, in the event of substantial changes to the areas or systems to which they relate, shall be adjusted accordingly. (4) The companies shall have appropriate arrangements, including the development of contingency plans, in order to ensure the continuity and regularity of their activities. (5) The set-up and management arrangements and the internal control system shall be documented in a comprehensible way for third parties. The documentation shall be kept for six years; § 257 (3) and (5) of the Commercial Code shall be applied accordingly. Unofficial table of contents

§ 24 Requirements for persons who actually lead the company or carry out other key tasks

(1) Persons who actually conduct an insurance undertaking or carry out other key tasks must be reliable and technically appropriate. Professional competence requires professional qualifications, knowledge and experience, which ensure a sound and prudent management of the company. This requires adequate theoretical and practical knowledge in insurance business, as well as sufficient management experience in the case of managerial tasks. A sufficient managerial experience is generally to be accepted if a three-year managerial activity is demonstrated in an insurance undertaking of comparable size and business type. In the case of institutions for occupational retirement provision, the particularities of the appointment of the Supervisory Board shall be taken into account by representatives of the employers and the employees of the sponsoring undertakings. (2) Persons who make up the company in fact, in addition to business managers, they are those that are empowered to make substantial decisions for the company. Managers shall be those natural persons appointed by law or by statute or as principal agent of a branch in a Member State or State Party for the purpose of conducting business and representing the insurance undertaking. (3) It is not possible to appoint to the Head of Business who is already acting as head of business for two insurance companies, pension funds, insurance holding companies or insurance-related special-purpose companies. If it is a company of the same insurance or group of companies, the supervisory authority may allow more mandates. The appointment as a business manager does not prevent the exercise of a function within the meaning of § 7 sentence 1 (9). (4) Who was the manager of a company, cannot be appointed to the member of the administrative or supervisory body of that company. if two former directors of the company are already members of the administrative or supervisory body. A member of the administrative or supervisory body cannot be appointed who already exercises five control mandates in the case of companies under the supervision of the Federal Institute; mandates for undertakings of the same insurance or Group of companies are not eligible for consideration. Unofficial table of contents

§ 25 Compensation

(1) The remuneration systems for directors, employees and members of the Supervisory Board of insurance undertakings must be appropriate, transparent and geared towards the sustainable development of the enterprise. (2) Insurance undertakings may be required to: Managers and members of the Supervisory Board only grant remuneration for other activities they provide to the respective company, insofar as this is compatible with their duties as members of the board. (3) Parent companies of a group have to ensure that the remuneration systems for Managers, employees and members of the Supervisory Board within the whole group are appropriate, transparent and oriented towards sustainable development. The parent undertaking of a group within the meaning of this paragraph shall be the enterprise at the head of the group, which is either an insurance undertaking or an insurance holding company. (4) Under the conditions laid down in section 134 (1) (a) 1 shall order the supervisory authority to ensure that the insurance undertaking has the total annual amount which it provides for the variable remuneration of all managers and employees (total variable remuneration), to a certain proportion of the total amount of the remuneration. Limit or completely remove the result of the year. Under the conditions laid down in § 134 (1), the supervisory authority shall also prohibit the payment of variable remuneration components or limit it to a certain proportion of the annual result. The insurance companies must take into account the regulatory, subsational and limiting powers of sentences 1 and 2 in appropriate contractual agreements with their directors, employees and members of the Supervisory Board. In so far as contractual agreements on the granting of variable remuneration are contrary to an order, submission or limitation pursuant to sentence 1 or 2, no rights may be derived from them. (5) Paragraphs 1, 3 and 4 shall not apply, as far as the remuneration is by collective agreement or within its scope by agreement between the parties to the work contract on the application of the collective agreements or in an operating or service agreement under a collective agreement is agreed. Unofficial table of contents

§ 26 Risk Management

(1) Insurance undertakings must have an effective risk management system which is well integrated into the organisational structure and decision-making processes of the enterprise, taking into account the information needs of the persons involved in the In fact, conduct business or hold other key functions, duly taken into account by appropriate internal reporting. The risk management system shall include the strategies, processes and internal reporting procedures necessary to identify, assess, monitor and monitor the risks that the undertaking actually or may be exposed to. to report on these risks and to report them on these risks. It is necessary, individually and on an aggregated basis, to allow continuous risk management, taking into account the interdependencies between risks. At the request of the supervisory authority, the insurance undertakings shall draw up a recovery plan (general reorganisation plan). The general recovery plan must describe scenarios which may lead to a risk to the enterprise and indicate the measures to be taken to address it. (2) The strategies to be developed include in particular one of the following: control of the company's risk strategy, taking into account the nature, extent and complexity of the business and the risks associated with it. (3) In the case of insurance undertakings, the matching adjustment in accordance with § 80 or the Apply volatility adjustment in accordance with § 82, they shall draw up a liquidity plan which shall shall project incoming and outgoing cash flows in respect of assets and liabilities subject to these adjustments. (4) If the volatility adjustment is applied in accordance with § 82, the written guidelines shall include: Risk management according to § 23 (3) Guidelines for the criteria for applying the volatility adjustment. (5) The risk management system shall include all risks of the insurance undertaking and in particular cover the following areas:

1.

the drawing of insurance risks and the formation of provisions,

2.

the active passive management,

3.

the capital investments, in particular derivatives and instruments of comparable complexity,

4.

the management of the liquidity and concentration risk,

5.

the management of operational risks and

6.

reinsurance and other risk mitigation techniques.

The internal guidelines on risk management must at least set guidelines for the above mentioned areas. (6) In relation to the capital investment risk, insurance companies must demonstrate that they comply with the requirements of § 124. (7) In The insurance companies regularly assess the activity-passive management

1.

the sensitivity of their technical provisions and eligible own funds in relation to the assumptions underlying the extrapolation of the relevant risk-free interest rate curve in accordance with Section 7 (21);

2.

if the matching adjustment is applied in accordance with § 80:

a)

the sensitivity of their technical provisions and eligible own funds in relation to the assumptions underlying the calculation of the matching adjustment, including the calculation of the basic spreads in accordance with Section 81 (2), and the potential impact of forced sales of assets on their eligible own funds;

b)

the sensitivity of their technical provisions and eligible own funds in relation to changes in the composition of the associated asset portfolio;

c)

the effect of a reduction in matching adjustment to zero;

3.

if the volatility adjustment is applied in accordance with § 82:

a)

the sensitivity of their technical provisions and eligible own funds in relation to the assumptions underlying the calculation of volatility adjustment and the potential impact of a forced divestment of Assets on their eligible own resources,

b)

the effect of a reduction in volatility adjustment to zero.

The insurance undertakings shall submit annually the assessments referred to in the first sentence of the Supervisory Authority within the framework of the information to be transmitted in accordance with Section 43. In addition, if a reduction in the matching adjustment or the volatility adjustment to zero would lead to non-compliance with the Solvency Capital Requirement, the Company shall submit an analysis of the measures taken in such a manner. situation in order to reapply the eligible own funds in the level required to meet the solvency capital requirement or to reduce the risk profile, so that compliance with the solvency capital requirement (8) Insurance undertakings shall be required to: establish an independent risk control function that is structured in such a way that it significantly promotes the implementation of the risk management system. In the case of insurance companies that use an internal model, the risk control function additionally has the task of developing, implementing, testing, validating and documenting the internal model, including later changes. In addition, it analyzes the performance of the internal model and reports to the Executive Board in summary form on this analysis, gives it suggestions for improving the model and keeps it via corrective measures for fixed- Weaknesses or deficiencies to be kept up to date.

Footnote

(+ + + § 26 (1): For application, see Section 234 (3), first sentence, No. 3 and Section 237 (3) (4) + + +) Unofficial table of contents

Section 27 Risk and solvency assessment

(1) The risk management system shall include an enterprise risk and solvency assessment, which insurance undertakings shall carry out on a regular basis and in the event of substantial changes in their risk profile without delay. The risk and solvency assessment must be an integral part of the business strategy of the company and must be continuously incorporated into the strategic decisions. Insurance undertakings shall inform the supervisory authority of the outcome within 14 days of the conclusion of each risk and solvency assessment carried out. (2) The risk and solvency assessment shall include at least

1.

an independent assessment of the solvency requirement, taking into account the specific risk profile, the defined risk tolerance limit and the business strategy of the undertaking,

2.

an assessment of the eligibility of the prudential requirements, the requirements for technical provisions in the solvency overview and the risk-bearing capacity as well as the requirements for the performance of the prudential requirements; and

3.

an assessment of the materiality of deviations of the risk profile of the undertaking from the assumptions underlying the calculation of the solvency capital requirement with the standard formula or with the internal model.

(3) Companies must have processes for the assessment referred to in paragraph 2 (1) which are proportionate to the nature, scope and complexity of their risks and allow them to take all risks to which they are exposed in the short and long term. or be exposed to properly identified and assessed. This includes, in particular, the self-implementation of stress tests and scenario analyses. (4) The insurance undertakings shall be subject to the methods used for the assessment of the solvency requirements referred to in paragraph 2 (1) of this Directive. (5) Where an internal model is used, the evaluation shall be carried out in the cases referred to in paragraph 2 (3) together with the recalibration with which the results of the internal model shall be based on the risk of risk and the calibration of the Solvency capital requirement is transferred. (6) Companies that have long-term guarantees , as part of the assessment referred to in paragraph 2 (2), the long-term risk-bearing capacity of the undertaking must also be taken into account. If the insurance companies apply the matching adjustment in accordance with § 80, the volatility adjustment in accordance with § 82 or the transitional measures in accordance with § § 351 and 352, compliance with the capital requirements referred to in paragraph 2 (2) shall be with and without To take account of these adjustments and transitional measures. Unofficial table of contents

§ 28 External Ratings

(1) In order to avoid excessive reliance on external credit rating agencies, insurance undertakings shall, in the use of external credit ratings, review the calculation of technical provisions and the calculation of the Solvency capital requirement in the context of its risk management the appropriateness of these external ratings by making additional assessments as far as possible in order to prevent an automatic reliance on external credit ratings. (2) The undertakings included in the scope of Regulation (EC) No 1060/2009, which shall: In accordance with this law, the obligations arising from this Regulation shall be complied with in the version in force in each case. Unofficial table of contents

§ 29 Internes Control System

(1) Insurance undertakings must have an effective internal control system, including at least administrative and accounting procedures, an internal control framework, adequate corporate reporting on all Corporate levels and a compliance monitoring function (Compliance function). (2) Compliance function tasks include advising the Executive Board with respect to compliance with the laws and regulations. Administrative provisions applicable to the operation of the insurance business. In addition, the compliance function has to assess the possible effects of changes in the legal environment for the company and to identify the risk associated with the violation of the legal requirements (Compliance-Risk) and to (3) Insurance undertakings must have adequate systems and structures to meet the requirements set out in Articles 40 to 42 and to provide the information to be provided to the supervisory authorities in accordance with this Act. (4) The companies shall submit in written form approved by the Management Board internal guidelines, such as the continuous adequacy of the information to be published and the information to be transmitted.

Footnote

(+ + + § 29 (3): For application, see Section 277 (1) sentence 2 + + +) Unofficial table of contents

§ 30 Internal Audit

(1) Insurance undertakings must have an effective internal audit, which shall verify the adequacy and effectiveness of the entire organisation of the business and, in particular, the internal control system. (2) The internal audit must be carried out in accordance with the be objective and independent of other operational activities. She reports her exam results and recommendations directly to the board of directors. The Board of Management decides which measures are to be taken on the basis of the findings of the revision reports and ensures the implementation of these measures. Unofficial table of contents

§ 31 Actuarial function

(1) Insurance undertakings must have an effective actuarial function. The task of this function is to relate to the calculation of technical provisions

1.

coordinate the calculation,

2.

ensure the appropriateness of the methods used and of the underlying models and the assumptions made,

3.

to assess the accessibility and the quality of the data used,

4.

to compare the best estimates with the experience values,

5.

to inform the Executive Board of the reliability and appropriateness of the calculation; and

6.

to monitor the calculation in the cases referred to in § 79.

(2) In addition, the actuarial function shall issue an opinion on the general drawing and acceptance policy and on the adequacy of reinsurance agreements. It shall contribute to the effective implementation of the risk management system, in particular with regard to the development of internal models, and to the risk and solvency assessment. (3) Who exercises the actuarial function must have knowledge of of the insurance and financial mathematics which are appropriate to the nature, extent and complexity of the risks of the insurance undertaking, and to present relevant experience with relevant technical and other standards . Unofficial table of contents

Section 32 Breakdown

(1) An insurance undertaking which outbreaks functions or insurance activities shall remain responsible for the performance of all prudential regulations and requirements. (2) The breakdown may be due to the proper execution of the the outsourced functions and insurance activities, the control and control facilities of the Management Board and the audit and control rights of the Supervisory Authority. In particular, the outsourcing company shall ensure that the functions and the insurance activities affected by the breakdown are:

1.

the company itself, its auditor and the supervisory authority can access all data,

2.

the service provider cooperates with the supervisory authority and

3.

the supervisory authority shall be granted access rights to the premises of the service provider which it may exercise itself or by third parties.

(3) In the outsourcing of important functions and insurance activities, insurance undertakings also have to ensure that significant adverse effects on the quality of the business organisation, an excessive increase in the operational nature of the business organisation, and the (4) The disbursing insurance undertaking has contractually agreed to the right of access to information and to the right to provide information to the policyholder. , and the outsourced functions, and to include insurance activities in its risk management. A right of instruction is not required if functions are broken down into a parent company within the framework of a tax organization and if the parent company is contractually responsible for the performance of the functions or insurance activities. be subject to the same prudential requirements as those applicable to the disbursing entity. Unofficial table of contents

§ 33 Corresponding application of company law provisions

(1) Section 188 (1), first sentence, and § 195 (3) shall accordingly also apply to insurance companies. (2) Insofar as provisions are made in this Act for the Management Board or the Supervisory Board and public-law provisions Insurance undertakings which do not have institutions with this name shall replace the Management Board with the relevant management body and the supervisory board in the place of the Supervisory Board. § § 80 and 91 (2) of the German Stock Corporation Act shall apply accordingly to the management body of public-law insurance undertakings. § 80 of the German Stock Corporation Act applies accordingly to the monitoring body of public insurance undertakings. Unofficial table of contents

Section 34 Regulation empowerment

(1) For insurance undertakings which are not subject to supervision by the supervisory authorities of the Länder, the Federal Ministry of Finance may, by means of a legal regulation, lay down more detailed provisions on the content of the general restructuring plans according to § 26 Paragraph 1. The authorisation may be transferred to the Federal Institute by means of a legal regulation. Prior to the decree, the Insurance Advisory Board shall be heard. The legal regulations according to the sentences 1 to 3 do not require the approval of the Bundesrat. (2) The Federal Ministry of Finance is authorized to lay down detailed rules for the design, monitoring and further development of the Federal Ministry of Finance by means of a legal regulation. and transparency of remuneration systems within the meaning of Section 25, including decision-making and responsibilities, the composition of remuneration, positive and negative compensation parameters, performance periods and disclosure of the remuneration systems, the design of the remuneration systems and the remuneration paid, the disclosure medium and the frequency of disclosure as well as the admissibility of other remuneration within the meaning of Article 25 (2). The regulations have in particular the size and remuneration structure of the company as well as the type, scope, complexity, to orient the risk content and internationality of the business activities as a whole. In the case of companies belonging to an insurance group, the regulations have to be oriented in addition to the size of the group, as well as to the nature, scope, complexity, risk content and internationality of the group's business activities. In the context of the provisions of the first sentence, the commercial provisions relating to disclosure of remuneration in accordance with § 341a (1) and (2) in conjunction with Section 341l (1) sentence 1 of the Commercial Code must remain unaffected. The authorisation may be transferred to the Federal Institute by means of a legal regulation. Legal regulations according to sentences 1 to 5 do not require the approval of the Bundesrat.

Section 4
General reporting requirements

Subsection 1
Final Audit

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Section 35 Duties of the auditor

(1) In the course of the audit of the annual accounts, the auditor shall establish whether the insurance undertaking has complied with the following disclosure requirements and requirements:

1.

the notification requirements in accordance with Articles 47 (1) to (5) and (7) to (9), § 58 (1) and (4) and Articles 59 (1) and (4),

2.

the disclosure requirements in accordance with Article 28 (5) of the Financial Conglomerate-Supervisory Law,

3.

the requirements laid down in Article 4 (1), (2) and (3), second subparagraph, Article 9 (1) to (4), and Article 11 (1) to (11), first subparagraph, and (12) of Regulation (EU) No 648/2012, and

4.

the requirements laid down in the first subparagraph of Article 4 (1), Article 5a (1) and Articles 8b to 8d of Regulation (EU) No 1060/2009, as amended.

The result shall be included in the examination report. (2) The auditor shall examine the solvency overview at the individual and group levels and shall report separately on the result. (3) The audit obligation pursuant to Section 317 (4) of the Commercial Code shall consist of: all insurance undertakings to which Article 91 (2) of the German Stock Corporation Act applies. (4) The auditor is obliged to report immediately to the Supervisory Authority all facts and decisions relating to the audited entity from which he/she is of the performance of his duties and of the following:

1.

an infringement of the laws, regulations and administrative provisions governing the conditions of admission or of the pursuit of the business of undertakings;

2.

the impairment of the continued operation of the undertaking;

3.

the rejection of the confirmation of regular accounting or reservations;

4.

the non-coverage of the Solvency Capital Requirement, or

5.

the non-coverage of the minimum capital requirement.

The first sentence shall be applied in respect of facts and decisions by which the auditor becomes aware in the performance of his duties to an insurance undertaking which is a member of the audited insurance undertaking which is a member of the Control ratio has a close connection resulting. Communications pursuant to sentences 1 and 2 shall not be deemed to constitute a breach of a contractual or statutory duty of confidentiality, unless they are not in good faith. (5) For insurance undertakings in the For the purposes of Section 52, the examiner also has to examine whether these have fulfilled their duties in accordance with § § 53 to 56 as well as under the Money Laundering Act. The examination shall be reported separately. Unofficial table of contents

§ 36 Display of the auditor to the supervisory authority; audit mandate

(1) The Management Board shall immediately notify the Supervisory Authority of the auditor appointed by the Supervisory Board. The supervisory authority may, if it has concerns against the auditor of the annual financial statements, request that a different auditor be appointed within a reasonable period of time. If this is not the case, or if the supervisory authority also has concerns about the new auditor, it shall determine the auditor himself. In this case, Section 318 (1) sentence 4 of the Commercial Code shall apply with the proviso that the legal representatives shall immediately give the examination order to the auditor appointed by the supervisory authority. (2) Paragraph 1 shall not apply to: Insurance undertakings which, pursuant to Article 330 (1), (3) and (4) of the Commercial Code and the Regulation adopted pursuant to this authorisation, are exempt from the obligation to have the annual financial statements examined.

Footnote

(+ + + § 36 para. 2: For the application, see Section 234 (2) sentence 1 and Section 237 (1) sentence 2 + + +) Unofficial table of contents

Section 37 Presentation to the Supervisory Authority

(1) Insurance undertakings shall submit the annual financial statements and the management report of the Supervisory Authority, which have been set up by the legal representatives and later on, in each case without delay. Insurance undertakings which draw up a consolidated financial statements or a group management report shall submit these documents to the supervisory authority without delay. (2) Insurance undertakings have audited the supervisory authority. (3) In the financial year following the year under review, insurance undertakings shall, at the request of each insured person, submit to each insured person, on request, the (4) The provisions of paragraphs 1 and 3 of this Regulation shall apply. shall also apply to a separate financial statements pursuant to Section 325 (2a) of the Commercial Code. (5) The Management Board shall, without delay, make a copy of the report of the auditor with his comments and those of the Supervisory Board after the to make a statement. The supervisory authority may discuss the report with the auditor and, if necessary, arrange for additions to the audit and the report at the expense of the insurance undertaking. (6) Paragraph 4 shall not apply to the companies referred to in Article 36 (2). Unofficial table of contents

Section 38 Accounting and auditing of public service insurance undertakings

(1) The provisions of the Second Subsection of the Fourth Section, in conjunction with the provisions of the First and Second Section of the Third Book of the Commercial Code, shall apply to public-law undertakings operating the operation of: (2) § § 36 and 37 do not apply to public insurance undertakings established under national law and subject to national supervision; for the examination of their annual accounts according to § 341k of the Commercial Code additional state-of-law provisions. Unofficial table of contents

Section 39 Regulation empowerment

(1) The Federal Ministry of Finance is empowered to adopt, by means of legislation, provisions for insurance undertakings which are not subject to supervision by the supervisory authorities of the Länder

1.

the accounting, the content, the form, the time-limit and the number of the internal report to be submitted to the supervisory authority, consisting of a balance sheet for prudential purposes and one for insurance branches and insurance types the consolidated profit and loss account and special notes on the balance sheet and the profit and loss account, to the extent that this is necessary for the implementation of the supervision under this Act;

2.

the content, form and quantity of the internal interim report to be submitted to the supervisory authority on a quarterly basis, consisting of a compilation of current accounting and inventory data, and information on the number of Insurance cases where this is necessary for the purposes of supervision under this Act;

3.

the contents of the examination reports in accordance with § 35 (1) and (2) and § 341k of the Commercial Code, insofar as this is necessary for the implementation of the supervision under this Act, in particular in order to provide uniform documents for the assessment of the insurance undertakings carried out by insurance undertakings;

4.

the audit of the annual accounts and the management report of insurance undertakings, which is not applicable to Article 341k of the Commercial Code, by an independent expert, as well as the content and the time limit for the submission of a Expert report to the extent that this is necessary for the implementation of the supervision under this Act;

5.

the content, form and number of the solvency overview to be drawn up, and the time limit for submission to the supervisory authority;

6.

the time-limits for the transmission of information to be transmitted under delegated acts in accordance with Article 35 (9) and technical implementing standards, in accordance with Article 35 (10) of Directive 2009 /138/EC, and

7.

the nature and manner of data transmission, the data formats to be used, the data quality to be maintained and the company identifier to be specified.

Prior to the decree, the Insurance Advisory Board shall be heard. The authorisation may be transferred to the Federal Institute by means of a legal regulation. Legal regulations according to sentences 1 to 3 do not require the approval of the Bundesrat. The legal regulations referred to in the first sentence of 1, 3 and 4 and in the third sentence, in so far as they cover the appropriations referred to in the first sentence of 1, 3 and 4, shall be adopted in agreement with the Federal Ministry of Justice and Consumer Protection. (2) Insurance undertakings which are subject to supervision by the supervisory authorities of the Länder may enact the national governments in consultation with the Federal Institute by means of a legal regulation in accordance with the provisions of paragraph 1. You may delegate this power through the legal regulation of the supervisory authority of the country.

Subsection 2
Report on Solvency and the financial situation

Unofficial table of contents

Section 40 Solvency and financial report

(1) Insurance undertakings shall publish a solvency and financial report at least once a year, at the latest 14 weeks after the end of the financial year. The time limit for the report at the group level shall be six weeks. The report shall be approved prior to publication by the management body. The report shall be sent without delay to the Supervisory Authority after publication. (2) The Solvency and Financial Report shall provide essential information on the solvency and financial position of the insurance undertaking. The information contained in this report must be based on the degree to which it is detailed, the nature, extent and complexity of the business and the risks of the undertaking, and must be understood in general terms. The following are to be described:

1.

the business and business results of the company;

2.

the business organisation, while assessing its appropriateness to the risk profile of the company;

3.

for each risk category, the hazard potential, the risk concentrations, the risk reduction measures and the risk sensitivity,

4.

for the assets, technical provisions and other liabilities in accordance with the Solvency Margin, the basic principles and methods used for their evaluation, together with a statement of the essential elements Differences between the principles and methods used for their assessment in the annual accounts, and

5.

the management of capital, including at least the structure and the amount of own funds and their quality, the amounts of the solvency capital requirement and the minimum capital requirement.

(3) Where the matching adjustment referred to in § 80 applies, the description referred to in paragraph 2 (4) shall include a description of the matching adjustment, the portfolio of the obligations and the associated assets to which the Matching adjustment is applied, as well as a quantification of the effects of the change in matching adjustment to zero on the financial position of a company. The description referred to in paragraph 2 (4) shall also include an explanation as to whether the volatility adjustment referred to in § 82 is used by the enterprise and a quantification of the effects of the change in volatility adjustment to zero on the financial position of a company. (4) The description of own resources shall include:

1.

an analysis of all major changes compared to the previous year's reporting period,

2.

an explanation of all major differences in the value of the own resources in the annual accounts and

3.

a short presentation of the transferability of capital.

In addition, insurance undertakings using an internal or partial internal model for the calculation of the solvency capital requirement shall have sufficient information to explain the main differences between the two (5) If non-compliance with the Minimum Capital Requirement or a substantial non-compliance with the Solvency Capital Requirement has occurred during the reporting period. is, are

1.

to indicate the maximum amount of the underwriting of the respective capital requirement;

2.

explain the reasons and consequences of non-compliance; and

3.

the measures taken as well as planned remedial measures.

(6) If a capital charge has been fixed, it shall be specified separately. In addition, in this case the amount determined in accordance with the rules on the calculation of the Solvency Capital Requirement must also be shown. If, at the request of the supervisory authority, the insurance undertaking has to use company-specific parameters in the calculation of the solvency capital requirement, its effects on the calculation shall be quantified in detail and shall also be shown separately. In both cases, the reasons for the action taken by the supervisory authority shall be taken into account. (7) Where the supervisory authority is still considering the final amount of the solvency capital requirement, the publication referred to in paragraph 1 shall be subject to the following: (8) The report may, with the consent of the supervisory authority, replace information with references to information published under other general or prudential rules. Consent shall be given, provided that the information to which reference is made is equivalent to the type and extent of the information.

Footnote

(+ + + § 40: For application, see Section 277 (1) sentence 2 + + +) Unofficial table of contents

Section 41 Non-publication of information

(1) The solvency and financial report may be waived with the approval of the supervisory authority; this shall not apply to information pursuant to Article 40 (2), second sentence, point 5, paragraph 4, sentence 2 and paragraph 5. In this case, the Solvency and Financial Report shall state why the information has not been recorded. (2) The Supervisory Authority shall grant the authorisation referred to in paragraph 1 if, by means of the publication, the

1.

the company's competitors would gain a substantial unwarranted advantage, or

2.

an obligation on the part of the undertaking to maintain secrecy or confidentiality in respect of policyholders or on the basis of a relationship with other counterparties would be infringed.

Footnote

(+ + + § 41: For application, see Section 277 (1) sentence 2 + + +) Unofficial table of contents

Section 42 Update of the Solvency and Financial Report

(1) An important development significantly changes the importance of the information published in the Solvency and Financial Report, the insurance undertaking concerned shall publish appropriate information on the nature and impact of the relevant information. Development. In particular, an important development shall be provided where:

1.

a non-compliance with the minimum capital requirement is established and either the supervisory authority is of the opinion that the insurance undertaking concerned cannot present a realistic short-term financing plan or that such a plan is has not been submitted within one month of the determination of non-compliance with the minimum capital requirement;

2.

a substantial non-compliance with the Solvency Capital Requirement is established and the Supervisory Authority does not receive a recovery plan within two months of the establishment of non-compliance, which it considers to be realistic.

In the cases of the second sentence, at least the amount of the non-compliance shall be published without delay, the explanation of their reasons and effects, as well as any remedial measures taken and planned. (2) A publication shall also be published. if

1.

the non-compliance with the minimum capital requirement has not been removed within three months of the date of its determination; or

2.

the essential non-compliance with the Solvency Capital Requirement has not been fixed six months after it has been established.

The publication shall indicate what remedial measures have already been taken and which are still being planned. The publication shall be carried out in the event of non-compliance with the minimum capital requirement at the end of the three-month period and otherwise at the end of the six-month period.

Footnote

(+ + + § 42: For application, see Section 277 (1) sentence 2 + + +)

Subsection 3
Information to be provided for supervisory purposes

Unofficial table of contents

Section 43 Information requirements; calculations

(1) Insurance undertakings shall transmit to the supervisory authorities, in accordance with the provisions of this Act, the information they require to perform their duties under this Act (Article 294 (1)). (2) The information must be complete, up to date and exact. They shall 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. The companies have to submit the information to the supervisory authority in time and in an understandable form. Unofficial table of contents

§ 44 Forecast calculations

The supervisory authority may require the regulated entities to carry out calculations, including forecasting, in so far as this is necessary for financial supervision. In particular, forecast calculations may concern the following:

1.

the expected business result at the end of the current financial year or future business years, in the case of life assurance undertakings, indicating the excess share already declared or expected for future financial years,

2.

the risk-bearing capacity of the insurance undertaking in stressful situations.

In this case, it shall determine the parameters, dates and calculation methods, as well as the form and time limit in which the forecasting calculation is to be submitted. The supervisory authority shall allow insurance undertakings to use their own calculation methods in so far as this does not make the assessment of the undertaking or of the insurance market as a whole more difficult. It may require that certain accounting assumptions be used in this context. Unofficial table of contents

Section 45 Liberation of reporting obligations

(1) Where, pursuant to Article 35 (9) and the technical implementing standards referred to in Article 35 (10) of Directive 2009 /138/EC, reports pursuant to Article 35 (9) of Directive 2009 /138/EC are to be reimbursed more frequently than once per year by means of delegated acts, the supervisory authority may exempt insurance undertakings, in whole or in part, from this reporting obligation if:

1.

the transmission of that information in relation to the nature, scope and complexity of the risks associated with the transaction would be accompanied by an excessive effort; and

2.

the information is submitted at least once a year.

In the case of quarterly reporting on the calculation of the minimum capital requirement in accordance with § 123 (1) sentence 1, exemption shall be excluded. An exemption shall also be excluded if the insurance undertaking belongs to a group within the meaning of Section 7 (13), unless the undertaking proves that regular under-annual reporting is based on the nature, scope and complexity of the group. the risks associated with the business of the group are not appropriate. (2) The supervisory authority may, in whole or in part, be subject to regular reporting by the supervisory authority pursuant to delegated acts in accordance with Article 35 (9) or technical implementing standards referred to in Article 35 (10) of the Directive 2009 /138/EC, if:

1.

the transmission of the information concerned would be associated with excessive expenditure, given the nature, scope and complexity of the risks inherent in the business of the undertaking,

2.

the transmission of the information concerned 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 forward the information immediately upon request.

An exemption shall be excluded if the insurance undertaking belongs to a group within the meaning of Section 7 (13), unless the undertaking proves that regular, under-annual reporting according to the nature, scope and complexity of the (3) The share of all insurance undertakings within the non-life insurance market, which shall be subject to reporting obligations under paragraphs 1 and 2 shall not be allowed to have a market share of 20 per cent. . The same is true for the share of all insurance companies within the life insurance market. The market share is to be determined for the non-life insurance market on the basis of the gross premiums booked and for the life insurance market on the basis of the gross technical provisions. (4) In the case of the liberation of enterprises the supervisory authority shall give priority to the companies with the lowest market shares. (5) When examining whether the cost of transmitting information is excessive in relation to the nature, scope and complexity of the risks of the undertaking , the supervisory authority shall take into account at least the following Criteria:

1.

the volume of the 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 classes of insurance for which an authorisation 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 written guidelines referred to in Article 29 (4),

8.

the appropriateness of the governance system of the company;

9.

the amount of own funds to comply with the Solvency Capital Requirement and the Minimum Capital Requirement; and

10.

whether the company is a company-owned insurance company, which only covers risks associated with the industrial or trading group to which it belongs.

Unofficial table of contents

Section 46 Information obligations with regard to the Federal Institute

(1) All companies which are subject to supervision under this law shall submit to the Federal Institute the proof of the count they have requested of their business operations. The insurance advisory board is to be heard on the basis of the type of evidence. (2) Public insurance undertakings which are not subject to supervision under this law have the same statistical data on request from the Federal Institute on request. to submit their business operations, such as insurance undertakings subject to supervision under this Act. Unofficial table of contents

Section 47 Display obligations

Insurance undertakings shall immediately notify the supervisory authority of:

1.

the appointment of a member of the Supervisory Board as well as the appointment of a business manager and other persons responsible for key tasks, stating the facts of the assessment of their qualifications (§ 24 (1) are essential;

2.

the withdrawal or withdrawal of the power to represent the insurance undertaking of one of the persons referred to in paragraph 1, indicating the reasons provided for in the assessment of their qualifications (Article 24 (1));

3.

changes in the rate of change which have the effect of increasing the capital;

4.

in the case of a reinsurance undertaking, any modification of the parts of the business plan referred to in Article 9 (2) (1) and (2), any change in the actual business area, any change in the business contract of the business plan in accordance with § § 291, and 292 of the German Stock Corporation Act, as well as the intention of the conversion in accordance with § § 1 and 122a of the Transformation Act, in so far as they are not subject to the permit requirement pursuant to § 166 (3),

5.

the acquisition or abandonation of a significant shareholding in the company's own insurance undertaking, the attainment of and the overshooting or undershooting of the holding thresholds of 20%, 30% and 50 per cent of the voting rights or of the capital and the fact that the undertaking will become a subsidiary of another undertaking as soon as the insurance undertaking becomes aware of the imminent change in the ownership of the undertaking,

6.

the existence, modification and termination of a close connection pursuant to Section 7 (7) to another natural person or to another undertaking,

7.

the name and address of the holder of a significant holding in the insurance undertaking and the amount of that holding, if the undertaking is informed thereof,

8.

the intention to outlaw important functions or insurance activities, on presentation of the draft Treaty,

9.

Essential circumstances in relation to important outsourced functions and insurance activities which have been entered after the conclusion of the contract,

10.

the direct or indirect protection of risks or other risks, provided that this is due to the issuance of debt instruments or other financing mechanisms and with the participation of an exclusively for these purposes company, which shall include the prospectus, the contractual arrangements on which the risk transfer is based, and a list of the identified risks of the transaction for the insurance undertaking;

11.

in the case of a first insurance undertaking, the acquisition of holdings, in the case of holdings in shares or other shares, but only if the holding exceeds 10% of the nominal capital of the foreign company; Holdings of several insurance companies and of the dominant company belonging to a group within the meaning of Section 18 of the German Stock Corporation Act (AktG) in a company,

12.

in the case of a first-time insurance undertaking, and in the case of a company affiliated to it within the meaning of section 15 of the German Stock Corporation Act; and

13.

in the case of compulsory insurance, the intended use of new or amended general insurance conditions under their apportion.

Section 5
Cooperation with insurance intermediaries

Unofficial table of contents

Section 48 Qualification of insurance intermediaries

(1) Insurance undertakings shall be required to cooperate only with insurance intermediaries operating in the commercial sector who:

1.

are in possession of a permit pursuant to § 34d (1) of the Industrial Code, are exempt from the requirement for permission pursuant to § 34d (3) of the Industrial Code or are not subject to the authorisation pursuant to Section 34d (4) or (9) of the Commercial Code and are not subject to the permission of the permit and

2.

shall be authorized to receive the assets of the policyholder or to those assets, or, to the extent necessary in accordance with a regulation pursuant to Article 34d (8), first sentence, point (1) (b) of the commercial order, a Proof of safety performance.

(2) With insurance intermediaries operating on a commercial basis, the

1.

in accordance with Section 34d (4) of the Commercial Code, are not subject to the requirement of authorisation; or

2.

in accordance with Article 34d (3) of the Commercial Code, they are exempt from the requirement for authorisation and carry out the activity as insurance intermediary on behalf of one or more insurance undertakings,

Insurance undertakings shall cooperate only if the intermediaries are reliable and live in orderly assets (Article 34d (2) (1) and (2) of the Industrial Code) and the insurance undertakings shall ensure that the (3) insurance intermediaries from other Member States or States Parties may only work together with insurance intermediaries who are active in the field of insurance. where the intermediaries are competent in accordance with the rules of their home State, (4) On the instigation of an insurance intermediary pursuant to § 34d (4) of the Industrial Code, the insurance undertaking or insurance undertakings shall act exclusively for the insurance intermediary, the insurance intermediary, who shall be responsible for the insurance policy. register authority to communicate the information to be stored in the register in accordance with Section 11a (1) of the Industrial Code. The insurance undertaking or insurance undertakings shall have, respectively, to ensure that the conditions laid down in § 34d (4) of the Industrial Code are fulfilled. (5) Insurance undertakings shall be obliged to the register authority in accordance with Article 11a (1) of the Must notify the termination of the cooperation without delay of the cooperation with an insurance intermediary which is not subject to the authorisations requirement pursuant to § 34d (4) of the Commercial Code and to arrange for the cancellation thereof to be removed from the register.

Footnote

(+ + + § 48: For application, see Section 62 (1) sentence 2 no. 3 + + +) Unofficial table of contents

§ 49 Stornoliability

(1) Insurance undertakings must ensure that, at least in the event of termination of a contract by the policyholder, if it is not a termination in accordance with Article 205 (2) of the Insurance Contract Law, or in the case of In accordance with Section 193 (6) sentence 4 of the Insurance Contract Law or a premium exemption pursuant to Section 165 (1) of the Insurance Contract Law in the first five years after the conclusion of the contract of the Insurance intermediaries who are responsible for the placement of a contract of substitutive health insurance or the life insurance only up to the amount of the amount equal to the amount of the commission over the first five years since the conclusion of the contract up to the date of termination, the final position of the contract or the Premium exemption would have been incurred. If the agreed premium payment period is shorter than five years, it may be used. (2) An opposing contractual agreement between the insurance company and the insurance intermediary is ineffective. Unofficial table of contents

§ 50 remuneration for the placement of substitute health insurance contracts

(1) Insurance agents may not grant insurance intermediaries for the conclusion of substitute health insurance in a financial year to final commissions or other remuneration, which total 3% of the total Gross contribution amount of the new access. The gross contribution amount corresponds to the first premium, which has been raised over 25 years without the surcharge in accordance with § 149. The payments and other monetary benefits granted to a single insurance intermediary in a financial year for the conclusion of substitutive health insurance shall be entitled to 3.3 per cent of the gross contribution of the sum of the benefits provided by the insurance intermediary. Do not exceed business. The final commission and other remuneration granted in individual cases may not exceed 3.3 per cent of the gross amount of the contract. (2) An insurance company shall take account of the success of the contract. Benefits from an insurance intermediary in connection with contracts of services, works, leases or leases or other contracts of a comparable nature shall be limited to the amount of an ordinary and/or ordinary contract; Conscientious Head of Business, taking into account the concerns of the Insured persons with an unaffiliated company would agree. Contracts in accordance with the first sentence shall require the written form. If the insurance undertaking provides an advance on the basis of such a contract, it shall be deemed to be other remuneration within the meaning of paragraph 1. In addition, a remuneration of benefits or other beneficial benefit may only be granted if the agreed services have resulted in a corresponding saving in the expenses of the insurance undertaking. (3) the agreement between the insurance undertaking and the insurance intermediary contrary to the provisions of the second sentence of the second sentence of paragraph 1 to 4 or of paragraph 2 shall be ineffective. Unofficial table of contents

Section 51 complaints about insurance intermediaries

Insurance companies have to respond to complaints about insurance intermediaries who provide their insurance. In the case of repeated complaints, which may be significant for the assessment of the reliability, they must inform the competent authority of the granting of licences pursuant to Article 34d (1), first sentence, of the commercial order.

Footnote

(+ + + § 51: For application, see Section 62 (1) sentence 2 no. 3 + + +)

Section 6
Prevention of money laundering and terrorist financing

Unofficial table of contents

§ 52 Catering Undertakings

The provisions of this Section shall apply to all insurance undertakings in so far as they do business within the meaning of Article 2 (3) of Directive 2009 /138/EC or to the extent that they offer insurance contracts with premium reinsurance contracts.

Footnote

(+ + + § 52: For application, see Section 234 (2) sentence 6 and Section 237 (1) sentence 2 + + +) Unofficial table of contents

Section 53 Internal security measures

(1) Without prejudice to the obligations set out in Article 9 (1) and (2) of the Money Laundering Act, undertakings shall be required to provide appropriate risk management and procedures and principles for the prevention of money laundering and terrorist financing . They have to create and update adequate business and customer-related security systems, as well as to carry out checks. This shall include the development of appropriate strategies and safeguards to prevent the misuse of new insurance products and technologies for money laundering and terrorist financing purposes within the meaning of Article 1 (2) of the Money laundering law as well as the promotion of anonymity of business relationships or transactions. (2) Food undertakings must examine any facts which are considered to be doubtful or unusual in order to take into account the risk of the respective Monitor business relationships and transactions, assess and if necessary, to be able to examine the existence of an issue which is subject to a reporting obligation pursuant to Article 11 (1) of the Money Laundering Act. In accordance with § 8 of the Money Laundering Act, the obligated companies have to record and store appropriate information on such matters in order to be able to explain to the supervisory authority that these facts are not to conclude that money laundering or terrorist financing has been or has been or has been committed. The obligated companies may collect, process and use personal data to the extent that this is necessary for the performance of these obligations. They may, on a case-by-case basis, provide each other with information in the context of the fulfilment of their obligation to carry out their investigation in accordance with the first sentence, if there is actual evidence that the recipient of the information is available for the purpose of assessing the requires that a case be reported in accordance with § 11 of the Money Laundering Act of the competent law enforcement authority or a criminal complaint pursuant to Section 158 of the Code of Criminal Procedure should be refunded. The recipient may use the information exclusively in order to prevent money laundering, terrorist financing or other criminal acts, or to display them in accordance with § 158 of the Code of Criminal Procedure and only under the information provided by the Insurance undertakings subject to predetermined conditions. (3) Food companies have to appoint a money laundering officer directly following the management of the business management. It is responsible for the implementation of the anti-money-laundering and terrorist financing rules. He is also the contact person for law enforcement agencies, the Federal Criminal Police Office (Bundeskriminalamt-Zentralstelle für Verdachtsreporting-und die supervisory authority). The money laundering officer shall report directly and directly to the management. In the case of insurance undertakings as parent undertakings, this also applies to an insurance holding company, a mixed insurance holding company, a mixed financial holding company and a financial conglomerate companies located in their branches and in the majority of their property, in so far as they are pledged within the meaning of Article 2 (1) of the Money Laundering Act. Insurance undertakings within the meaning of section 52 shall have the means and procedures necessary for the proper implementation of the tasks of the money laundering officer and shall be effective in the use of such undertakings. The money laundering officer shall have unrestricted access to all information, data, records and systems which may be relevant in the course of the performance of his duties. It shall be given sufficient powers to fulfil its function. The Supervisory Authority shall be notified of his/her appointment and obligation. (4) If an undertaking is required to carry out an internal audit, it shall, at least once a year, comply with the obligations relating to the prevention of the To examine money laundering and terrorist financing. A report on the outcome of the audit shall be submitted to the management, the money laundering officer and the supervisory authority. (5) As far as the undertakings concerned are concerned with insurance holding companies, mixed The insurance holding companies, mixed financial holding companies or parent undertakings of a financial conglomerate shall be those undertakings in respect of their branches and the majority of their property, to the extent that: in each case to contracts within the meaning of section 52,

1.

group-wide internal security measures in accordance with paragraphs 1 to 3 and § 9 of the Money Laundering Act,

2.

to ensure compliance with the due diligence obligations in accordance with § § 3, 5 and 6 of the Money Laundering Act and § 54 of this Act; and

3.

to ensure compliance with the recording and retention requirements in accordance with § 8 of the Money Laundering Act.

To the extent that this is not permitted under the law of the State in which the establishment or the undertaking is established, or is in fact not practicable, the parent undertaking or parent undertaking shall ensure that the downstream Do not establish a business relationship or carry out any transactions in this third country. To the extent that a business relationship already exists, the parent company or parent company shall ensure that the parent company or parent company has a business relationship with the subsidiary or the subsidiary, regardless of any other legal or contractual provisions is terminated by termination or otherwise. In the event that stricter obligations apply to the foreign seat of a subsidiary undertaking or establishment, these stricter obligations shall be fulfilled there. Responsible for the proper performance of the duties according to sentences 1 and 2 are the directors within the meaning of § 24 (2) sentence 2. (6) The supervisory authority may, in individual cases, take orders with respect to an obligated company, which are appropriate and necessary to take the measures referred to in paragraphs 1 to 5.

Footnote

(+ + + § 53: For application, see Section 234 (2) sentence 6 and Section 237 (1) sentence 2 + + +)
(+ + + § 53 (1) to (3): For application, see Section 62 (1) sentence 2 no. 4 + + +) Unofficial table of contents

Section 54 Simplified due diligence obligations

(1) Insofar as the conditions of § 6 of the Money Laundering Act are not available, insurance companies may, in addition to § 5 of the Money Laundering Act, simplified due diligence obligations subject to a risk assessment of the insurance company apply to the following case groups on the basis of special circumstances of the case:

1.

in the case of transactions within the meaning of section 52, if the amount of the periodic 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;

2.

in the case of insurance policies in respect of pension insurance contracts, which may not contain a buy-back clause or can serve as collateral for a loan;

3.

in the case of pension schemes, pension plans or comparable schemes which provide retirement benefits to employees when the contributions are deducted from the salary and the beneficiaries are not allowed to grant their rights to third parties transfer;

4.

in other cases where:

a)

the contract is in writing,

b)

the transactions in question are carried out via an account of the customer with a credit institution within the meaning of Article 1 (1) of the Banking Act, with the exception of the companies referred to in Article 2 (1) (3) to (8) of the Banking Act, in the case of a credit institution Credit institution in another Member State of the European Union, in the case of a branch or branch of a credit institution domiciled in the territory of the country or by a credit institution situated in another Member State, or by means of a credit institution established in a Member State within the meaning of Article 1 (6a) of the Money Laundering Act Credit institution based on an equivalent third country,

c)

the product or the transaction related thereto is not anonymous and allows the timely application of Section 3, paragraph 2, point 3 of the Money Laundering Act,

d)

a maximum threshold within the meaning of point 1 has been fixed in the contract; and

e)

the performance of the contract or of the related transaction cannot be disbursed for the benefit of third parties, except in the case of death, disability, exceeding a certain age limit or in comparable cases, and

5.

in the case of products or related transactions in which investments in financial assets or claims, such as insurance or other contingent assets, may be invested, provided that the conditions set out in point 4 are not met:

a)

the services from the product or the transaction can only be paid out in the long term,

b)

the product or the transaction cannot be deposited as collateral and

c)

during the term of the contract no early payments are made and no repurchase clauses can be made available and the contract cannot be terminated prematurely.

(2) Paragraph 1 shall not apply where an insurance undertaking has information in respect of a specific transaction or business relationship which indicates that the risk of money laundering or terrorist financing (3) Food undertakings shall record and retain adequate information in accordance with the provisions of § 8 of the Money Laundering Act, which are necessary for the presentation to the Supervisory Authority that the conditions are fulfilled. are available for the application of simplified due diligence obligations.

Footnote

(+ + + § 54: For application, see § 62 (1) sentence 2 no. 4, § 234 (2) sentence 6 and Section 237 (1) sentence 2 + + +) Unofficial table of contents

Section 55 Simplifications in the implementation of the identification

(1) The obligation to identify the policyholder in accordance with Section 3 (1) (1) of the Money Laundering Act shall be deemed to be fulfilled by way of derogation from Article 4 (3) of the Money Laundering Act if an policyholder is empowered by the obligated undertaking , to collect the premiums by means of direct debit from an account of the policyholder to a credit institution which has its registered office in a Member State of the European Union. If the entry of a premium is not possible from the account designated by the policyholder, the insurance undertaking shall have the identification of the policyholder. (2) In the case of an insurance contract which shall be used for the purpose of operating the insurance undertaking, the insurance undertaking shall be subject to In the case of an old-age pension on the basis of a contract of employment or a professional activity of the insured person, it is agreed that the premium payment should be made via an account of the policyholder referred to in the contract, the Identification of the policyholder as fulfilled when the insurance undertaking (3) A mandatory company is also an obligation to identify within the meaning of Article 1 (1) of the Money Laundering Act of the person entitled under the insurance contract after the insurance contract has been made. The provisions of Section 4 (5) of the Money Laundering Act are required. Section 3 (1) (3) and Section 4 (5) of the Money Laundering Act shall apply mutagenly to economically entitled persons entitled to the right of reference, unless there is a case of simplified due diligence. By way of derogation from Article 4 (1) of the Money Laundering Act, the verification of the identity of the entitled person and of an economically authorized person may also be carried out on the basis of the reasons for the business relationship. In such a case, the review shall be completed no later than the date on which the disburation is made or the rights holder intends to use its rights under the insurance contract. The information and information collected in accordance with the above sentences shall be recorded and kept by the insurance undertaking in accordance with the provisions of Section 8 of the Money Laundering Act. Section 11 (1), first sentence, of the Money Laundering Act shall be applied accordingly.

Footnote

(+ + + § 55: For application, see § 62 (1) sentence 2 no. 4, § 234 (2) sentence 6 and Section 237 (1) sentence 2 + + +) Unofficial table of contents

Section 56 Strengthened due diligence obligations

(1) In addition to the provisions of Section 6 (2) (1) of the Money Laundering Act, a mandatory undertaking shall apply appropriate risk-based procedures which may be used to determine whether the person entitled to claim or the economically active person is entitled to The authorized person is one of the following:

1.

a natural person who has exercised or exercised an important public office,

2.

a direct family member of a person as referred to in point 1; or

3.

a person known to one person as referred to in point 1, as known in Article 2 of Commission Directive 2006 /70/EC of 1 August 2006 laying down detailed rules for the application of Directive 2005 /60/EC of the European Parliament and of the Council as regards the definition of "politically exposed persons" and the establishment of the technical criteria for simplified due diligence procedures and for exemption in cases where only occasional or very limited amounts are used financial transactions (OJ L 327, 30.4.2004, OJ No L 214, 4.8.2006, p. 29).

Section 6 (2) (1), second sentence, sentence 2 to 7 of the Money Laundering Act shall apply accordingly. (2) The facts or assessments of national or international bodies to combat money laundering and the financing of terrorism shall be subject to the adoption of Justifies that there is an increased risk beyond cases of increased risk within the meaning of Section 6 of the Money Laundering Act, in particular in connection with the observance of due diligence obligations in a state, the Bundesanstalt may order that: an insurance undertaking within the meaning of section 52

1.

a transaction or a business relationship, in particular the origin of the assets of a client established in such a State, which are used in the context of the business relationship or the transaction, of an enhanced be subject to surveillance and

2.

additional, risk-based due diligence and organisational obligations.

The measures taken shall have the obligation to record and retain adequate information in accordance with § 8 of the Money Laundering Act.

Footnote

(+ + + § 56: For application, see Section 234 (2) sentence 6 and Section 237 (1) sentence 2 + + +)

Section 7
Crossborder operations

Subsection 1
Services, branches

Unofficial table of contents

Section 57 Insurance transactions through branches or in the service sector

(1) First insurance undertakings may operate the insurance business in the other Member States or Contracting States through branches or in the provision of services in accordance with § § 58 and 59. (2) An agency shall be deemed to be established as a branch. Branch of a first insurance undertaking in the territory of another Member State or State Party. A branch shall also be established if the insurance business is operated by a person who is self-employed but is constantly in charge of the insurance business and who operates from a permanent establishment in the other Member State or State Party. (3) The provision of services within the meaning of this Act shall be where the first insurance undertaking established in a Member State or a State Party shall, in a Member State or a State Party, cover risks arising in a Member State or a Contracting State from a Member State or a Contracting State in a Member State or State Party other Member States or Contracting States, without the undertaking of of a branch office. Member or State Party in which the risk is situated is

1.

in the case of the insurance of risks related to immovable property, in particular structures and installations, and the matters covered by the same contract of the Member State or State Party in which those objects are situated,

2.

in the case of the insurance of risks relating to vehicles of any kind to be entered in an official or officially recognised register in a Member State or a State Party, and who are awarded a distinguishing mark, that Member, or Contracting State; by way of derogation, in the case of a vehicle transferred from one Member State or a Contracting State to another, for a period of 30 days after the acceptance of the vehicle by the purchaser of the Member State of destination, or To be regarded as the Member State or State Party in which the risk is situated is,

3.

in the case of insurance for travel and holiday risks in insurance contracts for a period not exceeding four months, the Member State or State Party in which the policyholder has the legal acts required for the conclusion of the contract , and

4.

in all other cases,

a)

if the policyholder is a natural person, the Member State or State Party in which he/she has his habitual residence, and

b)

if the policyholder is not a natural person, the Member State or State Party in which the undertaking, the establishment or the appropriate body to which the contract relates is situated.

Unofficial table of contents

Section 58 Establishment of a branch office

(1) First-time insurance undertakings shall notify the supervisory authority of the intended establishment of a subsidiary, indicating the Member State or the Contracting State concerned. The display must contain:

1.

the information and estimates referred to in Articles 9 (2) (1) and (2) and (3) (5) and (6), provided that sickness insurance within the meaning of Article 206 (2) of Directive 2009 /138/EC is to be operated, in addition to that provided for in Article 9 (4) (5) Point (a),

2.

Information on the organisational structure,

3.

the name of the designated principal representative, who is provided with sufficient authority to oblige the undertaking to third parties and to do so to the administrative authorities and the courts of the other Member State or the Contracting State. ,

4.

the prospective address, which must be the business address of the principal representative at the same time, and

5.

in the case of cover of the risks referred to in point 10 (a) of Appendix 1, a declaration stating that the undertaking in the other Member State is a member of the national guarantee fund for the compensation of the victims of Accidents caused by uninsured or undetected vehicles and by the national insurance bureau.

The supervisory authority shall, within three months of receipt of the documents referred to in the second sentence of paragraph 1, examine, in addition to the legal admissibility, the appropriateness of the business organisation and the financial situation in respect of the project. of the undertaking and the fulfilment of the conditions laid down in § 24 (1) by the principal representative and the business managers responsible for the establishment. In the event of safety, it shall send it before the expiry of the time limit of the supervisory authority of the other Member State or of the Contracting State.

1.

these documents and

2.

a certificate certifying that the company has eligible own funds to comply with the Solvency Capital Requirement or the minimum amount of the Minimum Capital Requirement required for the operations of the Insurance Sutes, if this minimum amount is higher,

and notifies the company. Otherwise, it shall inform the company before the expiry of the period that the consent to the establishment of the establishment will be denied and on what grounds. If the financial situation of the undertaking has deteriorated within the meaning of Article 132 (2), this shall be contrary to the issue of a certificate as set out in the second sentence of the second sentence of the second subparagraph, as long as the rights of the policyholders are at risk. (3) In the case of paragraph 2 The second sentence may be set up and take up its activities if two months have elapsed since the notification of the undertaking has been granted to the undertaking, unless the supervisory authority of the other Member State or the State of the contract is responsible for the operation. (4) Amendments to the changes referred to in the second sentence of paragraph 1 (1) to (4) the insurance undertaking of the supervisory authority shall indicate no later than one month before the intended implementation of the change. In addition, paragraph 2 shall apply accordingly.

Footnote

(+ + + § 58 (2) sentence 4: For application, see Section 63 (4) + + +) Unofficial table of contents

Section 59 The inclusion of trade in services

First insurance undertakings shall notify the supervisory authority of the intended inclusion of the provision of services, with the indication of the Member State or the State of the contract concerned. At the same time, it should be stated which insurance savings are to be operated there and which risks are to be covered by an insurance sector, provided that sickness insurance is to be operated within the meaning of Article 206 (2) of Directive 2009 /138/EC, shall be required to provide the information corresponding to Article 9 (4) (5). In the event of cover of the risks referred to in point 10 (a) of Appendix 1, the notice shall also include:

1.

a declaration that the undertaking in the other Member State or State Party is a member of the National Guarantee Fund for the compensation of victims of accidents caused by uninsured or undetected vehicles and by the national insurance offices; and

2.

the name and business address of a representative established or established in the other Member State or State Party (representative for the settlement of claims), in accordance with Article 24 (1), of the

a)

collect all necessary information about claims and possesses the necessary business equipment,

b)

have sufficient powers to represent the undertaking in a judicial or non-judicial way, in particular before administrative authorities, in respect of persons claiming compensation for damages, in particular before administrative authorities,

c)

until the final satisfaction of the claims for compensation have sufficient powers to pay the amounts corresponding to those claims, and

d)

has the power to represent the undertaking with respect to the authorities of the other Member State or the Contracting State in respect of the existence and validity of the insurance contracts.

The supervisory authority shall, within a period of one month after receipt of the documents referred to in the second sentence of paragraph 1 and 3, examine the legal admissibility of the project. In the event of safety, it shall send it before the expiry of the time limit of the supervisory authority of the other Member State or of the Contracting State.

1.

these documents,

2.

a certificate attesting to which insurance business the company is operating and which risks to an insurance sector it may cover; and

3.

a certificate certifying that the company has eligible own funds to comply with the Solvency Capital Requirement or the minimum amount of the Minimum Capital Requirement required for the operations of the Insurance Sutes, if this minimum amount is higher,

and notifies the company. Otherwise, before the expiry of the period, the Commission shall inform the undertaking that, and on what grounds, consent to the inclusion of the primary insurance business in the provision of services is to be denied. It shall be deemed to be a failure if the supervisory authority has not expressed its opinion by the end of the period. If the financial situation of the undertaking has deteriorated within the meaning of Article 132 (2), this shall be contrary to the issue of a certificate set out in the second sentence of the second sentence of the second subparagraph, as long as the rights of the policyholders are at risk. (3) In the case of paragraph 2 (4) Paragraphs 1 to 3 shall also apply where the enterprise operates further insurance or cover risks or if another representative is responsible for the Claims settlement will be appointed.

Footnote

(+ + + § 59 (2) sentence 5: For application, see Section 63 (4) + + +) Unofficial table of contents

Section 60 Statistical information on cross-border activities

(1) Each primary insurance undertaking shall be responsible for transactions effected within the framework of the freedom of establishment and, separately, for transactions effected within the framework of the freedom to provide services

1.

the premium amounts booked;

2.

the amount of the refund services; and

3.

the amount of commissions

without deduction of reinsurance and broken down by Member State. In respect of the division referred to in Annex 1 (10), with the exception of the liability of the carrier, the company shall also inform the supervisory authority of the frequency and the average cost of the refund services. (2) The supervisory authority shall, on request, inform the supervisory authorities of each Member State concerned, within a reasonable period, of the information referred to in paragraph 1.

Subsection 2
Undertakings established in a Member State of the European Union or of another State Party to the Agreement on the European Economic Area

Unofficial table of contents

Section 61 Business activity through a branch or in the provision of services

(1) A first insurance undertaking established in another Member State or a Contracting State (the State of origin), with the exception of the undertakings referred to in Articles 65 and 66 of the Treaty, may enter into the domestic insurance business by means of a branch or in the territory of the Member State of origin. Services shall operate only in accordance with the provisions of paragraphs 2 to 4. Article 57 (2) and (3) shall apply mutatily. (2) If the undertaking intends to carry out its activities by setting up a branch, the supervisory authority of the home state of the Bundesanstalt shall have the information referred to in Article 145 (2) and (3) of Directive 2009 /138/EC to be transmitted under the notification of the company. The establishment of the business of the establishment shall not be allowed until two months have elapsed since the date of receipt of this notice. This shall apply only if the Federal Institute does not notify the company of an earlier date. Changes to the content of the information referred to in Article 145 (2) (b), (c) or (d) of Directive 2009 /138/EC shall be communicated by the undertaking of the Bundesanstalt and the supervisory authority of its registered office one month before the intended implementation of the Change with. If any expansion of the business is connected with it, these are only allowed if a month has passed since the receipt of the company's communication to the Federal Institute. (3) The inclusion or modification of the company's activities in the The provision of services shall not be allowed until the supervisory authority of the State of origin of the Bundesanstalt has communicated the information referred to in Article 148 (1) and (2) of Directive 2009 /138/EC and has informed the company thereof. (4) The operation of health insurance within the meaning of section 146 (1) and of Compulsory insurance in the cases referred to in paragraphs 2 and 3 shall not be allowed until the company has submitted the general insurance conditions to the Bundesanstalt. (5) The Federal Institute shall inform the supervisory authorities of the , other members of the Member States or States Parties shall, on an ongoing basis, through such legislation, which have to respect insurance undertakings established in those States in the exercise of their business activities referred to in paragraph 1, and whose observance is supervision, with the exception of financial supervision. Rules which have not been disclosed in accordance with the first sentence of the first subparagraph shall inform the supervisory authorities of the countries of origin within two months of receipt of the information referred to in paragraph 2 or 3.

Footnote

(+ + + § 61 (1) and 2: For use, see Section 62 (1), second sentence, introductory sentence + + +) Unofficial table of contents

Section 62 Supervision of business activities

(1) The financial supervision of the business activities within the meaning of § 61 shall be the sole responsibility of the supervisory authority of the State of origin, the supervision of the other shall also be the responsibility of the Bundesanstalt. In addition to § 61 (1) and (2), the supervision of the Bundesanstalt pursuant to the first sentence shall apply accordingly:

1.

the General Regulations § 1 (1) and (2) and § § 3 and 4;

2.

the rules on cross-border operations, section 68, paragraph 2, sentence 4;

3.

Articles 48 and 51 of the Rules relating to the Business of Business;

4.

the provisions relating to the prevention of money laundering and terrorist financing § 53 (1) to (3) and Articles 54 and 55, provided that they are branches within the meaning of Section 57 (2), which operate the transactions referred to in Article 52;

5.

§ § 142, 144, 146, 147, 149 and 150 (1) to (3), § 152 (1) to (4), § § 155 and 156 (1), § 157 (1), § 159 with the exception of the referral to § 160;

6.

§ 294 (2) sentence 2 to 4, § § 298 and 299 (1), § 303, 305 (1), 2 (1) and 2 (3) to (5), § 306 (1) (1) (1) to (3), (2) sentence 1 (1) and (2), (4) to (8) and the § § § § § § § 294 (2), § § § 308 and 310, and

7.

Section 17 of the Financial Services Supervision Act.

(2) If the Bundesanstalt has reasons for the assumption that the financial soundness of a company operating in accordance with section 61 (1) may be affected, it shall inform the competent authority of the State of origin for financial supervision. (3) If a first insurance company does not comply with a business activity pursuant to Section 61 (1) of the Bundesanstalt's claims or orders to eliminate a maladministration (Section 298 (1)), the Federal Office shall inform the supervisory authority of the State of origin concerning the measures envisaged in accordance with the second sentence, and Cooperation. If this request is unsuccessful and attempts are made to enforce orders with coercive means or to enforce them for penalty payment, the Federal Institute may, if other measures do not lead to the target or not be appropriate, be indiscriminately or unsuccessfully. all or part of the activity in the territory of the country. In urgent cases, the arrangements referred to in the second sentence may be issued without informing the supervisory authority of the home Member State. In addition, the Bundesanstalt may, in accordance with Article 19 of Regulation (EU) No 1094/2010 of the European Parliament and of the Council of 24 November 2010 establishing a European Supervisory Authority (European Supervisory Authority for the insurance and occupational pensions), amending Decision No 716 /2009/EC and repealing Commission Decision 2009 /79/EC (OJ L 145, 31.7.2009, p. 48), the European Insurance and Occupational Pensions Authority is concerned with the matter and is asking for assistance. (4) A company operating pursuant to § 61 (1) (1) (1) (4) The Federal Agency shall, after having been informed by the supervisory authority of the home Member State, take the necessary measures to ensure that the further domestic business is to be kept under the authority of the home Member State. Unofficial table of contents

Section 63 Stock transfers

(1) A contract by which a first insurance undertaking with its head office in another Member State or a Contracting State wholly or partly holds a stock of insurance contracts which it is subject to pursuant to Article 61 (1) by an establishment or in the In the event of a transfer of services to a company established in a Member State or a Contracting State, authorisation shall be required by the competent supervisory authority of the State of origin of the transferring undertaking. the Federal Institute. Consent shall be granted if the interests of the insured are respected and the obligations arising from the insurance are fulfilled as permanently fulfilled; § 13 (4), (5) and (7) sentence 1 shall apply accordingly. (2) Insurance portfolio of a branch does not take any risks within the country, the Bundesanstalt merely takes a position on the contract. (3) The Bundesanstalt does not submit its observations within three months to the request for consent or opinion, the following applies: This shall be deemed to be a tacit consent or a positive opinion. (4) Requires the Sentence 1, sentence 1 § 58 (2) sentence 4 and section 59 (2) sentence 5 shall apply mutas to the approval of the competent supervisory authority of the Federal Institute for the approval of the certificate referred to in § 13 (2), second sentence, point 1. Unofficial table of contents

Section 64 For Lloyd's, Individual Insurers

(1) Lloyd's combined individual insurers may only carry out a business if the association, on behalf of the individual insurers, renounts the case of foreclosure in respect of the assets situated in the territory of the latter, rights to be derived from the fact that the compulsory execution also takes place in the assets of individual insurers against which the title does not work; the waiving of the waivers must be carried out until the insurance contracts entered into in the country have been completed in full shall be irrevocable. (2) Claims from within the territory of the country via a branch office The insurance business of Lloyd's combined individual insurers can only be brought to court by and against the principal authorized representative. A title obtained in accordance with the first sentence shall have an effect on and against the individual insurers involved in the insurance business. Section 727 of the Code of Civil Procedure shall be applied accordingly. A title obtained against the principal agent may be carried out in the assets of all the individual insurers in the association, managed by him, in the territory of the association. Unofficial table of contents

Section 65 Branch

(1) Insurance undertakings with registered offices in another Member State or State Party to which Directive 2009 /138/EC does not apply and who wish to operate the insurance business through a branch shall be subject to the authorization. The Federal Agency shall decide on the application. (2) § 67 (2) and (3) and section 68 (2) shall apply to these companies in accordance with the measures, in accordance with the requirements of

1.

the company's articles of association and the balance sheet and the profit and loss account must be submitted for each of the last three financial years; if the company is not yet three years, it shall have these documents only for those already in the completed financial years;

2.

the members of the body empowered to represent the legal representation are to be appointed;

3.

the business records relating to the establishment are to be held there; and

4.

Section 13 (2) shall not apply.

(3) Paragraphs 1 and 2 shall also apply where the operation is to take place in the provision of services, but the provisions referred to in paragraph 2 shall not apply in so far as they require an establishment. Unofficial table of contents

Section 66 Services; co-insurance

(1) First-time insurance undertakings operating exclusively in the insurance sector referred to in Annex 1 (4) to (7) and (12) and the type of risk referred to in point 10 (b) of this Regulation shall not be subject to the Provisions of this Act. (2) The provisions of this Act are also not subject to primary insurance companies which are involved in the insurance business referred to in § 210 (2) of the Insurance Contracts Act by means of co-insurance if, in addition to the leading insurer, they do not have a seat or an establishment within the country, and the co-insurance does not cover statutory liability insurance in connection with damage caused by nuclear energy or medicinal products. (3) Misuse of an initial insurance undertaking pursuant to paragraph 2, as a leading insurer insurance undertaking from other Member States or States Parties to co-insurance, the Supervisory Authority may, in relation to that undertaking, provide the necessary measures to eliminate the abuse Make arrangements. In serious cases, the Supervisory Authority may also prohibit the company from concluding such co-insurance or take the measures referred to in Article 304 (3). Section 304 (4) to (6) shall apply accordingly. In particular, abuse shall be deemed to be an abuse if a company does not carry out the tasks normally associated with a leading insurer or if it involves insurance undertakings which do not have such an undertaking in accordance with paragraph 2 (4) The Federal Ministry of Finance is authorized to do so by means of a decree law which does not require the approval of the Federal Council,

1.

the provisions of paragraphs 1 and 2 shall be declared applicable to insurance undertakings of a third country if the interests of the insured are sufficiently protected and if the interests of the Federal Republic of Germany are not contrary to the interests of the insured person, and

2.

to determine that the provisions relating to foreign insurance undertakings established in another Member State or State Party shall also apply to undertakings established in a third country, in so far as this is due to the agreements concluded by the European Union is required.

(5) Under the conditions laid down in paragraph 4 (1), the Bundesanstalt may grant appropriate exemptions by means of an administrative act on a case-by-case basis.

Subsection 3
Companies established outside the European Economic Area

Unofficial table of contents

§ 67 Permission; Spartsegregation

(1) Insurance undertakings of a third country which wish to operate the first or reinsurance business in the territory of the country shall require the authorisation of the supervisory authority for the operation of the business. Sentence 1 shall not apply to insurance undertakings of a non-member country which operate exclusively the reinsurance business from their home country when the European Commission is acting in accordance with Article 172 (2) or (4) of Directive 2009 /138/EC has decided that the solvency systems for reinsurance activities carried out by undertakings in that third country are equivalent to the system described in this Directive, in which case reinsurance contracts shall be concluded with those undertakings treated in the same way as reinsurance contracts with companies in a (2) For undertakings referred to in the first sentence of paragraph 1, the special provisions of this Subsection shall apply, and in addition, in accordance with the other provisions of this Act and those provided for in the Directive. 2009 /138/EC adopted delegated acts, regulatory technical standards and implementing technical standards. The provisions of Part 2, Chapter 2, Section 3, shall apply in accordance with the insurance business completed in accordance with the first sentence of paragraph 1. (3) First-time insurance undertakings which, at the same time, cover life insurance with other insurance undertakings , the domestic business must not be allowed for life insurance. First-time insurance companies that also run health insurance with other insurance companies cannot obtain a permit to operate the health insurance in accordance with § 146 (1) of the German Federal Republic of Germany.

Footnote

(+ + + § 67 (2) and 3: For use, see Section 65 (2) of the introductory sentence + + +) Unofficial table of contents

Section 68 Branch; Main Plenipotentiary

(1) The undertakings for which § 67 (1) applies shall establish a branch office in Germany and shall keep all business documents relating to the establishment available there. The provisions of § § 13d to 13f of the Commercial Code of the branch are to be applied accordingly. The business of the branch office must be taken into account separately. § 37, § 38 (1) and § 39 as well as § 43 (1) shall apply with the proviso that:

1.

The annual accounts and annual report of the main office in the German language are also sent to each insured person on request, and

2.

on the internal report of the annual accounts and annual reports published in the country in which the company has its seat, in the language of the host country and in the German language, and also the report submitted to the supervisory authority of the host country, in the language of the Seat country.

(2) A principal agent must be appointed for the establishment, who must have his residence and permanent residence at home. This has to comply with the obligations and personal requirements imposed by this law on the board of directors of a company domicated in Germany. It shall be deemed to be authorized to oblige the undertaking to conclude, in particular, insurance contracts with domestic policyholders and property situated there, and to the undertaking by the managing authorities and before the end of the period of Court of Justice. The principal agent must be registered for registration in the Commercial Register. (3) To the extent to which securities must be provided under the following provisions, the Federal Office may reserve itself in the conditions for the return, via which the Federal Office of the Federal Republic of Germany shall be responsible for the to have collateral in the interests of insured persons.

Footnote

(+ + + § 68 (2): For the application, see Section 65 (2) of the introductory sentence + + +)
(+ + + § 68 (2) sentence 4: For application, see Section 62 (1) sentence 2 no. 2 + + +) Unofficial table of contents

Section 69 Application; Procedure

(1) The application in accordance with § 67 shall be submitted to the Federal Office. The application must be submitted:

1.

the business plan referred to in Article 9 (2) and (3) and the particulars and documents referred to in Article 9 (4) for the establishment and the statutes of the undertaking; at the same time, the members of the institution empowered to represent the legal representation and of a company the name of the supervisory body;

2.

a certificate issued by the competent authority of the host country,

a)

that the company can acquire rights and liabilities at its registered office under its name, can be brought to justice and be sued, and

b)

which insurance business the company has the power to operate and what types of risks it actually covers and

3.

the balance sheet and the profit and loss account for each of the last three financial years; if the undertaking does not exist for three years, it shall be required to submit these documents only for the financial years already completed.

(2) The requirements for financial equipment shall be determined in accordance with Part 2, Chapter 2, Section 1 and 2. They shall be determined according to the business scope of the establishment. The assets constituting the equivalent of the Solvency Capital Requirement must be at least equal to the minimum capital requirement in the territory of the Member States or States Parties, as otherwise provided. They shall not be less than 50% of the absolute minimum capital requirement laid down in accordance with Article 122 (2) of the Law. The company also has to undertake to provide security (fixed security deposit). The fixed deposit amounts to at least 25 percent of the absolute minimum capital requirement. The fixed deposit shall be credited to the own funds. (3) permission may be granted if:

1.

none of the grounds of § 11 for failure to give permission,

2.

the conditions set out in Article 68 (1) and (2) are met; and

3.

of the amount required as a fixed deposit.

(4) If business operations are to be extended to cover other insurance classes or another territory within the country, paragraphs 1 to 3 shall apply accordingly. (5) Paragraph 2, first sentence, 5 and 6, paragraph 3, point 3, paragraph 4, first sentence of paragraph 70, first sentence, point 2 and Article 71, first sentence, point (2) shall not apply to the domestic branches of reinsurance undertakings established in a third country. Unofficial table of contents

Section 70 Facilitation of undertakings already authorised in another Member State or State Party

(1) A company which has received or requested permission to operate in another Member State or State Party may, upon request, be revocably authorised to:

1.

the solvency capital requirement shall be calculated on the basis of its entire business in the Member States or States Parties;

2.

it is exempted from the obligation to provide a security deposit domesticly; or

3.

Assets which constitute the equivalent of the minimum capital requirement may be situated in another Member State or State Party in which the undertaking carries on its activities.

The facilitations can only be granted together. The application shall be filed with the supervisory authorities of all Member States or States Parties in which the insurance undertaking has been admitted to business or has applied for a permit to operate. The application shall specify the authority to monitor in future the capital allocation for the entire business in the Member States or States Parties (elected supervisory authority); the election of the supervisory authority shall be justified. The security deposit within the meaning of Article 69 (2) sentence 5 shall be deposited in the Member State of the elected supervisory authority. The authorisation may only be granted if all the authorities in which the application was submitted agree. It shall be issued at the time when the elected supervisory authority has agreed to the other supervisory authorities to monitor the capital allocation. The facilities shall be revoked at the same time by all supervisory authorities if at least one of the authorities which agreed to the application requires it. (2) If the Federal Agency is elected supervisory authority, it shall inform the competent authorities of the competent authorities. Authorities of the participating Member States or States Parties to the measures taken pursuant to § 134 (7), § 135 (3). It may ask these authorities to take the same measures. If another authority is elected by the supervisory authority, the Bundesanstalt shall provide it with all the information necessary for the monitoring of the overall solvency requirement; has ordered restrictions on the disposal of assets of the undertaking, because: the own resources of which are inadequate, the Bundesanstalt shall, at the request of that authority, take appropriate measures for the assets situated in the territory of the country. § § 133 to 137 shall remain unaffected.

Footnote

(+ + + § 70 (1) sentence 1 no. 2: For application see Section 69 (5) + + +) Unofficial table of contents

Section 71 Revocation of permission

The Federal Institute shall revoke the authorisation if:

1.

the company in the country of seat loses permission to operate, or

2.

in the case of § 70, the elected supervisory authority shall revoke the authorization to operate because the own funds calculated in accordance with Section 70 (1), first sentence, point 1, are insufficient.

§ 304 shall remain unaffected.

Footnote

(+ + + § 71, sentence 1, point 2): For the purposes of application, see Section 69 (5) + + +) Unofficial table of contents

Section 72 Insurance of domestic risks

The first insurance undertaking of a third country to which the business has been authorised in accordance with § 67 may enter into insurance contracts with policyholders who have their habitual residence in the territory of the country, as well as insurance contracts relating to them. close down the land only by authorized agents who live in Germany. Unofficial table of contents

Section 73 Inventory transfer

(1) A contract through which the insurance portfolio of a domestic establishment within the meaning of Section 68 (1) is transferred in whole or in part to

1.

an insurance undertaking with a registered office in a Member State or a State Party; or

2.

the national establishment of an insurance undertaking of a third country,

requires the approval of the Bundesanstalt. The authorisation may be granted only if the receiving third country or the acquiring insurance undertaking has its registered office in a Member State or State Party, and that it has sufficient accounting conditions after the transfer. Own resources to comply with the Solvency Capital Requirement. Proof of proof shall be provided by a certificate

1.

the competent authority of the other Member State or Contracting State where the acquiring undertaking has its registered office in another Member State or State Party; or

2.

the elected supervisory authority within the meaning of Article 70 (1), fourth sentence, if the capital endowment of the third-country branch is supervised by the third-country branch.

Section 63 (4) shall apply to primary insurance undertakings. (2) First-time insurance contracts relating to the assets covered by the authorisation may be granted only if the supervisory authorities of the States in which they are entitled to the risks of the insurance order are in agreement. It shall be deemed to be in agreement if these supervisory authorities have not expressed their opinion within three months of receipt of the application. (3) The transfer of stock shall be subject to the written form; § 311b (3) of the Civil Code shall not apply. The rights and obligations of the transferring company from the insurance or reinsurance contracts shall also apply to the acquiring company with the transfer of the stock also in relation to the policyholders or the pre-insurers; § 415 of the Civil Code shall not apply. The approval of the stock transfer is to be published in the Federal Gazette. As soon as the transfer of the stock has become effective, the acquiring branch shall immediately inform the policyholders or the pre-insurers of the transfer of the stock in writing or electronically. (4) The insurance portfolio of a domestic establishment is transferred to the national establishment of an insurance undertaking of a third country and the capital endowment of the establishment of the latter company shall be transferred by the supervisory authority in another Member State or Contracting State, the Member State or State Party shall remain If the supervisory authority responsible for the acquiring company does not determine anything else, there is a branch office for the transferred assets.

Chapter 2
Financial endows

Section 1
Solvency overview

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Section 74 Assessment of assets and liabilities

(1) Insurance undertakings shall, in accordance with the provisions of paragraphs 2 and 3 and sections 75 to 87, have a comparison of assets and liabilities for the purpose of determining the existing own resources (the Solvency Margin). The provisions of this Act on own resources and the commercial obligation to make accounting shall remain unaffected. (2) The assets shall be valued in the solvency margin with the amount to which they shall be between knowledgable, (3) The liabilities are valued by the amount to which they are placed between experts, parties willing to contract and independent business partners. could be transferred or settled. A correction of the evaluation to take account of the credit rating of the insurance undertaking shall not take place. Unofficial table of contents

Section 75 General provisions for the formation of technical provisions

(1) The solvency margin shall be subject to insurance provisions for all insurance obligations to policyholders and claimants. These are to be calculated in a cautious, reliable and objective way. (2) The value of the technical provisions shall be equal to the current amount which insurance undertakings would have to pay if they were to: Insurance obligations would be transferred immediately to another insurance undertaking. (3) In the calculation of technical provisions, insurance undertakings segment their insurance obligations into homogeneous Risk groups that are separated at least by business units. (4) The Calculation of 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 them (Market consistency). (5) In the calculation of technical provisions, the principles referred to in § 74 (3) must be observed. Unofficial table of contents

Section 76 Value of technical provisions

(1) The value of the technical provisions shall be equal to the sum of

1.

the best estimate calculated in accordance with Section 77; and

2.

the risk margin calculated in accordance with Section 78.

The best estimate and the risk margin shall be calculated separately. (2) In order to be able to calculate future cash flows in connection with insurance obligations with financial instruments for which a reliable market value is to be determined, it shall be possible to calculate the risk of future cash flows. , the value of the technical provisions relating to these future flows shall be determined on the basis of the market value of those financial instruments. The second sentence of paragraph 1 shall not apply in this case. Unofficial table of contents

§ 77 Best Estimated Value

(1) The best estimate is the probability-weighted average of future cash flows, taking into account the time value of the money (expected cash value of future cash flows) and using the relevant risk-free reign The calculation of the best estimate shall be based on up-to-date and credible information as well as realistic assumptions. It shall be based on appropriate, appropriate and appropriate actuarial and statistical methods. (3) In the projection of future cash flows, all incoming and outgoing flows of payments shall be taken into account for the settlement of the flows of payments. (4) The best estimate shall be calculated without deduction of amounts recoverable from reinsurance contracts and special purpose companies. These amounts shall be calculated separately in accordance with § 86. (5) In the case of currencies and internal markets for which the adjustment referred to in Article 77e (1) (c) of Directive 2009 /138/EC does not appear in the implementing acts referred to in Article 77e (2) of Directive 2009 /138/EC, the calculation of the best estimate does not apply a volatility adjustment to the relevant risk-free interest curve. Unofficial table of contents

§ 78 Risk of risk

(1) The risk margin shall ensure that the value of the technical provisions is equal to the amount that insurance undertakings would require in order to be able to take over and fulfil the insurance obligations. (2) The risk margin shall be calculated by determining the costs necessary for the provision of an amount of eligible own funds. This amount shall be in accordance with the Solvency Capital Requirement, which is necessary for covering insurance obligations during their term of operation. If, in accordance with Article 86 (d) of Directive 2009 /138/EC, the European Commission establishes a capital cost rate for the provision of eligible own funds, it shall be used. Unofficial table of contents

Section 79 General principles for the calculation of technical provisions

(1) Insurance undertakings must have internal processes and procedures in order to ensure the accuracy, completeness and appropriateness of the data used in the calculation of technical provisions. (2) insurance companies are not available in sufficient quantity to obtain a reliable actuarial method on a group or sub-group of their insurance obligations or on the basis of a reasonable amount of data. Amounts arising from reinsurance contracts and For the purposes of the calculation of the best estimate, the insurance undertakings may use appropriate approximation values, including individual case analyses. Unofficial table of contents

§ 80 Matching adjustment to the relevant risk-free interest curve

(1) With the approval of the supervisory authority, insurance undertakings may make a matching adjustment to the relevant risk-free interest rate curve in order to obtain the best estimate of the portfolio of life insurance or reinsurance obligations , including pension insurance schemes derived from non-life insurance or reinsurance contracts. The authorisation shall be granted if the following conditions are met:

1.

the insurance 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 insurance or to cover reinsurance obligations and maintain that determination during the existence of the obligations, unless there is a derogation for the purpose of replicating the expected flows of payments between assets and To maintain liabilities when the flows of payments are substantially changed have;

2.

the portfolio of insurance or reinsurance obligations in respect of which the matching adjustment is to be made and the associated asset portfolio are identified separately from the other activities of the company; organized and managed, and the associated wealth portfolio cannot be used to cover losses from other activities of the company;

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 after that 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.

The risk of death is one of the technical risks associated with the portfolio of insurance or reinsurance obligations and the best estimate of the portfolio of insurance or reinsurance undertakings is increased. Reinsurance obligations shall not be more than 5 per cent under a risk of mortality risk, which shall be calibrated in accordance with § 97;

7.

the contracts underlying the portfolio of insurance or reinsurance obligations do not include options for the policyholder or only a repurchase option in which the repurchase value is the value of the value of the contracts assessed in accordance with § 74. assets that cover insurance or reinsurance obligations at the time of the exercise of the repurchase option;

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 the second sentence of point 8, insurance undertakings may use assets whose cash flows are fixed, apart from the dependence on inflation, when those assets are those in the flows of the portfolio of the Replicate inflation-related 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 in order to obtain the same payment stream through reinvestment in assets of equal or better credit quality , the right to change cash flows shall not exclude the asset from the admissibility of the associated portfolio as set out in the second sentence of sentence 2. (2) The insurance or reinsurance undertaking which shall adjust the matching to a Portfolio of insurance or reinsurance obligations may do not return to an approach that does not include matching adjustment. Where an insurance undertaking 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 supervisory authority and the shall take the necessary measures to ensure that these conditions are met again. If the company fails to meet the conditions set out in paragraph 1 within two months from the date of non-compliance, it shall not be entitled to do so in the case of its insurance or reinsurance obligations. (3) Matching adjustment must not be applied to insurance or reinsurance obligations in which the relevant adjustment is the case. risk-free interest rate curve for the calculation of the best estimate of these commitments Volatility adjustment according to § 82 or a transitional measure to the risk-free interest rates according to § 351. Unofficial table of contents

§ 81 Calculation of matching adjustment

The matching adjustment in accordance with § 80 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 of interest, 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 § 74 of the portfolio of the assigned assets;

b)

the annual percentage rate of interest, 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 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 undertaking;

3.

without prejudice to point 1, the basic spread shall be increased, if necessary, to ensure that the matching adjustment for assets whose credit quality is below investment grade is not higher than the matching adjustment for assets whose credit quality has been classified as an investment grade having the same duration and belonging to the same category of assets;

4.

the use of external credit ratings in the calculation of the matching adjustment shall be in accordance with the delegated acts adopted by the European Commission in accordance with Article 111 (1) (n) of Directive 2009 /138/EC.

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§ 82 Volatility adjustment

(1) Insurance undertakings may, with the approval of the supervisory authority, adjust the volatility adjustment of the relevant risk-free interest curve for the calculation of the best estimate according to § 77. (2) The volatility adjustment shall not apply to: Insurance obligations shall be undertaken in respect of which a matching adjustment according to § 80 shall be made for the relevant risk-free interest rate curve for the calculation of the best estimate for these obligations. (3) By way of derogation from § 97, the Solvency capital requirement not the loss risk for basic own resources from changes the volatility adjustment. Unofficial table of contents

Section 83 Technical information to be taken into consideration

(1) Where implementing acts with the technical information referred to in Article 77e (1) are adopted by the Commission in accordance with Article 77e (2) of Directive 2009 /138/EC, insurance undertakings shall be required to: Use information for the calculation of the best estimate according to § 77, the matching adjustment in accordance with § 80 and the volatility adjustment according to § 82. (2) If the Commission publishes an increase in volatility adjustment for a country, the Insurance undertakings which make use of § 82 to calculate the best Apply an estimated value for insurance and reinsurance obligations arising from contracts distributed on the insurance market of that country. (3) If technical information is not published in accordance with paragraph 1 or 2, Insurance undertakings for their own calculations to reproduce the derivations underlying this information as well as possible. Unofficial table of contents

Section 84 Other facts to be taken into account in the calculation of technical provisions

(1) In the calculation of technical provisions, account shall also be taken of the following facts:

1.

all the expenses incurred in the operation of the insurance obligations;

2.

inflation, including the inflation of expenses and insurance claims, and

3.

all payments to policyholders and beneficiaries, including future bonuses expected to be made by insurance undertakings, whether or not they are contractually guaranteed.

(2) In the case of life insurance, health insurance in the manner of life assurance and in the case of accident insurance with premium reassurance, future payment flows to policyholders and beneficiaries from the part of the The valuation date for repayment of the contribution refund, which may be used to compensate for losses and which does not apply to fixed surplus shares, shall not be considered as expected payments within the meaning of paragraph 1 (3). Unofficial table of contents

§ 85 Financial guarantees and contractual options in the insurance contracts

(1) In the calculation of technical provisions, account shall be taken of the value of the financial guarantees and other contractual options which are the subject of the insurance contracts. (2) The assumptions relating to the Probability that policyholders will exercise their contractual options, including cancellation and repurchase rights, are realistic to choose and have to rely on current and credible information. (3) The assumptions either explicitly or implicitly take account of the impact of future changes of the financial and non-financial conditions for the exercise of these options. Unofficial table of contents

Section 86 Recoverable amounts from reinsurance contracts and to special purpose companies

(1) The calculation of the amounts recoverable from reinsurance contracts and with respect to special purpose companies shall be carried out in accordance with § § 75 to 85. (2) In calculating these recoverable amounts, the time difference between the receipt of the (3) The result of this calculation shall be adjusted in order to take account of losses to be expected in the event of failure of the counterparty. The adjustment is based on an assessment of the failure probability of the counterparty and of the resulting average loss. Unofficial table of contents

Section 87 Comparison with experience data

(1) Insurance undertakings shall, by means of appropriate processes and procedures, ensure that the best estimates and the assumptions underlying their calculation are regularly compared with experience data. (2) Shows the comparison systematic discrepancy between the calculations of the best estimate and the experience data, the undertaking concerned has adjusted the actuarial methods used or the assumptions underlying it; , Unofficial table of contents

Section 88 powers of the supervisory authority in respect of technical provisions; authorisations for the regulation

(1) At the request of the supervisory authority, the insurance undertakings shall be required to demonstrate the following:

1.

the adequacy of the amount of their technical provisions;

2.

the suitability and the relevance of the methods used, and

3.

the appropriateness of the basic statistical data used.

(2) Insofar as the calculation of the technical provision made by the insurance undertaking does not comply with the provisions of Sections 75 to 87, the supervisory authority may increase the amount of the technical technical provisions. (3) The Federal Ministry of Finance is authorized, in agreement with the Federal Ministry of Justice and for Consumer Protection, to comply with the provisions of the Law on Legal Affairs and Consumer Protection by means of a legal regulation. Calculation of the cover provision in accordance with the principles of regular Accounting

1.

in the case of insurance contracts with an interest rate guarantee, to fix one or more maximum values for the accounting rate,

2.

specify further guidelines for the determination of discount rates in accordance with Section 341f (2) of the Commercial Code,

3.

to set the maximum limits for the zillers; and

4.

determine the actuarial accounting principles and the valuation methods for the cover provision.

In the event of an accident insurance of the type referred to in § 161 as well as for pension benefits from the insurance companies mentioned in § 162, the first sentence must be applied accordingly. The authorization may be transferred to the Federal Institute by legal regulation in agreement with the Federal Ministry of Justice and Consumer Protection. Legal regulations according to sentences 1 to 3 do not require the approval of the Bundesrat.

Section 2
Solvency requirements

Subsection 1
Determination of own resources

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Section 89 Own Resources

Insurance undertakings shall always have at least the level of the Solvency Capital Requirement on eligible own funds. At the level of the minimum capital requirement, they shall always have eligible basic own resources. Own funds, which meet the requirements of § § 94 and 95. (2) The own funds of an insurance company comprise the basic own resources and the supplementary own resources. (3) Basic own resources are:

1.

the surplus of assets over liabilities less the amount of treasury shares in the solvency margin, and

2.

the subordinated liabilities.

(4) The complementary own resources are those which do not belong to the basic own resources and which can be called for in order to compensate for losses. They may include the following components:

1.

that part of the unpaid share capital, the foundation stock or the post in the case of public insurance undertakings, which has not been called for by public limited liability companies;

2.

in the case of mutual insurance associations with a variable repayment obligation, the future claims which the association has to its members if it asks for surpluses within the following twelve months,

3.

credit letters and guarantees, and

4.

all other legally binding payment obligations of third parties in relation to the insurance undertaking.

(5) As soon as a component of the supplementary own resources has been paid or requested, it shall be treated as an asset for the purposes of the solvency overview and shall be one of the basic own resources. Unofficial table of contents

Section 90 Approval of supplementary own resources

(1) Supplementary own resources may be applied only with the prior approval of the supervisory authority. (2) The supervisory authority shall either approve an amount for each supplementary own-resource component or a method of determining the amount of each own resources component. In the latter case, the authorisation shall be granted only for a specified period and shall also include the amount determined in accordance with this method. (3) The amount attributed to each of the supplementary own resources shall be mirrored by the Loss-equalisation of the component and is based on prudent and realistic assumptions. Where an own-resources component has a fixed nominal value, the amount of that component shall be its nominal value if that amount appropriately reflects its loss-making capacity. (4) In the decision on the application for suspension, Supplementary own resources shall take account of the supervisory authority:

1.

the ability and willingness of the counterparties to pay,

2.

the ability of the funds to be required, taking into account the legal structure of the component and any other circumstances which may prevent the successful deposit or recovery of that component; and

3.

any information on the outcome of previous claims made by the insurance undertaking for such supplementary own resources, provided that such information can be used in a reliable manner in order to achieve the expected outcome of future To evaluate requests.

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Section 91 Classification of own resources

(1) The insurance undertakings have to classify their own resources in three quality classes. (2) The classification of own resources depends on whether the own resources are based on own resources or on supplementary own resources; and to what extent

1.

are available or are required to fully absorb losses in the management of the company and in the event of liquidation; and

2.

in the case of liquidation, are subordinated to all other liabilities.

(3) In assessing the current and future features of the own resources referred to in paragraph 2, their duration shall be taken into account. In the case of a fixed-term duration, a comparison of the fixed-term duration with the average duration of the company's insurance obligations shall be included in the consideration. (4) In addition, account should be taken of whether and the extent to which an own-resource component is free of

1.

obligations or incentives to repay the nominal amount,

2.

mandatory fixed costs and

3.

other loads.

(5) The classification shall be subject to approval by the supervisory authority. This does not apply to own-resources components, the classification of which is made known in delegated acts by the European Commission. Unofficial table of contents

Section 92 Criteria of classification

(1) Basic own resources shall be classified in grade 1 if they have the characteristics referred to in Article 91 (2) (1) and (2), with the additional consideration of Article 91 (3) and (4). (2) Basic own resources shall be included in the Grade 2 if they have to a large extent the feature referred to in Article 91 (2) (2) with additional consideration of Article 91 (3) and (4). (3) Supplementary own resources shall be classified in quality class 2 if they are in accordance with § 91 (2) (1) and (2), taking additional account of Article 91 (3) and (4) (4) All other basic own resources and additional own resources other than those referred to in paragraphs 1 to 3 shall be classified in quality class 3. Unofficial table of contents

Section 93 Classification of certain own resources

(1) Quality class 1 shall classify the probability-weighted average of future cash flows to policyholders and beneficiaries, taking into account the time value of the money (expected present value of future cash flows). Cash flows) and using the relevant risk-free interest rate curve from the part of the repayment of contribution restitution available at the valuation date, which may be used to cover losses and not to the specified amount Surplus shares are eliminated

1.

in life insurance,

2.

in the case of health insurance, which is operated in the manner of life assurance, and

3.

in the case of accident insurance with premium reinsurance.

(2) Quality class 2 shall be classified as:

1.

credit letters and guarantees held by an independent trustee for insurance creditors and provided by credit institutions approved in accordance with Directive 2006 /48/EC, and

2.

all future claims by means of reciprocity by shipowners, by means of variable premium income which only insure the risks referred to in Annex 1 (6), (12) and (17), to their members by means of A call for repayment of contributions within the following twelve months can be claimed.

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Section 94 Own resources to comply with the Solvency Capital Requirement

(1) For compliance with the Solvency Capital Requirement, the eligible own funds shall be composed of own resources of quality class 1 and of eligible own resources of quality classes 2 and 3. (2) The own resources components Quality classes 2 and 3 are only eligible, provided that the following conditions are met:

1.

the own resources of quality class 1 shall be at least one third of the solvency capital requirement and

2.

the eligible amount of the own resources of grade 3 shall be less than one third of the solvency capital requirement.

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Section 95 Own resources to comply with the minimum capital requirement

(1) In order to comply with the minimum capital requirement, the eligible own funds shall be composed solely of own resources of quality class 1 and eligible basic own resources of class 2. (2) The own resources of the Quality class 1 covers at least half of the minimum capital requirement.

Subsection 2
Solvency capital requirement

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Section 96 Determination of the Solvency Capital Requirement

(1) The Solvency Capital Requirement may be determined by means of a standard formula or an internal model. In both cases, the solvency capital requirement shall be determined by the provisions of Section 97. (2) The risk profile of the insurance undertaking shall be substantially subject to the assumptions underlying the calculation with the standard formula, may order the insurance undertaking to develop an internal model for the calculation of the solvency capital requirement or the relevant risk modules of that requirement within a reasonable period of time; and is used. Unofficial table of contents

Section 97 Calculation of the Solvency Capital Requirement

(1) The calculation of the Solvency Capital Requirement shall be carried out under the assumption of business management. (2) The Solvency Capital Requirement must be calibrated in such a way that all quantifiable risks to which a Insurance companies are subject to exposure. Both the current business scope and the new business expected in the next twelve months should be used. With regard to the current business volume, the Solvency Capital Requirement shall cover only unexpected losses. It corresponds to the value-at-risk of the base own funds of an insurance undertaking at a confidence level of 99.5% over a period of one year. (3) The amount of the Solvency Capital Requirement shall have at least the following risks to cover:

1.

the non-life insurance risk,

2.

the life insurance risk,

3.

the health insurance risk,

4.

the market risk,

5.

credit risk and

6.

the operational risk.

The operational risk also includes legal risks. However, it does not include any reputational risks or risks arising from strategic decisions. (4) In determining the solvency capital requirement, account shall be taken of the effects of risk mitigation techniques, provided that: Credit risk and other risks arising from the use of these techniques shall be duly taken into account in the Solvency Capital Requirement. Unofficial table of contents

§ 98 Frequency of calculation

(1) Insurance undertakings shall calculate the solvency capital requirement at least once a year and report the result of that calculation to the supervisory authority. Insurance undertakings shall continuously monitor the level of the solvency capital requirement and the amount of the existing eligible own funds. (2) The risk profile of an insurance undertaking shall be substantially dependent on the assumptions made by the insurance undertaking concerned. The company must immediately recalculate the solvency capital requirement and report to the supervisory authority on the basis of the most recently reported solvency capital requirement. (3) The right to be informed is the assumption that the Risk profile of the insurance undertaking since the last notification of the If the solvency capital requirement has substantially changed, the supervisory authority may require the company to recalculate the solvency capital requirement. Unofficial table of contents

Section 99 Structure of the standard formula

If the Solvency Capital Requirement is calculated using the standard formula, it shall be composed of the following components:

1.

the basic solvency capital requirement in accordance with § § 100 to 106,

2.

the capital requirement for operational risk according to § 107 and

3.

the adjustment for the loss-making capacity of the technical provisions and deferred taxes in accordance with § 108.

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§ 100 Structure of the base solvency capital requirement

(1) The base solvency capital requirement shall include individual risk modules aggregated in accordance with Appendix 3. It shall include at least the following risk dules:

1.

the non-life insurance risk,

2.

the life insurance risk,

3.

the health insurance risk,

4.

the market risk and

5.

the counterparty default risk.

Insurance operations shall be assigned to the technical risk module which best meets the technical nature of the underlying risks. (2) The correlation coefficients for the aggregation of the risks referred to in paragraph 1 shall be assigned to the technical risk module. Risk dules and the calibration of the capital requirements for each risk module must lead to a total solvency capital requirement which satisfies the principles set out in § 97. (3) Each of the risk modules referred to in paragraph 1 shall be subject to Use of risk-based value-at-risk to the confidence level of 99.5 percent have been calibrated over the period of one year. Where appropriate, diversification effects should be taken into account in the establishment of the risk dules. (4) The structure and specifications for the risk dules must be applied to all insurance undertakings, both in respect of the (5) In view of the risks arising from disasters, it is possible to determine the geographical characteristics of the calculation of the risk capital requirements. Life insurance, non-life insurance and health insurance Modules are based on. Unofficial table of contents

Section 101 Non-life insurance-related risk module

(1) The non-life insurance-related risk module shall reflect the risk arising from non-life insurance obligations in relation to the risks covered and the processes used in the exercise of the business. The risk module shall take into account the uncertainty of the results of insurance undertakings in relation to the existing insurance obligations and to the new transactions expected in the following twelve months. (2) Non-life insurance-related risk module shall be calculated in accordance with Appendix 3 as a combination of the capital requirements for at least the risk of loss or adverse change in the value of the Insurance liabilities resulting from:

1.

Variations in the occurrence, frequency and severity of the insured events and in relation to the duration and amount of the damage (non-life insurance premium and reserve risk); and

2.

an essential uncertainty in terms of price fixing and assumptions in the formation of technical provisions for extreme or exceptional events (non-life risk).

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Section 102 Life-insurance-related risk module

(1) The life insurance risk module shall reflect the risk arising from life insurance obligations in relation to the risks covered and the processes used in the exercise of the business. (2) The Life-insurance-related risk module shall be calculated in accordance with Appendix 3 as a combination of the capital requirements for at least the risk of loss or adverse change in the value of the insurance liabilities, the is obtained from:

1.

Changes in the level, trend or volatility of mortality rates, if the increase in mortality rates leads to an increase in the value of insurance liabilities (risk of death),

2.

Changes in the level, trend or volatility of mortality rates, if the fall in mortality rates leads to an increase in the value of insurance liabilities (longevity risk),

3.

Changes in the amount, trend or volatility of invalidity, disease and morbidity rates (invalidity, morbidity risk),

4.

changes in the amount, trend or volatility of the costs incurred in the management of insurance contracts (life insurance cost risk),

5.

Changes in the amount, trend or volatility of the revision rates for pension insurance based on changes in the law or the health condition of the insured person (risk of revision),

6.

Changes in the amount or volatility of the cancellation, termination, renewal and repurchase rates of insurance policies (Stornorisiko) and

7.

an essential uncertainty in relation to assumptions about extreme or exceptional events in price fixing and in the formation of technical provisions (life insurance catastrophe risk).

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§ 103 Health-insurance-related risk module

(1) The health insurance-related risk module shall reflect the risk arising from health insurance obligations in relation to the risks covered and the processes used in the exercise of the business. This applies regardless of whether the health insurance is operated according to the type of life insurance. (2) The health insurance-related risk module shall include at least the risk of loss or adverse change in the value of the Insurance liabilities resulting from

1.

changes in the amount, trend or volatility of the costs incurred in the operation of insurance contracts;

2.

Fluctuations in the occurrence, frequency and severity of the events insured, as well as the duration and amount of the regulations at the time of the formation of the technical provisions and

3.

an essential uncertainty of assumptions regarding price fixing and the formation of technical provisions in view of the outbreak of major epidemics and of the unusual accumulation of those under these extreme conditions risks occurring.

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Section 104 Marktrisikomodule

(1) The market risk module shall cover the risk resulting from the level or volatility of the market prices of financial instruments which have an impact on the valuation of the assets and liabilities of the enterprise. It has appropriate to reflect the structural incongruity between assets and liabilities, in particular with regard to their maturity. (2) The market risk module shall be calculated in accordance with Appendix 3 as a combination of capital requirements with regard to the sensitivity of assets, liabilities and financial instruments, with respect to at least the following changes:

1.

changes in interest rates or the volatility of interest rates (interest rate change risk),

2.

Changes in the level or volatility of the market prices of shares (share risk),

3.

Changes in the level or volatility of market prices of real estate (real estate risk),

4.

Changes in the amount or volatility of the credit spreads over the risk-free interest rate curve (Spread-Risk) and

5.

Changes in the level or volatility of exchange rates (exchange rate risk).

Additional risks which are caused either by a lack of diversification of the investment portfolio or by a high exposure to the default risk of a single investment issuer or a group of related issuers (Marktrisico concentrations), are also to be calculated. Unofficial table of contents

Section 105 Counterparty default risk module

(1) 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 the insurance undertaking over the next twelve months (2) The counterparty failure risk module shall include:

1.

Contracts for risk reduction such as reinsurance agreements, securitisation and derivatives,

2.

requests to intermediaries and

3.

any other credit risk not covered by the spread risk in accordance with Section 104 (2), first sentence, point 4.

The counterparty default risk module shall take appropriate account of any collateral and other collateral for the benefit of the insurance undertakings, including the risks associated with such collateral. (3) The counterparty failure risk module shall, in respect of each counterparty, take into account the total risk exposure of the insurance undertaking with respect to that counterparty, irrespective of the legal form of the contractual obligations to the counterparty. Unofficial table of contents

§ 106 Stock Risk Submodule

(1) The share risk sub-module includes a symmetrical adjustment of the factor in the scenario for equity investments, which records the risk from changes in the level of share prices. (2) The adjustment of those calibrated in accordance with § 100 (3) The default capital requirement for stock assets is calculated as a function of the current level of a suitable share index and a weighted average of this index. The weighted average is calculated over a reasonable period of time that is the same for all insurance companies. (3) The adjustment must not lead to a factor in the scenario for equity investments exceeding 10 percentage points above or below. is the standard factor for stock assets. Unofficial table of contents

Section 107 Capital requirement for operational risk

(1) The capital requirement for operational risk shall cover operational risks to the extent that they are not already taken into account in the risk modules referred to in § 100. It must be calibrated in accordance with Article 97 (2). (2) In relation to life insurance contracts in which the investment risk is borne by the policyholders, the calculation of the capital requirement for the operational risk shall be the amount of the costs. (3) In respect of insurance operations other than those referred to in paragraph 2, the calculation of the capital requirement for operational risk shall be subject to the volume of the of these transactions with regard to the premiums earned and the Account shall be taken of technical provisions relating to the obligations arising out of those insurance undertakings. In doing so, the capital requirement for the operational risks shall not exceed 30% of the basic solvency capital requirement for these insurance transactions. Unofficial table of contents

Section 108 Adaptation to the loss-making capacity of technical provisions and deferred taxes

(1) The adjustment referred to in Article 99 (3) for the loss-making capacity of technical provisions and deferred taxes shall take into account the possible compensation of unexpected losses by a simultaneous reduction of the losses incurred by the technical provisions, deferred taxes or a combination of both. (2) This adjustment takes into account the risk-inflicting effect of future bonuses from insurance contracts, to the extent that: insurance companies can demonstrate that a reduction of these Excess participations can be used to compensate for unexpected losses. 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. (3) For For the purposes of paragraph 2, the value of future bonuses in adverse circumstances shall be compared with the value of the bonuses in accordance with the basic assumptions for the calculation of the best estimate. Unofficial table of contents

Section 109 Deviations from the standard formula

Insurance undertakings may use a simplified calculation for a sub-module or risk module where the nature, scale and complexity of the risks justify and disproportionate to the extent to which the insurance undertaking is responsible for the Application of the standard calculation. The simplified calculations must be calibrated in accordance with § 97 (2). (2) With the approval of the supervisory authority, insurance companies can use a subset of parameters in the calculation of the technical modules. Replace company-specific parameters. Such parameters shall be calibrated on the basis of internal data of the enterprise or on the basis of data directly relevant to the business of this enterprise using standardized methods. The data used must be accurate, complete and appropriate. Unofficial table of contents

§ 110 Essential deviations from the assumptions underlying the calculation with the standard formula

Where the calculation of the solvency capital requirement in accordance with the standard formula is not appropriate, because the risk profile of the insurance undertaking deviates substantially from the assumptions underlying the standard formula, the supervisory authority may: In the calculation of the technical risk modules, companies give up a subgroup of the parameters used for the standard formula to be replaced by company-specific parameters. In the calculation of these specific parameters, the company has to comply with the requirements of § 97 (2) and the second sentence of § 109 (2).

Subsection 3
Internal models

Unofficial table of contents

§ 111 Use of internal models

(1) Insurance undertakings may use an internal model in the form of a full or partial model for the calculation of the Solvency Capital Requirement. (2) In addition to the model, written internal guidelines shall be drawn up which shall determine which Changes the insurance company can make to the internal model. The internal guidelines must determine when a change is to be considered to be smaller or larger. (3) The use of a model, the internal guidelines, as well as their changes, changes to the model, as well as the termination of use of the Model and the full or partial return to the standard formula must be approved by the supervisory authority. Sentence 1 shall not apply to minor changes to the model. The supervisory authority shall approve the application if the systems are appropriate for risk identification, risk measurement, risk monitoring, risk management and risk reporting, and in particular the requirements referred to in paragraph 4 are fulfilled. A complete or partial return to the standard formula may only be approved if there is sufficient justification for it. (4) Together with the application for approval, the internal guidelines referred to in paragraph 2 and documents shall be subject to the following conditions: (5) The Supervisory Authority shall decide on the application for approval within six months of the date of access of the complete application. (6) Insurance undertakings to which the supervisory authority is to use a , the supervisory authority may require an estimate of the solvency capital requirement in accordance with the standard formula in accordance with § § 96 to 110. Unofficial table of contents

§ 112 Internal models in the form of partial models

(1) Internal models in the form of partial models shall be approved for the calculation

1.

one or more risk modules or sub-modules of the basic solvency capital requirement in accordance with § § 101 to 106,

2.

the capital requirement for operational risk according to § 107 and

3.

the adjustment in accordance with § 108.

Partial models can be applied for the entire business or only for one or more of the main business units. (2) § § 115 to 121 are to be applied accordingly; the limited scope of the model is to be taken into account. In addition,

1.

the solvency capital requirement resulting from the model shall take better account of the risk profile of the insurance undertaking than the solvency capital requirement calculated in accordance with the standard formula; and

2.

the model

a)

comply with the principles of § § 96 to 98 as well as

b)

be fully integrated into the standard formula for the Solvency Capital Requirement and be consistent in its structure with § § 96 to 98.

(3) The insurance undertaking must justify to an appropriate extent that the limited scope of the model is justified. (4) Decks the partial model only to certain sub-modules of a risk module or to some business units of a Insurance undertaking in respect of a specific risk module or parts of both, the supervisory authority may extend the scope of the model to other sub-modules or business units of a risk module by way of a Transition plans require until the predominant part of the insurance business in Reference to this risk module is covered. Unofficial table of contents

Section 113 Responsibility of the Executive Board; participation of third parties

(1) The Board of Management is responsible for itself

1.

for the application for the use of the internal model in accordance with Section 111 (3) and the request for the approval of subsequent major changes to the model,

2.

for the introduction of systems to ensure that the internal model is functioning properly throughout,

3.

for the continuous adequacy of the structure and functioning of the internal model and

4.

ensure that the internal model is at all times proportionate to the risk profile of the insurance undertaking.

(2) The complete or partial provision of the model or of data by third parties does not release the insurance company from the obligation to comply with the requirements of § § 115 to 121 to the internal model. Unofficial table of contents

Section 114 Non-compliance with the requirements for the internal model

(1) If insurance undertakings no longer comply with the requirements of Sections 115 to 121 following the granting of regulatory approval for the use of an internal model, they must submit a plan to the supervisory authority without delay, how the requirements can be met again within a reasonable period of time, or proof that the failure to comply with the requirements has an insignificant impact. (2) The plan referred to in paragraph 1 shall not be properly , the supervisory authority may, in order to calculate the Order the solvency capital requirement to return to the default formula. Unofficial table of contents

§ 115 Use test

(1) The internal model must be used to a considerable extent for corporate governance and must play an important role in the business organisation, in particular:

1.

in the risk management system in accordance with § 26 and in the decision-making processes, and

2.

in the assessment of the economic capital and solvency capital as well as in the allocation processes, including the assessment in accordance with § 27.

(2) The frequency of the calculation of the Solvency Capital Requirement using the internal model shall be consistent with the frequency with which the internal model is used for the purposes referred to in paragraph 1. (3) Insurance undertakings shall have the burden of proof that the requirements of paragraphs 1 and 2 are met.

Footnote

(+ + + § 115: For application, see Section 112 (2) sentence 1 + + +) Unofficial table of contents

§ 116 Statistical quality standards for probability distribution forecasting

(1) The internal model shall cover all the essential risks of the insurance undertaking. The risks referred to in Article 97 (3) shall always be taken into account. Regardless of the method of calculation chosen, the risk rating must be sufficient to ensure that the internal model in the business organization, in particular in risk management, in the decision-making processes and the capital allocation is used to a considerable extent and plays an important role within the meaning of Section 115 (1). (2) The insurance undertakings must be able at any time to make the plausibility of the assumptions underlying the internal model in relation to the (3) Methods of calculation of the internal model the underlying probability distribution forecast shall be based on appropriate, appropriate and appropriate actuarial and statistical procedures. They must be consistent with the methods used for the calculation of technical provisions. (4) The calculation of the probability distribution forecast must be based on up-to-date and reliable information as well as on realistic assumptions. (5) 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 once a year.

Footnote

(+ + + § 116: For application see Section 112 (2) sentence 1 + + +) Unofficial table of contents

Section 117 Other statistical quality standards

(1) Dependencies within the risk categories as well as between risk categories with respect to diversification effects can be taken into account in the internal model if the systems for measuring the diversification effects are appropriate. (2) Effects of risk mitigation techniques can be taken into account in the internal model if the credit risk and other risks arising from the application of risk mitigation techniques are adequately reflected. (3) Risks of essential risks Importance of financial guarantees and contractual options are exactly assess. In addition, risks arising from options for the benefit of policyholders and other insurance companies must be assessed. The impact of future changes in the financial and non-financial conditions on the exercise of these options should be taken into account. (4) Future actions of the management, reasonably expected to be expected under certain conditions, can be taken into account in the internal model. The time required to implement such measures must be taken into account. (5) Expected payments to insured persons are to be taken into account in the internal model, whether or not they are contractually guaranteed.

Footnote

(+ + + § 117: For application see Section 112 (2) sentence 1 + + +) Unofficial table of contents

§ 118 Calibration Standards

(1) The insurance undertakings may, by way of derogation from § 97 (2), use in the internal model a different period of time or a different risk of risk if it is ensured that the results of the internal model are calculated in a way that is used to calculate the solvency capital requirement granted by the insured person to a level of protection equivalent to § 97. (2) In so far as it is possible in practice, insurance undertakings shall have the solvency capital requirement directly from the Derive the probability distribution prognosis that is caused by the internal model is generated. The risk ate value-at-risk according to § 97 is to be used. (3) The supervisory authority may allow approxies for the calculation of the solvency capital requirement if the solvency capital requirement is not directly derived from the solvency capital requirement by the internal model the insurance undertakings of the supervisory authority can demonstrate that a level of protection is granted to the policyholders in accordance with § 97 (2). (4) At the request of the Supervisory authority shall be the internal model for relevant Apply benchmark portfolios. At the request of the supervisory authority, it shall be assumed that the assumptions are based essentially on external data in order to verify the calibration of the internal model and to determine whether its specification of the generally accepted data is to be considered. Market practice.

Footnote

(+ + + § 118: For application see Section 112 (2) sentence 1 + + +) Unofficial table of contents

Section 119 Allocation of profits and losses

Insurance undertakings shall examine the causes and sources of profits and losses of each main business unit at least once a year. In doing so, they examine 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 insurance companies.

Footnote

(+ + + § 119: For application, see Section 112 (2) sentence 1 + + +) Unofficial table of contents

§ 120 Validation Standards

(1) Insurance undertakings must have a regular model validation cycle that controls the performance of the internal model, the verification of the continuous adequacy of its specification and the comparison of (2) The model validation process must include an effective statistical procedure for the validation of the internal model, which can be used to demonstrate to the supervisory authority that the model validation process is Help of the internal model calculated capital requirements (3) The statistical methods used have to examine the appropriateness of the probability distribution forecast in relation to the losses observed and to all the essential new data and related information. (4) The The model validation process includes an analysis of the stability of the internal model and, in particular, the verification of the sensitivity of the results of the internal model in relation to changes in the main assumptions on which the model is based. It also includes an assessment of the accuracy, completeness and appropriateness of the data used for the internal model.

Footnote

(+ + + § 120: For application, see Section 112 (2) sentence 1 + + +) Unofficial table of contents

Section 121 Documentation standards

(1) The structure and functioning of the internal model shall be documented. This documentation must show that the requirements of § § 115 to 120 are complied with. (2) The documentation contains a detailed explanation of the theoretical foundations, the assumptions as well as the mathematical and the empirical data. The basis on which the internal model is based and describes all the constellations in which the internal model does not function effectively. (3) Insurance companies have all major changes to their internal model (Section 111 (2)). document.

Footnote

(+ + + § 121: For application, see Section 112 (2) sentence 1 + + +)

Subsection 4
Minimum Capital Requirement

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Section 122 Determination of the minimum capital requirement; Regulation empowerment

(1) The minimum capital requirement shall be equal to the amount of eligible basic own resources below which the policyholder and the claimant, in the event of a continuation of the insurance undertaking ' s business operations, shall be entitled to an unacceptable amount of (2) The Federal Ministry of Finance is empowered to establish by means of a regulation the level of the minimum capital requirement referred to in paragraph 1, in accordance with Article 129 (1) to (3) of Directive 2009 /138/EC, Delegated acts of the European Commission pursuant to Article 130 of the Directive 2009 /138/EC and publications of the European Commission pursuant to Article 300 of Directive 2009 /138/EC. The authorisation may be transferred to the Federal Institute by means of a legal regulation. Legal regulations according to sentences 1 and 2 do not require the approval of the Bundesrat. Unofficial table of contents

§ 123 Calculation urnus; reporting requirements

(1) Insurance undertakings shall have to calculate the minimum capital requirement on a quarterly basis and report the calculation result of the supervisory authority. For the purposes of determining the limit values of the minimum capital requirement, a quarterly calculation of the solvency capital requirement shall not be required. (2) In particular, one of the limit values referred to in Article 129 (3) of Directive 2009 /138/EC shall be: the minimum capital requirement of an insurance undertaking, it shall explain the reasons for this to the supervisory authority.

Section 3
Assets; backup assets

Unofficial table of contents

Section 124 Investment principles

(1) Insurance undertakings must apply their entire assets in accordance with the principle of business prudence. The following requirements must be met:

1.

Insurance undertakings may invest exclusively in assets and instruments whose risks they adequately identify, assess, monitor, control, control and include in their reporting and in the assessment of their risks. their solvency requirements may be sufficiently taken into account in accordance with Article 27 (2) (1);

2.

all assets must be invested in such a way as to ensure the security, quality, liquidity and profitability of the portfolio as a whole and ensure the availability of the assets;

3.

Assets held to cover the technical provisions shall also be invested in a manner appropriate to the nature and duration of the undertaking's initial insurance and reliabilities; these assets shall be shall be in the interest of all policyholders and beneficiaries, taking into account investment policy, provided that such policy has been disclosed;

4.

in the event of a conflict of interest, it must be ensured that the facility is in the interests of policyholders and beneficiaries;

5.

the use of derivative financial instruments shall be permitted only if they contribute to the reduction of risks or to the facilitation of an efficient portfolio management; this condition shall not be met by business with derivative works financial instruments which merely serve the purpose of establishing pure trading positions (arbitrage transactions) or which do not exist in the case of securities holdings (short selling);

6.

Assets and assets which are not admitted to trading on a regulated financial market shall be kept at a cautious level;

7.

Installations shall be adequately mixed and dispersed in such a way as to allow excessive reliance on a particular asset or issuer or group of undertakings or geographical area and excessive Risk concentration in the portfolio as a whole is avoided and

8.

Investment in assets of the same issuer or in the case of issuers belonging to the same group of undertakings shall not result in excessive risk concentration.

Paragraph 1 (5) to (8) shall not apply to life insurance contracts where the investment risk is borne by the policyholder, subject to the second sentence of the second sentence of paragraph 2. contracts for the assets concerned;

1.

where the benefits arising from a contract are directly linked to the value of units in undertakings for collective investment in transferable securities within the meaning of Directive 2009 /65/EC or to the value of assets held in one of the Insurance undertakings and, as a general rule, internal funds allocated to shares, the technical provisions relating to such benefits shall be as accurate as possible by the shares in question or, in the absence of shares, have been formed by means of the assets in question;

2.

where the benefits arising from a contract are directly linked to a share index or to a reference value other than the reference value referred to in point 1, the technical provisions relating to such benefits shall be as accurate as possible by the shares which: represent the reference value; unless shares are formed, provision shall be made by means of assets with appropriate security and feasibility which correspond as precisely as possible to those values on which the the relevant reference value, and

3.

if the services referred to in points 1 and 2 include a guarantee in respect of the investment result or other guaranteed performance to which the corresponding additional technical provisions are covered shall apply to the assets held in paragraph 1, points 5 to 8.

(3) Hearing insurance relationships with an independent stock of an insurance undertaking in a State outside of the Member States or States Parties shall be subject to paragraphs 1 and 2, except where foreign law deviates from: is required. Unofficial table of contents

§ 125 Save assets

(1) In the course of the financial year, the Management Board of a first-time insurance undertaking shall, in the course of the financial year, supply such amounts to the security assets and to apply it in accordance with the rules as to the expected increase in the minimum level referred to in paragraph 2. . When first insurance companies have assets in

1.

loan claims,

2.

Debt securities and rights of enjoyment,

3.

Debtor claims,

4.

shares,

5.

participations,

6.

land and equal rights,

7.

shares within the meaning of Article 215 (2), first sentence, point 6, or

8.

Current assets and deposits at credit institutions

, these assets shall be transferred to the security assets up to the sum of the balance sheet values referred to in paragraph 2. The total assets referred to in the second sentence shall be at least equal to the level of the total portfolio in terms of security, liquidity, profitability and quality. (2) The amount of the assets must be at least equal to the sum of the total assets. Balance sheet values of the following amounts:

1.

Contribution surcharges;

2.

the cover-up,

3.

the provision for

a)

not yet unwrapped insurance cases and repurchases,

b)

Non-performance-independent contribution restitution and

c)

unneeded contributions from dormant insurance contracts,

4.

the parts of the reserve for performance-dependent contribution repayments, which are attributable to already fixed, but not yet allocated, surplus shares,

5.

the liabilities arising from the self-concluded insurance business to policyholders and

6.

the amounts received as a premium which an insurance undertaking has to reimburse if an insurance contract or a business referred to in § 2 (2) has not been or has been cancelled.

Balance sheet values within the meaning of the first sentence are the gross amounts for the self-concluded insurance business before deduction of the shares for the insurance business in return. (3) Unburdened land and the same rights are for the insurance business. To set up a security asset with its balance sheet value. If the balance sheet value is higher than the traffic value, the traffic value shall be used. The supervisory authority may allow a reasonable increase in the value of the value of the value if and to the extent that an expert opinion has shown that the value of the value of the value exceeds the balance sheet value by at least 100 per cent. The Supervisory Authority shall determine the value in the individual case for any subject matter and equal rights of land. (4) The security assets shall be managed separately from any other property and shall be kept in the territory of the Member States or States Parties. The nature of the storage is to be reported to the supervisory authority. (5) For each type of investment, a department of security assets (investment stock) should be formed, in so far as life insurance contracts cover insurance benefits.

1.

apply in shares in an open investment property within the meaning of Article 1 (4) of the Capital Investment Code,

2.

in shares issued by an investment company,

3.

in assets within the meaning of Article 2 (4) of the Investment Act, in the version in force until 21 July 2013, with the exception of money, or

4.

bind directly to a stock index or other reference values.

(6) With the approval of the supervisory authority, independent departments of the security assets can be formed. What is required for the securing assets and the claims is then valid for each independent department.

Footnote

(+ + + § 125 (5) and 6: For use, see: Section 237 (1) sentence 2 + + +) Unofficial table of contents

Section 126 Property list

(1) The insurance undertaking shall ensure that the stocks of hedging assets are entered individually in an asset register. The provisions relating to the security of assets shall apply to all assets registered in the asset register. Claims for benefits granted by the assets belonging to the security assets are also included in the asset register for the security assets without being registered. Claims arising out of advance payments or loans on the company's own insurance certificates, insofar as they are part of the assets of the security assets, need only be proven in a total amount. In the case of claims which are secured by a burden of land and are to be repaid in partial amounts, the list of assets shall be corrected after the determination of the supervisory authority has been made more closely; the same shall apply in respect of property charges which do not apply. (2) At the end of each financial year, the insurance undertaking shall submit to the supervisory authority a copy of the entries made in the course of the financial year; the Board of Management shall have the accuracy of the To certify transcript. The supervisory authority shall keep the copy. (3) The shares of the reinsurers and the shares of the special purpose companies approved for the business operation within the meaning of Article 211 of Directive 2009 /138/EC in respect of the technical technical Gross provisions within the meaning of § § 341e to 341h of the Commercial Code of the self-concluded insurance business also belong without entry in the asset register to the security assets. In the case of claims made to insurance purpose companies established in a third country, this shall only apply if the insurance special purpose company in the country of seat is state-approved in accordance with the requirements of section 168 of the business operation and (4) Paragraph 3 applies to life assurance, the health insurance of the kind referred to in § 146, the private care insurance pursuant to § 148 and the Accident insurance with premium repayment according to § 161, only for the contribution surcharges according to § 341e Paragraph 2 (1) of the Commercial Code and the provision for insurance cases which have not yet been uncovered in accordance with Section 341g of the Commercial Code. In the classes of insurance referred to above, the company has not yet unfolded the pro-rata values of the assets, with the exception of the contribution surcharges in accordance with Section 341e (2) (1) of the Commercial Code and the provision for repayment. To keep and manage insurance cases in accordance with § 341g of the Commercial Code even for the share in revelation. Unofficial table of contents

Section 127 Guided tours to save assets

(1) The Board of Management shall immediately deliver the missing amount to the security fund without delay in accordance with Section 125 (2). The supply to the security assets must be kept as far as possible, as in the case of certain insurance companies abroad, a special security must be made from the insurance charges received. (2) The supervisory authority may order that: amounts shall be transferred to the security assets beyond the minimum amount pursuant to section 125 (2) if this appears to be necessary in order to safeguard the interests of the insured persons. A supply can be provided, in particular, taking into account the lower time values of the assets of the security assets.

Footnote

(+ + + § 127 (1): For application, see Section 129 (2) sentence 3 + + +) Unofficial table of contents

Section 128 Trustees for securing assets

(1) In order to monitor the security assets for life assurance, the health insurance of the type referred to in § 146, the private care insurance pursuant to § 148 and the accident insurance with premium reinsurance in accordance with § 161 are a trustee and to appoint a deputy for this. Public-sector insurance companies do not have to appoint a trustee. Smaller clubs within the meaning of § 210 (1) sentence 1 must order a trustee only if it orders the supervisory authority. (2) For the deputy, the rules on the trustee shall apply accordingly. (3) The trustee shall appoint the trustee to the trustee. Supervisory Board. If a smaller club has no supervisory board, the board appoints the trustee. (4) If you are a trustee, you have to be named before the appointment of the supervisory authority. If it has concerns about the order, it may request that a different person be appointed within a reasonable period. If this is not the case, or if the supervisory authority also has concerns about the appointment of this newly appointed person, it may order the trustee himself. The sentences 2 and 3 shall also apply if the supervisory authority has concerns that a appointed trustee will continue to manage his office. (5) The trustee shall have no responsibility for the representation of the company, without this obligation. (6) disputes between the trustee and the insurance undertaking in respect of his or her obligations shall be subject to the conclusion of the balance sheet on the balance sheet. the supervisory authority. Unofficial table of contents

Section 129 securing the security assets

(1) The security shall be ensured in such a way that it can only be provided with the consent of the trustee. (2) The trustee shall in particular have to keep the assets of the security assets under the co-closure of the insurance undertaking. The trustee may only issue a security asset value if the remaining values are sufficient to cover the minimum amount of the securing assets in accordance with § 125 (2), or the insurance undertaking train to cover another cover of the securing assets. If the insurance undertaking is obliged to issue a certificate, the trustee must agree to the publication, even if the conditions set out in the second sentence are not available; § 127 (1) shall apply accordingly. Where the insurance undertaking requires a certificate of temporary use, the trustee shall issue it without the assurance undertaking being obliged to provide any other cover. (3) The trustee may be required to: Only in writing; if an item is to be deleted from the list of assets, it is sufficient for the trustee to write his name either beside or under the deletion note. (4) The trustee can at any time the books and writings of the Insurance undertaking, insofar as it relates to the security assets . Unofficial table of contents

Section 130 Pick-up from the security assets

(1) In addition to the means necessary for the taking up and alteration of the investments, the security assets may only be taken from the amounts which may be obtained by entering or regulating the insurance case, by buying back or by doing so. (2) In the event of enforcement or execution of the wrecks, the assets of the security assets may only be provided as far as the claim to which the assets of the assets are to be used. The supply to the securing assets according to § 125 (1) to (3), § 126 Paragraph 3 and § 127 have been made and actually carried out. The first sentence shall be applied in respect of the offsetting against claims belonging to the assets of the security assets. Unofficial table of contents

Section 131 Regulation authorisations

(1) The Federal Ministry of Finance is empowered to apply to insurance undertakings which are not subject to supervision by the supervisory authorities of the Länder by means of a regulation taking into account the delegated acts of the European Commission pursuant to Article 135 of Directive 2009 /138/EC to adopt rules on

1.

the reporting of insurance undertakings over their entire assets;

2.

the identification, evaluation, monitoring, control and reporting of or through

a)

risks arising from capital investments; and

b)

specific risks arising from investments in derivative financial instruments, and

3.

the establishment of requirements relating to the securitisation of loans to negotiable securities and to other financial instruments, namely:

a)

Requirements to be met by the originator in order to allow insurance undertakings to invest in securities or financial instruments of that nature issued after 1 January 2011, including those which ensure that the Originator retains an economic net share of not less than 5 percent and

b)

qualitative requirements to be met by insurance undertakings which invest in these securities or financial instruments.

(2) The authorization referred to in paragraph 1 may be transferred to the Federal Institute by means of a legal regulation. (3) Legal orders referred to in paragraphs 1 and 2 shall not require the approval of the Bundesrat.

Section 4
Insurance undertakings in special situations

Unofficial table of contents

Section 132 Determination and indication of a deteriorating financial situation

(1) An insurance undertaking must have appropriate procedures to determine a deterioration in its financial situation. (2) A deterioration in the financial situation, which is the fulfilment of the obligations arising from insurance or the insurance undertaking ' s solvency may be jeopardised by the insurance undertaking immediately to the supervisory authority. Unofficial table of contents

§ 133 Insufficient amount of technical provisions

(1) Where an insurance undertaking only forms insufficient technical provisions on the basis of a breach of the obligations laid down in Articles 74 to 88, the supervisory authority may have the free disposal of the assets of the (2) Paragraph 1 shall apply mutatily if an insurance undertaking does not provide sufficient technical provisions within the meaning of Sections 341e to 341h of the Commercial Code. (3) Supervisory authority the intention to make available the free disposal of the assets after (1) shall inform the supervisory authority of the Member State or the Contracting State in which the undertaking has a branch or provides services, and shall inform the supervisory authority of the Member State or the Contracting State in which the assets are to be which are intended to be the object of the proposed action.

Footnote

(+ + + § 133 (3): For application, see Section 134 (7) and Section 135 (3) + + +) Unofficial table of contents

Section 134 Non-coverage of the Solvency Capital Requirement

(1) Where the Solvency Capital Requirement is no longer covered or if that case is in danger of entering into force within the next three months, the insurance undertaking shall immediately inform the Supervisory Authority thereof. (2) Within two Months after the assurance undertaking has found that the solvency capital requirement is not covered, it shall submit a realistic recovery plan to the supervisory authority for approval. (3) The insurance undertaking shall have within six months of the failure to cover the The solvency capital requirement has been determined to increase the eligible own funds by appropriate measures or to reduce the risk profile until the solvency capital requirement is covered again. The Supervisory Authority may extend the period by three months. (4) The European Insurance and Occupational Pensions Authority shall have the admission of exceptional adverse circumstances within the meaning of Article 138 (4). of Directive 2009 /138/EC, the supervisory authority may extend the period referred to in the second sentence of paragraph 3 for affected undertakings for a maximum period of seven years, taking into account all relevant factors. The possibility of extension of the time limit shall be terminated as soon as the European Insurance and Occupational Pensions Authority has established that exceptional adverse circumstances are no longer available. (5) The European The Insurance and Occupational Pensions Authority shall determine the existence of exceptional adverse circumstances at the request of a supervisory authority. The Bundesanstalt may apply if insurance undertakings which make up a substantial part of the market or in the business sectors concerned do not foresight in accordance with one of the conditions laid down in paragraph 3 (6) In the case referred to in the first sentence of paragraph 4, the insurance undertakings concerned shall submit a progress report to the supervisory authority every three months. In the latter, the measures to increase the eligible own funds are to comply with the Solvency Capital Requirement or to reduce the risk profile until the Solvency capital requirement has been complied with and the solvency capital requirement has been complied with. progress achieved. The extension granted in accordance with the first sentence of paragraph 4 shall be withdrawn if the progress report indicates that the date of the determination of the non-coverage of the Solvency Capital Requirement and the date on which the transfer of the solvency capital requirement was established shall be subject to the following: Progress report no substantial progress has been made in the restoration of compliance with the Solvency Capital Requirement. (7) Justify the assumption that the financial situation of the relevant insurance company will continue to deteriorate, the supervisory authority may provide the free restrict or prohibit the assets of the insurance undertaking in question; § 133 (3) shall apply accordingly. (8) If the supervisory authority has restricted the free disposal of the assets referred to in paragraph 7, or , it shall inform the supervisory authorities of the Member States or States Parties in which the undertaking has a branch or provides services thereof. It may ask them to take the same measures. In this case, it designates the assets that are to be the subject of the measure.

Footnote

(+ + + § 134 (3) sentence 2, para. 6, sentence 1 and 2: For use, see Section 234 (3), first sentence, No. 4, and Section 237 (3) (5) + + +)
(+ + + § 134 para. 8: For the application, see Section 135 (3) + + +) Unofficial table of contents

Section 135 Non-coverage of the minimum capital requirement

(1) Where the minimum capital requirement is no longer covered or if such a case is likely to occur within the next three months, the insurance undertaking shall inform the supervisory authority immediately. (2) Within one month, after: the insurance undertaking has established that the minimum capital requirement is not covered, it shall submit a short-term and realistic financial plan for approval by the supervisory authority. This plan shall specify how the eligible basic own resources should be increased, within three months, at least to the amount of the minimum capital requirement, or the risk profile should be reduced in such a way as to ensure that the (3) The supervisory authority may restrict or prohibit the free disposal of the assets of the insurance undertaking; § 133 (3) and § 134 (8) shall apply accordingly.

Footnote

(+ + + § 135 (1) and 2: For use, see Section 261 (3) sentence 3 + + +) Unofficial table of contents

Section 136 Sanation and financing plan

(1) The recovery plan and the financing plan shall include at least the following information:

1.

Estimates of operating costs, in particular current general expenditure and commissions,

2.

the estimated revenue and expenditure for the initial insurance business, as well as the reinsurance business acquired and transferred,

3.

a forecast of the solvency margin,

4.

estimates of the financial resources to cover the technical provisions, the solvency capital requirement and the minimum capital requirement; and

5.

the overall reinsurance policy.

(2) Where a recovery plan or a financing plan is to be submitted to the supervisory authority, it may issue a certificate in accordance with section 13 (2) (1) only if it considers that the rights of the policyholders are no longer at risk . Unofficial table of contents

Section 137 Deterioration of Solvency

(1) In the event of a progressive deterioration of the solvency of an insurance undertaking, the supervisory authority may, in addition to the measures referred to in Articles 134 and 135, take all measures necessary to ensure that the solvency of an insurance undertaking is respected. insurance contracts are appropriate, necessary and proportionate to the interests of policyholders or to the fulfilment of the obligations arising from reinsurance contracts. In the selection of the measure, the degree and duration of the deterioration of the solvency situation of the insurance undertaking must be taken into account. (2) In particular, the supervisory authority may:

1.

require a higher amount of eligible own funds than is required to comply with the Solvency Capital Requirement;

2.

Prohibit or restrict withdrawal from the reserves and the distribution of profits,

3.

Prohibit or restrict measures designed to compensate for an annual loss or to show a balance sheet profit.

Footnote

Section 137 (2) no. 1 italic print: Due to obvious inaccuracy, the word "eligible" has been replaced by "eligible"

Chapter 3
Special provisions for individual branches

Section 1
Life Insurance

Unofficial table of contents

Section 138 premium calculation in life assurance; equal treatment

(1) Life insurance premiums must be calculated on the basis of reasonable actuarial assumptions and must be so high that the life assurance undertaking complies with all its obligations, and in particular: for the individual contracts, sufficient cover provisions can be made. The financial position of the insurance undertaking may be taken into account without being able to use funds which are not from premium payments as planned and in the long term. (2) The premiums and benefits may be granted on the same conditions as the same conditions. shall only be measured according to the same principles.

Footnote

(+ + + § 138 (2): For the application, see Section 146 (2) sentence 1 + + +) Unofficial table of contents

Section 139 Surplus Participation

(1) The amounts determined for the surplus participation of the insured persons shall, in so far as they have not been directly allocated to the insured persons, be adjusted in the balance sheet into a reserve for reimbursement of contributions. (2) The Management Board, with the approval of the Supervisory Board, determines the amounts to be returned for the surplus participation of the insured persons. However, amounts which are not to be repaid on the basis of a legal claim by the insured persons may only be determined for the surplus shareholding, to the extent that the remaining balance sheet profit still has a profit of at least 4 per cent of the total amount of the surplus. can be distributed in basic capital. A profit of the balance sheet shall be paid only to the extent that it exceeds any security requirements referred to in paragraph 4. (3) The valuation reserves shall be made up of fixed-interest assets held directly or indirectly by the insurance undertaking; and Interest-rate hedging transactions shall be taken into account in the participation of the policyholders in the valuation reserves in accordance with Section 153 of the Insurance Contract Law only to the extent that they have a possible security requirement from the insurance contracts with The interest rate guarantee referred to in paragraph 4 shall be exceeded. (4) The security requirement from the Insurance contracts with an interest rate guarantee are the sum of the security requirements of the insurance contracts, the relevant accounting rates of which are above the relevant euro interest rate aprate at the time of the determination of the valuation reserves (reference rates). The security requirement of an insurance contract is the actuarial interest rate obligation of the insurance contract, which is assessed in the light of the reference interest rate, and is reduced by the cover provision. In the event of an interest-rate guarantee with the approval of the supervisory authority, the German public shall calculate the security requirements of the insurance contracts with the approval of the supervisory authority.

Footnote

(+ + + § 139 (1) and 2 set 1 and 2: For use, see Section 151 (1) + + +)
(+ + + § 139 (3) and 4: For use, see Section 233 (1) sentence 6 and Section 237 (1) sentence 2 + + +) Unofficial table of contents

Section 140 Reprovision for repayment of contributions

(1) The amounts allocated to the reserve for repayment of contributions may only be used for the excess participation of the insured, including the participation in the valuation reserves prescribed by § 153 of the Insurance Contract Law shall be used. In exceptional cases, the provision for reimbursement of contributions, in so far as it does not apply to existing surplus shares, may, with the consent of the supervisory authority, be used in the interest of the insured in order to:

1.

to avert an impending state of emergency,

2.

to compensate for unforeseeable losses arising from the excess insurance contracts which are due to general changes in the conditions, or

3.

to increase the cover-up, if the accounting bases have to be adjusted on the basis of an unforeseeable and not only temporary change in the circumstances.

In the case of measures according to the second or third sentence of the second subparagraph, the number of insured persons shall be subject to the cause of the causation of the insured person. (2) An instance of maladministration which is dangerous to the interests of insured persons shall be the case if the insurance companies are entitled to

1.

does not provide an adequate supply for the provision of repayment of contributions; or

2.

there is no adequate use of the funds in the provision for repayment of contributions.

In particular, this may be assumed if:

1.

in the case referred to in point 1 of the first sentence, the provision for restitution of a life assurance undertaking, taking into account the direct credit and the accounting interest, shall not be provided for in accordance with Article 145 (2) by the Regulation shall comply with the minimum supply and

2.

in the case referred to in point 2 of the first sentence, the unbound part of the repayment reserve exceeds the maximum amount laid down in accordance with Article 145 (3) by the regulation.

(3) The supervisory authority may require that the

1.

a plan to ensure adequate supply for repayment of contributions (supply plan) is submitted if the supply for provision is not in accordance with the minimum requirements of the regulation in accordance with Article 145 (2); or

2.

a plan shall be submitted for the appropriate use of the funds in the reserve for repayment of contributions (payout plan) if the unbound part of the provision exceeds the maximum amount of the legal regulation in accordance with Section 145 (3).

(4) Life insurance companies may set up a collective part or a number of collective parts within the reserve for reimbursement of contributions, which is allocated to the total contracts eligible for surplus. or are.

Footnote

(+ + + § 140 (1): For application, see Section 151 (1) + + +)
(+ + + § 140 (2): For application, see Section 237 (3) no. 6 + + +)
(+ + + § 140 para. 2, 3: For application, see Section 222 (4) sentence 3 + + +) Unofficial table of contents

Section 141 Responsible actuary in life insurance

(1) Each life insurance undertaking shall appoint a responsible actuary. It must be reliable and technically suitable. Professional competence requires sufficient knowledge of actuarial and professional experience. Sufficient professional experience is to be accepted on a regular basis, if at least three years of activity as an insurance mathematician is proved. (2) The person in charge of actuarial actuary must, before the appointment of the supervisory authority, be under Indication of the facts which are essential for the assessment of its reliability and professional competence as referred to in paragraph 1. If there are facts from which it appears that the current responsible actuary is not reliable or not technically appropriate, the supervisory authority may require that another person be appointed. If, after the appointment, circumstances are known which would have been contrary to an order, or if the controller actuary does not properly fulfil the tasks assigned to it under this law, the supervisory authority may require that a Other responsible actuary is appointed. If, in the cases of the second and third sentences, the prospective or the new controller actuar does not fulfil the conditions or if a new order is not fulfilled, the supervisory authority may appoint the person responsible for actuarial. The decision of the person responsible shall be notified immediately to the supervisory authority. If the termination of the contract concluded with the party responsible is intended or the annulment of that contract is intended, the institution referred to in paragraph 3 shall inform the supervisory authority in advance of the reasons. (3) Responsible actuary shall be appointed or dismissed by the Supervisory Board or, if such is not present, by the relevant supreme body. (4) The controller shall have at the meeting of the Supervisory Board on the determination of the Annual financial statements and the main results of its explanatory report to actuarial confirmation. In its report to the Annual General Meeting, the Supervisory Board has to give its opinion on the explanatory report of the responsible actuary. (5) The responsible actuary

1.

Has to ensure that the principles of Section 138 and Section 341f of the Commercial Code as well as the principles of the legal regulation adopted pursuant to Section 88 (3) are complied with in the calculation of the premiums and the cover provisions; it must, in particular, verify the financial position of the undertaking as to whether the permanent fulfilment of the obligations arising out of the insurance contracts is guaranteed at all times;

2.

if it is not a smaller club within the meaning of section 210, it must be confirmed on the balance sheet that the cover provision is formed in accordance with Section 341f of the Commercial Code and the legal regulation issued pursuant to section 88 (3) (actuarial confirmation); § 341k of the Commercial Code shall remain unaffected; in a report to the Management Board of the Company, he shall explain which calculation approaches and other assumptions underlying the confirmation shall be based on: are located;

3.

, as soon as he realizes in the performance of the tasks he has carried out, that he may not be able to give the confirmation in accordance with point 2, or may only be subject to restrictions, the Board of Management and, if this does not immediately assist the complaint, immediately inform the supervisory authority; if, in the performance of its duties, it shall establish facts which may endanger or substantially affect the development of the undertaking, it shall have the Management Board and the Supervisory Authority to inform without delay and

4.

in the case of insurance contracts with a right to excess participation, the Board of Management has to submit proposals for a fair share of the surplus; in doing so, it has the permanent fulfilment of the obligations arising from the insurance contracts In a report to the Management Board of the Company, it shall explain the facts and assumptions on which the appropriateness of the proposal is based.

(6) The Management Board of the Company is obligated to:

1.

make available to the controller actuary any information necessary for the proper execution of his duties in accordance with paragraph 5,

2.

to submit the explanatory report to the supervisory authority for actuarial confirmation pursuant to paragraph 5 (2) and the adequacy report referred to in paragraph 5 (4); and

3.

the supervisory authority to submit the proposal of the person responsible in accordance with paragraph 5 (4) without delay and to communicate it if it intends to set a surplus shareholding which differs from the proposal of the controller; the Reasons for the deviation shall be communicated to the Supervisory Authority in writing or electronically.

Footnote

(+ + + § 141 (1) sentence 2 to 4, para. 2 and 3: For use, see Section 156 (1) sentence 2 + + +)
(+ + + § 141 (1), 2, 3, 5 and 6: For use, see: § 162 and § 336 sentence 3 + + +)
(+ + + § 141 (5) No.1 and 2: For use, see Section 234 (3), first sentence, no. Section 237 (3) (7) + + +)
(+ + + § 141 (5) No. 3, para. 6 No. 1: For the application, see Section 156 (2) sentence 2 + + +)
(+ + + § 141 (6) no. 2 and 3: For use, see Section 219 para. 2 sentence 2 + + +) Unofficial table of contents

Section 142 Trustees in life insurance

In so far as the life insurance contracts concluded after 28 July 1994 may alter premiums with effect on existing insurance contracts, appropriate changes may not be put into effect until such time as they enter into force. of independent trustees. § 157 (1) and (2) shall apply accordingly to the trustee. The trustee's involvement shall not be required if the approval of the supervisory authority is subject to changes in accordance with the first sentence.

Footnote

(+ + + § 142: For application, see Section 62 (1) sentence 2 no. 5 + + +)
(+ + + § 142 sentence 2: For application see Section 234 (3), first sentence, No. 6 and Section 237 (3) (8) + + +) Unofficial table of contents

Section 143 Special disclosure requirements in life insurance

Once a life assurance operation has been granted, the company shall immediately set out the principles governing the calculation of premiums and cover provisions, including the accounting bases used, to the supervisory authority, mathematical formulae, calculatory derivations and statistical proofs under the apportioning thereof, as appropriate in the case of the use of new or amended principles. Unofficial table of contents

Section 144 Information on occupational retirement provision

(1) In so far as life insurance companies provide benefits for occupational retirement provision, they shall provide at least the following information to the health care providers and beneficiaries who are not at the same time policyholders. Availability:

1.

at the beginning of the supply relationship:

a)

the name, address, legal form and registered office of the supplier and any establishment on which the contract is to be concluded;

b)

the terms and conditions of the contract, including the tariff provisions, to the extent that they are applicable to the supply relationship, and the disclosure of the law applicable to the contract;

c)

information on the duration of the supply relationship;

d)

general information on the tax arrangements applicable to this type of supply;

e)

the financial, technical and other risks associated with the pension scheme, as well as the nature and distribution of such risks, and

f)

information on whether and how the provider takes ethical, social and environmental concerns into account in the use of the contributions paid, and

2.

during the duration of the supply relationship:

a)

changes in the name, address, legal form and registered office of the supplier and any establishment on which the contract has been concluded;

b)

annually, for the first time at the beginning of the supply;

aa)

the estimated level of the benefits to be paid to the suppliers;

bb)

The investment opportunities and structure of the asset portfolio, as well as information on the risk potential, the costs of asset management and other costs associated with the asset, provided that the supplier is in danger of bearing the investment risk , and

cc)

brief information on the situation of the institution and on the current state of financing of individual pension rights;

c)

on request:

aa)

the annual accounts and the management report of the previous financial year, provided that the benefit is determined by the supply relationship in shares in a special fund established in accordance with the terms of the contract, in addition to the annual report for this special fund according to § 234 (4) and (4) (4),

bb)

the declaration on the principles of investment policy in accordance with Article 239 (2);

cc)

the level of benefits in the event of an end to employment, and

dd)

the modalities of transfer of rights to another institution of occupational retirement provision in the event of termination of the employment relationship.

The information must be detailed and meaningful. (2) Paragraph 1 shall apply to insurance operations in other Member States or States Parties, if the insurance contracts are based on German law.

Footnote

(+ + + § 144: For application, see § 62 (1) sentence 2 no. 5, § 234 (3) sentence 1 no. 7 and Section 237 (3) (9) + + +) Unofficial table of contents

Section 145 Regulation empowerment

(1) The Federal Ministry of Finance may lay down detailed rules concerning the

1.

the fixed-interest assets and interest-rate hedging operations to be included in the procedure referred to in Article 139 (3);

2.

the determination of the relevant euro interest rate in accordance with § 139 (4) sentence 1;

3.

the method used to assess the interest rate obligation of an insurance contract in accordance with § 139 (4) sentence 2.

(2) The Federal Ministry of Finance is authorized to comply with Article 140 (2) by means of a regulation on the protection of the interests of insured persons, taking into account the market conditions and the solvency requirements of the life insurance undertakings. Rules to be adopted on the introduction of the provision for repayment of contributions, in particular on the minimum supply in dependence on the capital gains, the risk result and the other results. It is necessary to regulate whether and how far negative yields and results can be offset with positive earnings and results. For insurance relationships on which approved business plans are based, the minimum feed is to be determined separately. If a collective part of the provision is set up for restitution of premiums within the meaning of § 140 (4), the minimum supply is also to be determined separately for the same. (3) The Federal Ministry of Finance is authorized to act by means of a legal regulation (4) The Federal Ministry of Finance is authorized to provide the text of the actuarial confirmation by means of a decree-law and more detailed information on the subject of the refund. Details of the content and scope of the programme and the time limit for the submission of the (5) The authorisations referred to in paragraphs 1 to 4 may be amended by means of a regulation in accordance with Article 141 (5) (2) of this Regulation. will be transferred to the Federal Institute. Legal regulations pursuant to paragraphs 1 to 4 and sentence 1 do not require the approval of the Bundesrat. (6) The Federal Ministry of Finance is authorized to comply with the provisions of the Federal Council with the consent of the Federal Council for the protection of the interests of the insured persons. lay down detailed arrangements for the design of the collective parts of the reserve for restitution of contributions, in particular for the purpose of limiting the collective parts, as well as supply and repatriation of the collective parts, to the non-collective parts of the provision for repayment of contributions. The Federal Ministry of Finance can transfer the authorization to the Federal Institute by means of a legal regulation with the consent of the Federal Council. The Federal Institute shall adopt the Regulation without the consent of the Federal Council in agreement with the supervisory authorities of the Länder.

Footnote

(+ + + § 145 (4): For the application, see § 162 + + +)

Section 2
Health insurance

Unofficial table of contents

Section 146 Substitutive health insurance

(1) Insofar as the sickness insurance scheme can replace, in whole or in part, the health insurance cover provided for in the statutory social security system (substituting health insurance), it may, subject to paragraph 3, be subject to the provisions of are only operated in the manner of life assurance, where

1.

the premiums are to be calculated on an actuarial basis on the basis of probable signs and other relevant statistical data, in particular taking into account the relevant invalidity assumptions, and disease risk, mortality, age and sex dependence of risk and the probability of cancellation, and taking into account security and other surcharges, as well as an invoice rate,

2.

the ageing reserve is to be formed in accordance with Article 341f of the Commercial Code,

3.

in the insurance contract, the ordinary termination right of the insurance undertaking must be excluded, in which the sickness allowance insurance must be reserved at the latest from the fourth year of insurance, as well as an increase in premiums,

4.

the policyholder in the insurance contract the right to change in contract by switching to other tariffs with similar insurance cover, taking into account the rights acquired during the term of the contract and the ageing of the period of retirement shall be granted,

5.

in the insurance contract, the transfer of the transfer value of that part of the insurance whose benefits correspond to the basic rate within the meaning of Article 152 (1), when the policyholder is changed to another private health insurance undertakings; this shall not apply to contracts concluded before 1 January 2009; and

6.

To the applicant before the conclusion of the contract an official information sheet of the Federal Institute is to be handed out, which informs about the different principles of the legal as well as the private health insurance; the reception of the Information sheet is to be confirmed by the interested party.

(2) § 138 (2) shall apply mutas to the substitutive health insurance scheme. The premiums for the new business must not be lower than the premiums which would result in the old stock for equal insured persons without taking account of their ageing reserve. Sentence 2 does not apply to a difference in premiums resulting from the fact that the premiums for new business have been calculated independently of the sex. (3) Substitutive health insurance with fixed-term contract periods in accordance with § 195 (2) and (3) of the Insurance contract law as well as health insurance after the completion of the 65. The life year of the insured person according to § 196 of the Insurance Contract Act can be calculated without the age of ageing.

Footnote

(+ + + § 146: For application cf. Section 62 (1) sentence 2 no. 5 + + +)
(+ + + § 146 (1) (1) to (4)) (2): For application, see § 147 and § 148 sentence 1 + + +) Unofficial table of contents

Section 147 Other health insurance

If the non-substitutive health insurance is operated in the manner of life assurance, § 146 (1) (1) to (4) and (2) and § 156 shall apply accordingly.

Footnote

(+ + + § 147: For application, see Section 62 (1) sentence 2 no. 5 + + +) Unofficial table of contents

§ 148 Care insurance

Subject to § § 110 and 111 of the Eleventh Book of the Social Code, § 146 (1) (1) to (4) and (2), as well as § § 155 to 157 and 160 of the Book of Social Code, are to be applied in accordance with the provisions of the Private Care compulsory insurance and the funded care provision. In insurance contracts for private care-compulsory insurance, the transfer of the transfer value should be provided when the policyholder is changed to another private health insurance undertaking. Unofficial table of contents

§ 149 premium surcharge in the substitutive health insurance

In the case of substitutes for sickness insurance, no later than the beginning of the calendar year, this is due to the completion of the 21. The life year of the insured person shall follow and end in the calendar year in which the insured person shall be 60. A 10% surcharge of the annual zillmerised gross premium for the insured person is completed. In accordance with § 341f paragraph 3 of the German Commercial Code, this is to be directly applied annually and used for the reduction of the premium in the old age according to § 150 (3). For insurance companies with fixed-term contract periods in accordance with § 195 (2) and (3) of the Insurance Contract Law as well as in fares that regularly end at the latest when the statutory age limit is reached, as well as for the emergency charge rate according to § 153 Sentences 1 and 2 shall not apply.

Footnote

(+ + + § 149: For application, see Section 62 (1) sentence 2 no. 5 + + +) Unofficial table of contents

§ 150 Credit for the return of ageing; direct credit

(1) The insurance undertaking shall, on a yearly basis, credit the insured person in the sickness insurance and voluntary care insurance scheme (care and care allowance insurance) operated in the manner of life assurance, which shall be subject to interest. the sum of the respective positive ageing reserves of the insurance concerned at the end of the previous financial year. This credit amounts to 90% of the average income of capital (overzins) exceeding the invoice amount. (2) The insured person who made the contribution surcharge in accordance with § 149 is up to the end of the financial year, in that she's the 65. The amount determined in accordance with paragraph 1 shall be credited directly to the full amount annually on the part of the ageing reserve resulting from this contribution surcharge, and shall be credited directly to the full amount. The retirement provision of all insured persons shall be credited with 50 per cent directly from the remaining amount. The percentage in accordance with the second sentence shall be increased by 2 per cent per year from the financial year of the insurance undertaking starting in 2001, until it has reached 100%. (3) The amounts referred to in paragraph 2 shall be increased from the completion of the 65. The year of the insured person shall be used for the temporary indefinite financing of the multi-premium premium or part of the multi-premium premiums, in so far as the available resources are not sufficient for the full financing of the multi-premium premium. Unspent amounts are the completion of the 80. To use the insured person's life year for the reduction of the premium. Subsidies after this date must be used for immediate reduction of premiums. In the case of voluntary caring for the provision of long-term care, the insurance conditions may provide that a corresponding increase in benefits shall be made instead of a reduction in premiums. (4) The part of the interest income determined in accordance with paragraph 1, which shall be determined by The deduction of the amounts used in accordance with paragraph 2 shall remain for the insured persons, who shall be the 65 on the balance sheet date. They have completed a year of age, should be set for non-performanty reimbursement of contributions, and shall be used within three years to avoid or limit premium increases or to reduce premium. The premium reduction referred to in the first sentence may be limited to such an extent that the insured person's premium does not fall below that of the original entry age; the unused portion of the credit note shall then be credited in addition to the provisions of paragraph 2.

Footnote

(+ + + § 150 (1) to (3): For application see Section 62 (1) sentence 2 no. 5 + + +) Unofficial table of contents

Section 151 Surplus participation of insured persons

(1) § 139 (1) and 2 (1) and (2) and § 140 (1), with the exception of section 140 (1), second sentence, points 2 and 3, shall be based on health insurance contracts which provide for a performanced contribution refund of the insured person, according to the following: (2) In the health insurance scheme operated in the manner of life assurance, there is a maladministration which is at risk of being insured against the interests of insured persons even if there is no adequate supply for the provision of the health insurance scheme for the benefit of the Repayment of contributions shall be made. This is, in so far as it does not depart from the nature of the transaction, to the extent that it is not possible to assume, in particular, that the supply to the reserve for the reimbursement of the contribution of a health insurance undertaking which is dependent on the performer's performance is not the case in the (3) The supervisory authority may require that it should have a plan to ensure adequate supply for the provision of compensation for performants-dependent contribution restitution (delivery plan) shall be submitted if the supply for return is not comply with the minimum requirements of the legal regulation pursuant to § 160 sentence 1, point 6. Unofficial table of contents

Section 152 Basic arif

(1) Insurance undertakings with registered offices in the home country who operate the substitute health insurance scheme shall offer an industry-wide uniform base rate, the contractual services of which shall be the type, extent and amount of the benefits in each case after the third party. Chapter of the Fifth Book of the Social Code, to which a claim is made, are comparable. The basic rate must in each case provide for a variant for:

1.

Children and adolescents; in this variant, up to the completion of the 21. Years of age do not form ageing reserves and

2.

Persons who are entitled to aid in accordance with the provisions of the civil service law or the principles of sickness and of their dependants; in the case of this variant, the contract benefits are limited to the addition of the aid.

The insured must be given the opportunity to agree on deductitiy of 300, 600, 900 or 1 200 euros and to require the change in the deductiy level to the end of the contractually agreed period with a period of three months. The contractual minimum binding period for contracts with deductity in the basic rate is three years; if the agreed deductity does not lead to an appropriate reduction of the premium, the policyholder can at any time from the insurer a To convert the contract to the basic rate without deducting deductitiy; the changeover must take place within three months. For beneficiaries, the possible deductiy resulting from the application of the percentage not covered by the aid rate to the values of 300, 600, 900 or 1 200 euro. The conclusion of supplementary health insurance is permissible. (2) The insurer is obliged to provide the following persons with insurance in the basic rate:

1.

all voluntary insurance in the statutory health insurance scheme within six months of the beginning of the exchange option provided for in the Fifth Book of Social Insurance, within the framework of their voluntary insurance relationship,

2.

All persons resident in Germany who are not subject to insurance in the statutory health insurance, are not part of the group of persons as defined in point 1 or § 193 (3), second sentence, points 3 and 4 of the Insurance Contract Law, and the have not already agreed to a private health insurance scheme with an insurance undertaking admitted to the business in Germany, which satisfies the obligation laid down in Article 193 (3) of the Insurance Contract Law,

3.

all persons who are entitled to benefit or have comparable claims, in so far as they require supplementary insurance protection in order to fulfil the obligation pursuant to Article 193 (3) sentence 1 of the Insurance Contracts Act, and

4.

all persons resident in Germany who have agreed to a private health insurance scheme with an insurance undertaking authorised for business in Germany and whose contract has been concluded after 31 December 2008.

If the private health insurance contract is concluded before 1 January 2009, the conclusion of a contract in the basic rate may, if the contract is changed or terminated, in the case of one's own insurance undertaking or another insurance undertaking, the ageing reserves pursuant to Section 204 (1) of the Insurance Contracts Act are not required. The application in accordance with the first sentence must already be accepted if, in the event of termination of a contract with another insurer, the dismissal has not yet become effective in accordance with Section 205 (1) sentence 1 of the Insurance Contract Law. The application may only be rejected if the applicant has already been insured with the insurer and the insurer has already been insured with the insurer

1.

has challenged the insurance contract for threat or fraudulant deception; or

2.

has resigned from the insurance contract for an intentional breach of the pre-contractual obligation to notify.

(3) The contribution for the basic rate without deductitiy and in all levels of self-maintenance may not exceed the maximum contribution of statutory health insurance. This maximum contribution is the result of the multiplication of the general contribution rate plus the average additional contribution rate in accordance with § 242a (2) of the Fifth Book of the Social Code with the respective applicable contribution rate limit in of statutory health insurance. In the case of persons who are entitled to the aid according to the principles of civil service, the rates 1 and 2 shall apply with the proviso that the maximum contribution of the statutory health insurance shall be replaced by a maximum contribution equal to the percentage of the maximum contribution of the statutory health insurance scheme. (4) The payment of the contribution provided for in the first sentence of paragraph 3, or 3, of assistance in the sense of the second or the twelfth book of the Social Code, reduces the contribution for the duration of the period. the need for assistance by half; the need for assistance is provided by the competent To examine and certify the institution after the Second or the Twelfth Book of the Social Code at the request of the insured person. If, in the case of a contribution reduced in accordance with the first sentence, there is a need for assistance within the meaning of the Second or Twelfth Book of Social Code, the competent institution shall take part in accordance with the Second or Twelfth Book of the Social Code, at the request of the Insured persons to the extent necessary, insofar as this is to avoid the need for assistance. If, irrespective of the amount of the contribution to be paid, there is a need for assistance in accordance with the Second or Twelfth Book of Social Code, the first sentence shall apply; the competent institution shall pay the amount, which shall also apply to a beneficiary of unemployment benefit II in the statutory health insurance. (5) The contributions for the basic rate without the cost of the insurance business will be determined on the basis of common calculation bases in a uniform manner for all the companies involved.

Footnote

(+ + + § 152 (1) to (4): For application, see Section 62 (1) sentence 2 no. 5 + + +)
(+ + + § 152 (3): For application, see Section 153 (2) sentence 3 + + +) Unofficial table of contents

Section 153 Notlagentarif

(1) Non-payers pursuant to § 193 (7) of the Insurance Contract Act form a tariff within the meaning of § 155 (3) sentence 1. The emergency plan provides only for the reimbursement of benefits required for the treatment of acute diseases and pain, as well as for pregnancy and motherhood. By way of derogation, for insured children and young people, in particular, expenses for screening examinations for the early detection of diseases in accordance with programmes established by law and for protective vaccinations, which are the subject of the Standing Vaccination Commission at the Robert Koch-Institute in accordance with § 20 (2) of the German Infection Protection Act (Infection Protection Act). (2) A uniform premium must be calculated for all insured persons insured in the emergency situation. § 146 (1) (1) and (2) applies. the contract of which only the refund of one percentage of the expenses incurred , the emergency services shall grant benefits in the amount of 20, 30 or 50 per cent of the insured costs of treatment. Section 152 (3) shall apply accordingly. The calculated premiums from the emergency charge tariff may not be higher than is required to cover the expenses incurred in the case of insurance cases from the tariff. Additional expenses incurred in order to guarantee the limitations set out in the third sentence shall be equally applied to all policyholders of the insurer with insurance which is a duty under Section 193 (3) sentence 1 of the Insurance Contract Law is to be distributed. In the case of the premium payable in the case of emergency charges, the ageing reserve is to be calculated in such a way that up to 25 per cent of the monthly premium is paid by taking out the ageing reserve. Unofficial table of contents

Section 154 Risk equalisation

(1) The insurance undertakings offering a basic tariff must take part in the durable fulfilment of the obligations arising out of insurance undertakings in order to compensate for the insurance risks in the basic tariff and create a compensation system for this purpose and receive and belong to it. The compensation system must ensure a durable and effective compensation of the different loads. Additional expenses incurred in the basic tariff on the basis of pre-illness are to be distributed evenly among all persons insured in the basic arif; additional expenses incurred to ensure the limitations referred to in § 152 (3) and (4) shall be distribute to all the insurance undertakings concerned in such a way as to ensure a uniform burden on these undertakings. (2) The establishment, design, modification and implementation of the compensation shall be subject to the supervision of the Bundesanstalt. Unofficial table of contents

§ 155 Change of premiums

(1) In the case of health insurance operated in the manner of life assurance, premium changes may not be put into effect until an independent trustee has agreed to the change in the premium. The trustee shall examine whether the calculation of the premiums is in accordance with the legislation in force. To this end, it must be provided with all the necessary technical calculation bases for the examination of the changes in the premium, including the necessary calculated derivations and statistical proofs. The basic principles for calculating premiums and retirement provision, including the accounting principles and mathematical formulae used, shall be fully represented in the technical bases of calculation. Consent shall be granted if the conditions set out in the second sentence are met. (2) The trustee's consent shall be subject to the following conditions:

1.

the time and amount of the withdrawal and the use of funds from the provision for non-performanted contribution restitution, to the extent that they are to be used in accordance with Article 150 (4); and

2.

the use of the funds from the provision for performants-dependent contribution restitution.

In the cases referred to in the first and second sentences of the first sentence, the trustee shall ensure that the conditions laid down in the Articles of Association and the conditions of insurance are fulfilled and that the interests of the insured persons are sufficiently protected. When using the means to limit premium increases, it shall pay particular attention to the appropriateness of the distribution to the insurance holdings with a premium surcharge in accordance with Section 149 and without any such premium surcharge as well as from the point of view of the To take sufficient account of the percentage and absolute increases in premiums for the older insured persons. (3) The insurance undertaking has at least annually the annual rate calculated according to the type of life assurance. to be compared with the calculated insurance benefits. Where the comparison of a tariff to the supervisory authority and the trustee for a tariff is equal to more than 10 per cent, unless a lower percentage is provided for in the general insurance conditions, the To review all premiums of this tariff and, if the deviation is to be regarded as not only temporary, to be adjusted with the consent of the trustee. In so doing, it is also possible to adjust a deductible amount of deductible and to amend an agreed premium surcharge accordingly, provided that the contract provides for this. An adjustment shall not take place insofar as the insurance benefits were insufficiently calculated at the time of the initial or a recalculation and an ordinary and conscientious actuary, in particular on the basis of the date of that date, available statistical calculation bases should have been identified. In the opinion of the Trustee, if an increase or a reduction in the premiums for a tariff is required in whole or in part and cannot be achieved with the company, the trustee shall have the following: (4) The insurance undertaking shall, for each tariff calculated in the manner of life assurance, annually provide the necessary with the calculated mortality probabilities by viewing cash values. compare. If the comparison of a tariff to the supervisory authority and the trustee for a tariff has a deviation of more than 5 per cent, the company shall review all premiums of this tariff and adjust it with the consent of the trustee. The provisions of the third sentence of paragraph 3 to 5 shall apply accordingly.

Footnote

(+ + + § 155: For application, see Section 62 (1) sentence 2 no. 5 and § 148 sentence 1 + + +) Unofficial table of contents

Section 156 Responsible actuary in the health insurance

(1) Insurance companies operating the substitutive health insurance shall appoint an actuary. § 141 (1) sentences 2 to 4 and paragraph 2 and 3 shall apply accordingly. (2) It is the responsibility of the person responsible for actuarial

1.

ensure that the actuarial methods according to § 146 (1) of the Commercial Code are calculated in the calculation of premiums and technical provisions within the meaning of § § 341e to 341h of the Commercial Code, in particular the ageing 1 and 2 are complied with, taking into account the regulations of the legal regulation adopted pursuant to Section 160; in doing so, it must check the financial position of the company in particular as to whether the permanent fulfilment of the insurance contracts are guaranteed at all times; and

2.

on the balance sheet, to certify that the ageing reserve is calculated in accordance with point 1 (actuarial confirmation); this does not apply to smaller clubs within the meaning of section 210.

Section 141 (5) (3) and (6) (1) shall apply accordingly.

Footnote

(+ + + § 156: For application, see § 147 and § 148 sentence 1 + + +)
(+ + + § 156 (1): For application, see Section 62 (1) sentence 2 no. 5 + + +) Unofficial table of contents

Section 157 Trustees in the health insurance

(1) Only those who are reliable, professional and independent of the insurance undertaking may be appointed as trustees, in particular no employment contract or contract with the insurance undertaking or with one of them. has concluded or has claims against the company from such a contract. The professional competence requires sufficient knowledge in the field of premium calculation in health insurance. The trustee cannot, in principle, be appointed who is already acting as trustee or responsible actuary for ten insurance companies or pension funds. The supervisory authority may allow a higher number of mandates. (2) The prospective trustee must, prior to the appointment of the supervisory authority, specify the facts which are essential for the assessment of the requirements referred to in paragraph 1. are to be named. Where there are facts which show that the prospective trustee does not meet the requirements referred to in paragraph 1, the supervisory authority may require that a different person be appointed. If, after the appointment, circumstances become known which would be contrary to an order under paragraph 1, or if the trustee does not properly fulfil the tasks assigned to it under this Act, in particular with the consent of the trustee to a If legislation does not change the premium, the supervisory authority may require a different trustee to be appointed. If, in the cases of sentences 2 and 3 of the prospective or new trustees, the conditions are not fulfilled, or if the conditions are not fulfilled, the supervisory authority may appoint the trustee itself. The resignation of the trustee shall be notified without delay to the supervisory authority. (3) On the appointment of a trustee in the event of a contract adjustment pursuant to § 203 (3) of the insurance contract law, the first sentence of the first, third and fourth sentences of paragraph 1 and the second paragraph of paragraph 2 shall apply. shall apply accordingly. The professional competence requires sufficient legal knowledge, especially in the field of health insurance.

Footnote

(+ + + § 157: For application, see § 148 sentence 1 + + +)
(+ + + § 157 (1): For application, see Section 62 (1) sentence 2 no. 5 + + +) Unofficial table of contents

§ 158 Special disclosure requirements in the health insurance; benefits in the basic and emergency charge tariff

(1) Health insurance undertakings shall notify the Supervisory Authority without delay:

1.

in the sickness insurance referred to in Article 146 (1), the intended use of new or amended general conditions of insurance under the conditions of their apportion;

2.

in the case of sickness insurance within the meaning of section 146 (1), the intended use of new or amended principles within the meaning of Article 9 (4) point 5, with the addition of all the documents referred to therein.

(2) The association of private health insurance shall be given the right to determine the nature, extent and amount of the benefits in the basic tariff in accordance with § 152 (1) and in the emergency charge tariff in accordance with § 153 (1). The Federal Ministry of Finance is responsible for the supervision of the subject. Unofficial table of contents

§ 159 Statistical data

(1) The Federal Institute shall publish non-tariff-specific general probability tables and other relevant statistical data for health insurance within the meaning of § 146 (1). Section 318 (3) shall apply accordingly. (2) First-time insurance undertakings established in the territory of the country who are responsible for sickness insurance shall be obliged to provide the data required for the publication referred to in paragraph 1 on the basis of the data of their Annual insurance holdings of the Bundesanstalt. In the legal regulation referred to in § 160, it is necessary to determine which insurance holdings and data must be taken into account in this connection. (3) The Federal Institute shall transmit the data published in accordance with paragraph 1 to the supervisory authorities for health insurance of the countries of origin.

Footnote

(+ + + § 159: For application, see Section 62 (1) sentence 2 no. 5 + + +) Unofficial table of contents

Section 160 Regulation empowerment

The Federal Ministry of Finance is authorized, by means of a legal regulation, for the health insurance in the manner of life insurance

1.

the actuarial methods for calculating premiums, including changes in premiums and technical provisions within the meaning of sections 341e to 341h of the Commercial Code, in particular the ageing reserve, in particular to take into account the relevant assumptions concerning the invalidity and disease risk, the need for care, mortality, the age and gender dependence of the risk and the probability of cancellation, as well as the level of the the security surcharge and the interest rate and the principles applicable to the assessment and limit the other surcharges;

2.

lay down more detailed provisions on the validity of the insurance cover and on the calculation of acquired rights and the withdrawal of old age in the event of a change of tariff in accordance with Section 146 (1) (4);

3.

lay down more detailed rules for the calculation of the transfer value in accordance with Section 146 (1) (5) and Article 148 (2);

4.

lay down more detailed provisions for the change to the basic tariff in accordance with Article 152 (2) and the subsequent change from the basic tariff;

5.

to determine the way in which the excess in accordance with Article 150 (1) is to be determined, how the amounts are to be allocated to the entitled insured persons in accordance with Article 150 (2) and (4) and how the premium of the original entry age is determined;

6.

for the purposes of safeguarding the interests of the insured provisions relating to the minimum supply to be returned for performance-based repayment in accordance with Article 151 (2), in particular as regards the amount and calculation of the rate of supply; Rate of supply separately for the health insurance within the meaning of § 146 (1) sentence 1, for private care-compulsory insurance within the meaning of § 148 and for the subsidized care provision within the meaning of § 148 is a percentage of the sum of the annual surplus and the costs of the performants-dependent contribution rebate; A direct credit and an average solvency requirement of the health insurance undertakings shall be taken into account in this connection;

7.

the procedure for the comparison of the necessary insurance benefits and the most recently published probabilities in accordance with Section 155 (3) as well as the time limit for the submission of the contra-transfer to the the supervisory authority and the trustee.

The authorisation may be transferred to the Federal Institute by means of a legal regulation. Legal regulations according to sentences 1 and 2 do not require the approval of the Bundesrat; they are to be issued, with the exception of the first sentence of the first sentence, in agreement with the Federal Ministry of Justice and the Federal Ministry of Justice.

Footnote

(+ + + § 160: For application cf. § 148 sentence 1 + + +)

Section 3
Other non-life insurance

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Section 161 Accident Insurance with premium reinsurance

(1) In so far as insurance companies take over insurance with repayment of the premium, § § 138, 139, 140 (1), § § 141, 142 and 145 (4) and § 336 shall apply mutatis mutiny. (2) immediately after the establishment of the holding of the Accident insurance with premium reinsurance the insurance company has the principles for calculating premiums and cover provisions, including the invoicing bases used, mathematical formulas, calculatory derivations and statistical evidence, under the apportioning authority of the supervisory authority, shall apply in accordance with the use of new or amended principles. Unofficial table of contents

Section 162 Cover provision for civil liability and accident pensions

For the calculation of the cover provision of pensions in general civil liability insurance, the motor vehicle liability insurance, the road accident insurance as well as the General Accident Insurance without repayment of the premium are § 141 Paragraphs 1 to 3, 5 and 6 and Section 145 (4) accordingly. Unofficial table of contents

§ 163 Non-claims representative in the insurance against civil liability in respect of the use of motor vehicles

(1) For the purpose of covering the risks referred to in Annex 1 (10) (a), the insurance undertaking shall appoint a claims representative in all other Member States or States Parties. On behalf of the insurance undertaking, the insurance undertaking shall process and regulate claims for compensation for damage to persons and property arising from an accident that occurred in another Member State or State Party other than the The Member State of residence of the injured party has occurred and was caused by the use of a vehicle insured in a Member State or a Contracting State and having its normal location there. (2) The order of each Member State shall be Claims representative shall be the supervisory authority, with the addition of the provisions of section 9 (4) (6) (3) The claims representative must be established or established in the State for which he is designated. It may act on behalf of one or more insurance undertakings. It must have sufficient powers to represent the insurance undertaking against the injured party and to fully satisfy its claims for damages. He must be in a position to process the case in the official language or languages of the State for which he is appointed. (4) The claims representative shall bear in the context of claims made by an insured person covered by this undertaking. The vehicle has been caused to collect all the information necessary to regulate it. If the accident has occurred in a third country, this shall apply only if:

1.

the injured person has his residence in a Member State or State Party;

2.

the vehicle that caused the accident has its normal location in one of those states; and

3.

the national insurance bureau within the meaning of Article 1 (3) of Directive 2009 /103/EC of the European Parliament and of the Council of 16 September 2009 relating to insurance against civil liability in respect of the use of motor vehicles and the control of such liability Insurance obligation (OJ L 327, 11) of the State in which the accident occurred has acceded to the Green Card system.

In this case, Section 3a (1) (1) and (2) of the Compulsory Insurance Act applies accordingly. (5) The appointment of a claims representative by a foreign insurance company domestically does not constitute an establishment for itself. a branch; the claims representative shall not be deemed to be a branch. Unofficial table of contents

Section 164 Damage in the legal expenses insurance

(1) An insurance undertaking which operates the legal protection insurance together with other insurance companies has the performance processing in the legal protection insurance of another company with a legal form referred to in § 8 (2) or the legal form of any other capital company (loss-processing company). The transfer is considered to be a spin-off. (2) In addition to the legal expenses insurance, the damage processing company may not operate any other insurance business and do not carry out performance processing in other insurance business. (3) For the The Managing Director of the Damage Company shall apply in accordance with Section 24 (1). They may not be employed at the same time for an insurance undertaking which, in addition to the legal protection insurance, operates other insurance operations. Any employed person entrusted with the processing of services may not carry out a comparable activity for such an insurance undertaking. (4) The members of the Management Board and the employees of a Member State referred to in paragraph 1 Insurance undertakings shall not give instructions to the damage processing company for the processing of individual insurance cases. The directors and employees of the indebtedance undertaking shall not provide any information which may lead to conflicts of interest to the detriment of insured persons. (5) Paragraphs 1 to 4 shall not apply. in the case of legal expenses insurance, where it relates to disputes or claims arising out of the use of ships at sea or associated with such use.

Section 4
Reinsurance

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Section 165 reinsurance undertakings in liquidate

(1) In reinsurance undertakings which have ceased the conclusion of new reinsurance contracts by 10 December 2007 and which manage exclusively their portfolio with the aim of hiring their activities, the following paragraphs shall apply: the rules applicable to small insurance undertakings, with the exception of Section 215. (2) Assets in the assets held by the permanent fulfilment of the obligations arising out of the reinsurance relationships shall include assets in Amount of technical provisions in the sense of § § 341e bis 341h of the Commercial Code, as well as of liabilities arising from reinsurance relationships and accounting items (qualified assets). These stocks shall be invested, taking into account the nature of the insurance business and the structure of the undertaking, in such a way as to ensure the highest possible level of security and profitability in the case of any liquidity of the reinsurance undertaking at any time of To maintain appropriate mix and dispersion. This shall apply with the proviso that sufficient currency congruence is ensured and that the adequacy of the mixture and dispersion is to be assessed, taking into account the specific characteristics of the reinsurance undertaking concerned. In this connection, the capital allocation as well as the entire financial situation of the company and its corporate structure must be observed. Investments in derivative financial instruments shall be permitted provided that they contribute to the reduction of investment risks or to the facilitation of portfolio management. (3) In the determination of the commitments to be secured, such liabilities shall be shall not be taken into account in respect of which the guarantee is made by the pre-insurer of cash depots. The shares which are attributable to retrocessionaries and to special-purpose vehicles registered for business purposes within the meaning of Article 13 (26) of Directive 2009 /138/EC shall not be taken into consideration. Shares which are accounted for by special purpose companies established in a third country shall not be considered unless the insurance purpose vehicle in the country of residence is in accordance with the requirements laid down in Article 211 (2) of Directive 2009 /138/EC , delegated acts adopted for the operation of the business are state-approved and supervised and have comparable equipment with capital investments. (4) Reforms of reinsurance of a self-employed Reinsurance undertaking in a third country, paragraph 2 shall apply as well as § 125 (1) also in respect of the assets arising from these reinsurance relationships, in so far as the foreign law imposes nothing more than that. Unofficial table of contents

Section 166 Stock transfers; conversions

(1) Any contract which is intended to transfer an insurance portfolio of a domestic reinsurance undertaking wholly or in part to another insurance undertaking established in a Member State or a State Party shall require the Approval of the Bundesanstalt. The stock transfer contract requires the written form; § 311b (3) of the Civil Code is not applicable. The authorisation shall be granted where a certificate issued by the competent authority of the Member State or the State Party has shown that the acquiring undertaking shall, taking into account the transfer via eligible own resources, to: Compliance with the Solvency Capital Requirement. The rights and obligations of the transferring company from the reinsurance contracts shall also be transferred to the acquiring company in relation to the pre-insurers with the transfer of the stock; § 415 of the Civil Code is not , The approval of the stock transfer is to be published in the Federal Gazette. As soon as the transfer of the stock has become effective, the acquiring insurance undertaking shall immediately inform the pre-insurers of the transfer of the stock in writing. (2) The complete or partial transfer of a Insurance cover by a non-national reinsurance undertaking on the establishment of an insurance undertaking of a third country requires the approval of the Bundesanstalt. Authorisation may be granted only if the receiving third country branch proves that it has the solvency capital requirement in accordance with the transfer of eligible own funds. Where the capital endowment of the third country is supervised by the supervisory authority of another Member State or a Contracting State, proof shall be provided by a certificate issued by the competent authority of the other Member State or State of the Contracting State. , (3) Any conversion of a reinsurance undertaking in accordance with the provisions of Sections 1 and 122a of the Conversion Act, in respect of which reinsurance contracts are related to the assets covered by the conversion , require the approval of the supervisory authority. The provisions of the third sentence of paragraph 1 shall apply accordingly. The authorisation may also be denied if the conversion rules have not been complied with. The intention of the conversion of a reinsurance undertaking in accordance with § § 1 and 122a of the Transformation Act, in so far as it is not subject to the approval requirement under the first sentence, shall be notified to the supervisory authority without delay. Unofficial table of contents

Section 167 Financial reinsurance

(1) A financial reinsurance is reinsurance, in which the assumed total economic risk arising from the assumption of both a significant technical risk and the risk of settlement , the amount of the premium over the total duration of the insurance contract exceeds a limited but significant amount (sufficient risk transfer), if at least

1.

interest rate factors (time value of the money) are explicitly and significantly taken into account, or

2.

by contractual provisions, it is ensured that the economic results between the contracting parties are balanced over the overall duration of the contract in order to allow for targeted risk transfer.

The provisions of this Act, which are linked to the existence of reinsurance, shall apply only to contracts with sufficient risk transfer; contracts without a sufficient risk transfer shall be subject to the provisions of Non-insurance business for business. (2) Insurance undertakings which enter into financial reinsurance contracts or make financial reinsurance undertakings shall ensure that they form the basis of those contracts or transactions; Appropriately identify, assess, monitor, control, control and report on these reports. Unofficial table of contents

Section 168 Insurance-purpose companies

(1) An insurance special purpose company is a capital company or a partnership which is not an existing insurance undertaking and which takes over the risks of insurance undertakings, taking full account of the risks of damage to insurance undertakings. In the case of debt securities or another financial mechanism, where the repayment entitlements of the lenders or the financing mechanism are followed by the reinsurance obligations of the company. The maturity of the debt securities or of the other financing mechanism shall be at least equivalent to that of the reinsurance contract. Insurance companies with their registered office or head office in Germany require the approval of the supervisory authority to hold the business. (2) § § 4, 8 (3), § 9 (1), § 10 (1) shall apply to insurance-purpose companies. § § 11, 16, 24, 25, 47 number 1, 2, 5, § 294 (2) sentences 1, 3 and 4 and paragraphs 3, 6 and 7, § § 305, 306, 307 and 310 to 315 with the exception of § 312 (1). (3) The funds of an insurance special-purpose company are not sufficient within the meaning of the implementing measure adopted in accordance with Article 211 (2) of Directive 2009 /138/EC the European Commission shall, at the request of the supervisory authority, submit a plan for the recovery of healthy financial conditions to the Insurance Purpose Company for approval. The supervisory authority may revoke the authorisation of the business operation if the insurance purpose company is unable to provide sufficient funds again within a reasonable period set by the supervisory authority. Unofficial table of contents

Section 169 reinsurance undertaking with registered office in another Member State or State Party

(1) A reinsurance undertaking established in another Member State or a Contracting State which has an official authorisation in accordance with the legislation adopted in the State of origin for the implementation of Article 14 of Directive 2009 /138/EC , the reinsurance business may be operated domestily by an establishment or in the provision of services. Supervision with the exception of financial supervision is the responsibility of the Bundesanstalt, which has to cooperate with the competent supervisory authority of the state of origin. (2) The Bundesanstalt determines that a reinsurance undertaking in the sense of the Paragraph 1 shall not comply with the legislation to be observed in the performance of its activities, and shall invite the undertaking to defer such irregularities. At the same time it shall inform the supervisory authority of the State of origin The Bundesanstalt shall also inform the supervisory authority of the home Member State if it has reasons for the assumption that the activities of the reinsurance undertaking could lead to an impairment of its financial soundness. At the request of the supervisory authority of the home Member State of the reinsurance undertaking, the Bundesanstalt shall take the measures provided for in Articles 133, 134 and 135 of this Regulation. The supervisory authority of the home Member State shall designate the assets which are to be the subject of this measure. (3) In spite of the measures taken in accordance with paragraph 2, the reinsurance undertaking shall continue to infringe on the assets to be covered by the reinsurance undertaking. , the Bundesanstalt may, after having informed the competent authority of the State of origin itself, take all necessary measures to eliminate earlier and to prevent future infringements. If attempts are made to enforce orders by means of coercive means or to enforce them on account of penalty payments, the Bundesanstalt may, if other measures do not lead to the goal or are not appropriate, the Federal Institute for Prohibit in whole or in part business activities in Germany. In addition, pursuant to Article 19 of Regulation (EU) No 1094/2010, the Bundesanstalt may refer the matter to the European Insurance and Occupational Pensions Authority and ask for assistance. (4) For the supervision of the Bundesanstalt pursuant to paragraph 1 shall apply, in addition to paragraphs 2 and 3, § § 4, 68 (2) sentence 4, § § 298, 299 (1), § 303, 305 (1) (2), (3) and (5), § 306 (1) (1) (1) to (3), (2), first sentence, point 2, Paragraphs 5 to 8, § 310 and § 17 of the Financial Services Supervisory Act accordingly. Article 305 (1) (1) shall apply with the proviso that the policyholders are to be replaced by the pre-insurers. Unofficial table of contents

Section 170 Regulation empowerment

The Federal Ministry of Finance is authorized to enact provisions by means of a legislative regulation

1.

on the design of the obligations laid down in Article 167 (2), in so far as the area is not regulated by delegated acts of the Commission in accordance with Article 210 (2) of Directive 2009 /138/EC, and

2.

financial reinsurance within the meaning of Article 167 (1) of the Financial reinsurance contracts and contracts without adequate risk transfer thereover,

a)

the conditions under which a risk transfer must be considered to be sufficient,

b)

which minimum provisions must be included in each financial reinsurance contract; and

c)

how companies can determine the risk transfer under a contract by means of appropriate internal procedures.

The authorisation may be transferred to the Federal Institute by means of a legal regulation. Legal regulations according to sentences 1 and 2 do not require the approval of the Bundesrat.

Chapter 4
Mutual insurance associations

Unofficial table of contents

Section 171 Legal capacity

An association which wants to run the insurance of its members according to the principle of reciprocity shall be legally able to allow the supervisory authority to conduct business as an insurance association on a reciprocal basis. Unofficial table of contents

Section 172 Application of trade regulations

Unless otherwise prescribed by this law, the provisions of the First and Fourth Book of the Commercial Code relating to merchants, with the exception of § § 1 to 7, shall apply mutamatters to mutual insurance associations. For the purpose of accounting, the provisions of the second sub-section of the fourth section in conjunction with the provisions of the First and Second Section of the Third Book of the Commercial Code shall apply accordingly. Unofficial table of contents

Section 173 Statute

(1) The constitution of an insurance association on reciprocity shall be determined by the statutes, insofar as it is not based on the following provisions. (2) The statutes must be notarized notarized. Unofficial table of contents

§ 174 Company

(1) The statutes shall determine the name (the company) and the registered office of the association. (2) The company shall be able to recognize the registered office of the association. It is also to be expressed in the company or in an addition that insurance is operated on reciprocity. Unofficial table of contents

§ 175 Liability for liabilities

For all liabilities of the association, the club creditors are only responsible for the club's assets. The members shall not be liable to the club's creditors. Unofficial table of contents

Section 176 Membership

The Articles of Association shall contain provisions relating to the commencement of membership. Member can only become who establishes an insurance relationship with the association. Unless otherwise specified in the Articles of Association, membership shall end when the insurance relationship ceases. Unofficial table of contents

Section 177 Equal treatment

(1) Members ' contributions and contributions to the members may only be calculated on the same basis in accordance with the same principles. (2) Insurance transactions against fixed charges without the policyholders becoming members shall be subject to the following: Association only operate, insofar as it expressly permits the statutes. Unofficial table of contents

§ 178 Founding Stock

(1) The statutes provide for the formation of a foundation stock to cover the costs of the association and to serve as a guarantee and operating stock. The statutes shall contain the conditions under which the foundation stock is available to the association and shall determine in particular how to eradicate the foundation stock as well as whether and to what extent the persons who made it available to the association shall be provided with the conditions of the association. shall be entitled to participate in the administration of the association. (2) The foundation stock may only be credited in statutory means of payment, in cheques confirmed by the Deutsche Bundesbank, by crediting an account in Germany to the Deutsche Bundesbank, or a credit institution of the association or of the board of management at its free disposal will be paid. Claims of the Board of Management from these deposits shall be deemed to be claims of the Association. The statutes may allow the devotion of his own change instead of the deposit. (3) No right of termination may be granted to the persons who have provided the foundation stock. In the Statutes, they may, in addition to an interest in the annual income, be guaranteed a contribution to the surplus according to the annual balance sheet; the supervisory authority shall decide which percentage of the cash paid in cash is the interest and the amount paid in cash. shall not exceed all of the references. The foundation stock may be decomposed into shares via which shares can be issued. (4) The foundation stock may only be paid out of the annual income and only as far as the loss reserve according to § 193 has grown; the redemption shall be shall start as soon as the activated expenses for the operation of the business operation are fully written off.

Footnote

(+ + + § 178: For the application, see § 5 (2) + + +) Unofficial table of contents

Section 179 Contributions

(1) The Articles of Association shall determine whether the expenditure is to be covered by one-off or recurrent contributions made in advance or by contributions, which shall be converted as appropriate. (2) If contributions are to be made in advance, the (3) The Articles of Association may, for the purpose of surpluses and relocations, be subject to a reduction in the amount of the insurance claims. Set the maximum amount. A restriction on the fact that surpluses or relocations may only be spelled out in order to cover the insurance claims of the members is inadmissible. Unofficial table of contents

Section 180 Advisory duty of members of the members who have been expleted or entered

(1) The following shall also contribute to the surpluses or relocations of the members who have retired or who have entered during the course of the financial year. The obligation to pay is measured according to how long they have been part of the association in the financial year. (2) If the amount of the repayment or repayment of a member is determined in accordance with the contribution made in advance or the sum of the insured person, the amount of the contribution shall be determined if: (3) The provisions of paragraphs 1 and 2 shall apply only in so far as the articles of association do not determine otherwise. Unofficial table of contents

Section 181 Prohibition of settlement

The member cannot be charged against a claim by the association from the obligation to pay contributions. Unofficial table of contents

Section 182 Advance tendering of relocations and surcharges

(1) The statutes shall determine the conditions under which surpluses or relocations may be leaned, in particular the extent to which other means of cover such as foundation stock or reserves have to be used before. (2) The statutes shall also determine how the surpluses or relocations are to be spelled out and recovered. Unofficial table of contents

Section 183 Notices

(1) The Articles of Association shall determine the way in which the notices of association are issued. (2) Club announcements shall be published in the Federal Gazette (Bundesanzeiger). Unofficial table of contents

Section 184 Institutions

The statutes must be determined, such as a board of directors, a supervisory board and a supreme representation (supreme body; assembly of members or representatives of the members) to be formed.

Footnote

(+ + + § 184: For application, see Section 234 (5) sentence 1 + + +) Unofficial table of contents

Section 185 Registration of the commercial register

(1) All members of the Management Board and Supervisory Board shall register the association with the court in whose district it has its registered office to register it in the Commercial Register. The registration must indicate the power of representation of the members of the Management Board. (2) The Supervisory Authority shall inform the Register Court of any permission to operate within the meaning of Section 171. Unofficial table of contents

Section 186 Application documents

(1) The application to the Commercial Register shall be accompanied by:

1.

the certificate of permission to operate,

2.

the Statute,

3.

the documents relating to the appointment of the Executive Board and the Supervisory Board,

4.

a list of the members of the Supervisory Board, signed by the applicants, showing the name, first name, occupation and place of residence of the members;

5.

the documents relating to the formation of the foundation stock, with a statement by the Board of Management and the Supervisory Board, to what extent and in what manner the foundation stock has been paid and that the amount paid is finally available for the free disposal of the The Board of the

6.

an overview of whether the expenditure is to be covered by contributions raised in advance or subsequently converted and, if contributions are to be made in advance, whether surpluses are reserved or excluded, whether or not the The obligation to contribute is limited and whether the insurance claims may be reduced.

(2) In accordance with Section 12 (2) of the Commercial Code, for the submission of documents under this Act. Unofficial table of contents

Section 187 Registration

(1) In the case of registration in the Commercial Register, please state:

1.

the firm and the seat of the association,

2.

the classes of insurance to which the holding is to be extended;

3.

the amount of the foundation stock,

4.

the date on which the business operation was permitted, and

5.

the members of the board.

In addition, it is necessary to enter the power of representation of the members of the Board of Management. (2) The statutes determine the duration of the association, so it is also necessary to enter the statutes. Unofficial table of contents

§ 188 Board of Management

(1) The Management Board shall consist of at least two persons. § 76 (1), (3) and (4), § § 77 to 91 and 93 (1), (2) and (4) to (6) and § 94 of the German Stock Corporation Act (AktG) shall apply mutatily to the Executive Board, with the proviso that the decisions of the Annual General Meeting shall be replaced by the decisions of the highest step. Section 93 (3) of the German Stock Corporation Act (AktG) is replaced by the provisions of paragraph 2. (2) The members of the Management Board are obligated, in particular, to replace them, if contrary to the law

1.

the foundation stock is discounted or redeemed;

2.

the club assets are distributed,

3.

Payments shall be made after the insolvency of the association has occurred or after its debt has surrendered; this shall not apply to payments which, even after that date, shall be exercised with the care of a prudent and conscientious managers are compatible or

4.

Credit is granted.

Footnote

(+ + + § 188 (1) sentence 1: For application, see Section 33 (1) + + +) Unofficial table of contents

§ 189 Supervisory Board

(1) The Supervisory Board consists of three persons. The statutes may set a certain higher number, which must be divisible by three. The maximum number of members of the Supervisory Board is 21. (2) The Supervisory Board is composed of associations for which the Third Participation Act applies in accordance with Section 1 (1) (4) of the Third Participation Act, together with members of the Supervisory Board, who are members of the Supervisory Board. the highest representation, and the members of the supervisory board of the employees. In the case of the other clubs, the Supervisory Board is composed only of members of the Supervisory Board who are elected by the highest representative. (3) The Supervisory Board shall be subject to § 30 (2) and 3 Sentences 1 and 2 of the first half-sentence, § 96 (4), § § 97 bis 100, 101 (1) and (3), § § 102 and 103 (1) and (3) to (5) as well as § § 104 to 116 of the German Stock Corporation Act (AktG). The tasks assigned to the Annual General Meeting are to be carried out by the supreme representation. The right of application in accordance with Section 98 (2) (3) and § 104 (1) sentence 1 of the German Stock Corporation Act (AktG) is available to any member of the highest The provisions of Section 113 (3) and Section 116 of the German Stock Corporation Act are replaced by the provisions of paragraphs 4 and 5. (4) If a profit-sharing is granted to the members of the Supervisory Board, the profit-sharing shall be calculated on the basis of the net profit minus one of the following: The share of the surplus, which according to § 178 (3) is guaranteed to the persons who have made the foundation stock available, shall be deducted. The members of the Supervisory Board are obligated, in particular, to replace them if the actions referred to in § 188 (2) are carried out with their knowledge and without their intervention. Unofficial table of contents

§ 190 Claims for damages

§ 117 of the German Stock Corporation Act applies accordingly. Unofficial table of contents

Section 191 Supreme Representation

§ § 118, 119 (1) (1) to (3), 5, 7 and 8, as well as (2), § 120 (1) to (3) and § 121 (1) to (4), (5) sentence 1 and (6), § § 122, apply to the highest representation. and 123 (1), § § 124 to 127, 129 (1) and (4), § 130 (1) sentence 1 and 2 as well as paragraphs 2 to 5, § § 131 to 133 and 134 (4) as well as § § 136, 142 to 149, 241 to 253 and 257 to 261 of the German Stock Corporation Act (AktG). § 256 of the German Stock Corporation Act applies accordingly. If the highest representation is the General Assembly, Section 134 (3) of the German Stock Corporation Act shall apply accordingly. Enjoyment rights within the meaning of Section 214 (2) may only be granted on the basis of a decision of the supreme representation. The decision shall require a majority of three-quarters of the votes cast. The Articles of Association may determine a different majority and other requirements. Unofficial table of contents

Section 192 Rights of minorities

Insofar as the provisions of the German Stock Corporation Act, which apply in accordance with § § 188, 190 and 191, grant rights to a minority of shareholders (§ 93 (4) sentence 3, § 117 (4), § 120 (1), § 122, 142 (2) and (4), § § 147, 258 (2) sentence) 3 as well as the first sentence of § 260 (1) and the fourth sentence of paragraph 3 of the German Stock Corporation Act (AktG), the statutes shall determine the required minority of the members of the highest representation. Unofficial table of contents

Section 193 Loss reserve

The statutes have to be determined that a reserve (loss reserve, reserve fund) is to be set up to cover an exceptional loss from the business operation, the amounts to be recovered annually and the minimum amount to which the reserve is to be returned. must be reached.

Footnote

(+ + + § 193: For application see § 5 (2) + + +) Unofficial table of contents

Section 194 surplus use

(1) A surplus resulting from the balance sheet shall, in so far as it is not to be supplied in accordance with the statutes of the loss reserve or other reserves or to be used for the distribution of remuneration or to be transferred to the next financial year, shall be transferred to the members are distributed to certain members of the Statute. Section 214 (2) shall remain unaffected. (2) The statutes shall determine the scale of the distribution to be used and whether the surplus shall be distributed only to the members present at the end of the financial year or to members who are retired. Unofficial table of contents

§ 195 Amendment of the Articles of Association

(1) Only the supreme representation can change the statutes. (2) The supreme representation may transfer the right to change, which only relates to the version, to the Supervisory Board. (3) The supreme representation may authorize the Supervisory Board in case that the supervisory authority, before approving the amending decision, requires amendments to comply with that decision. (4) A decision of the supreme representation that an insurance branch is to be abandoned or a new one is to be introduced requires a majority of three-quarters of the votes cast; the statutes may also require a different one. Any other decisions referred to in paragraphs 1 to 3 shall require such a majority only if the statutes prescribe nothing else.

Footnote

(+ + + § 195 (3): For application, see Section 33 (1) + + +) Unofficial table of contents

Section 196 Entry of the amendment of the statutes

(1) The amendment of the statutes shall be notified for entry in the Commercial Register. The application shall be accompanied by the approval certificate. It shall also be accompanied by the full text of the statutes; it must be accompanied by the certificate of a notary that the amended provisions of the statutes are accompanied by a decision on the amendment of the statutes and the provisions which have been amended by the (2) In the case of registration, the documents submitted to the court may be referred to the Court of First Instance for the amendment, unless the amendment relates to the information in accordance with § § § § § § § § § § § § § § § § § 187. (3) The amendment does not act before the court, in the district of which the association its registered office has been entered in the commercial register. Unofficial table of contents

Section 197 Change of general insurance conditions

(1) § 195 (1) and (2) shall apply mutatily to changes in the general insurance conditions, subject to the provisions of paragraph 2. (2) The Articles of Association may authorize the Board of Management, with the approval of the Supervisory Board, to grant general insurance conditions to be introduced or amended. If the Board of Management and the Supervisory Board are not authorized by the Articles of Association to amend general insurance conditions, the supreme representation may authorize the Supervisory Board to provisionally apply the general insurance conditions to the Supervisory Board in case of urgent need. , the amendments shall be submitted to the supreme representation at their next meeting and shall be repeal if they require it. (3) An amendment to the Articles of Association or to the General Terms and Conditions shall affect an existing Insurance relationship only if the insured person expressly disclaims the change . This shall not apply to such provisions for which the statutes expressly provide that they may also be amended with effect on the existing insurance relationships. Unofficial table of contents

§ 198 dissolution of the association

The association is dissolved:

1.

by the expiry of the period specified in the Statute,

2.

by decision of the supreme representation,

3.

by the opening of insolvency proceedings concerning the assets of the association, or

4.

with the legal force of the decision, which rejects the opening of the insolvency proceedings in the absence of a mass.

Unofficial table of contents

§ 199 Resolution Decision

(1) The decision pursuant to Section 198 (2) shall require a majority of three-quarters of the votes cast if the statutes do not specify otherwise. Members of the highest office who have voted against the resolution may object to the resolution of the resolution. (2) The decision shall require the approval of the supervisory authority. (3) If the association has been dissolved by a decision of the supreme representation, the insurance relationships between the members and the association shall be extingutiated with the date that the association has been granted the right to Decision shall be taken at the earliest, however, with the expiry of four weeks. Insurance claims that have arisen up to then can be claimed; however, only the contributions paid in advance for future insurance periods can be recovered after deduction of the costs incurred. These provisions shall not apply to life insurance relationships; these shall remain unaffected if the statutes do not determine otherwise. Unofficial table of contents

§ 200 Inventory transfer

Contracts which are intended to transfer the insurance portfolio of the association in whole or in part to another company shall be subject to the consent of the supreme representation in order to ensure that it is effective. The decision shall require a majority of three-quarters of the votes cast if the statutes do not specify otherwise. With the consent, it is also possible to decide on the amount of a severance payment pursuant to § 201. The decision shall set the standards according to which the severance payment shall be distributed among the members. Unofficial table of contents

Section 201 Loss of membership

(1) A policyholder who, through a transfer of the stock, wholly or partly loses his rights as a member of the club and is not a member of a accepting mutual insurance association, shall be subject to the loss of such a person for that loss; appropriate cash payment. It must take into account the relationships of the association at the time of the decision-making pursuant to § 200. (2) The association may decide that this right shall be limited to members who have been the association for at least three months before the decision (3) Each authorized member shall receive a settlement at the same level. A different distribution can only be set according to one or more of the following scales:

1.

the amount of the insurance sum,

2.

the amount of contributions,

3.

the level of cover provision in life assurance,

4.

the scale for the distribution of the surplus set out in the Association's Statute,

5.

the standard for the distribution of assets, as defined in the Association's Articles of Association; and

6.

the duration of membership.

Unofficial table of contents

§ 202 Registration of dissolution

The Board of Management has to register the dissolution of the association for registration in the Commercial Register. This shall not apply in the cases of § 198 (3) and (4). In such cases, the Court of First Instance shall bear the dissolution and its cause on its own account; the Office of the Insolvency Court shall have a certified copy of the opening decision or a certified copy of the opening decision of the Register of the Insolvency Court A certified certified true copy of the decision to refuse the opening request. Unofficial table of contents

Section 203 Resolution

(1) After the dissolution of the association, the settlement shall take place if the insolvency proceedings have not been opened over its assets. (2) During the settlement, the same provisions shall apply as before the settlement, insofar as the following shall apply from the following: Regulations or for the purpose of processing do not result in anything else. In particular, surpluses or relocations can be spelled out and drafted in the sense of § 179. New insurance companies are no longer allowed to be taken over, the existing one will not be increased or extended. Unofficial table of contents

Section 204 Resolution procedure

(1) The management of the Management Board shall provide the members of the Management Board as liquiders, if not the Articles of Association or a decision of the supreme representation appoints other persons. A legal person can also be a developer. (2) For important reasons, the court has to appoint and discontinue Abwickler if requested by the Supervisory Board or by a minority of members to be determined in the articles of association. Section 402 of the Act on the Procedure in Family Matters and in the matters of voluntary jurisdiction shall apply accordingly. Abwinders who are not appointed by the court may discontinue the supreme representation at any time. The general provisions apply to the claims arising from the employment contract. (3) In addition, § 265 (4), § 266 to 269, 270 (1) and 2 (1) and § § 272, 273 of the German Stock Corporation Act shall apply accordingly. Without prejudice to § 270 (2) sentence 3 and paragraph 3 of the German Stock Corporation Act, the opening balance sheet, the explanatory report, the annual financial statements and the annual report shall apply to the preparation and examination of the annual accounts. and of the management report of the association, as well as § § 175, 176 of the German Stock Corporation Act and § § 325, 328 of the Commercial Code. Unofficial table of contents

§ 205 Tilgung of the Founding Stock; wealth distribution

(1) The foundation stock may not be redeemed until the claims of all other creditors, in particular those of the members of insurance relationships, are satisfied or security is provided. No surpluses or repayments may be levied for the repayment. (2) The club assets remaining after the rectification of the debt shall be distributed to the members who were present at the time of the dissolution of the association. It shall be distributed on the same scale as that of which the surplus has been distributed. (3) The statutes may determine otherwise the distribution of the assets; the provision of other entitled persons may be transferred to the supreme representation. Unofficial table of contents

Section 206 Continuation of the association

(1) If an association has been dissolved by time lapse or by decision of the supreme representation, the supreme representation, as long as it has not yet been started with the distribution of the assets among the eligible persons, may the continuation of the Decide to join. The decision shall require a majority of three-quarters of the votes cast if the statutes do not specify otherwise. (2) The same applies if the association is dissolved by the opening of the insolvency proceedings, but the proceedings are terminated at the request of the association, or if the association has been appointed to the register court. after the confirmation of a bankruptcy plan which provides for the association's continued existence. (3) The winders have to declare the continuation of the association for registration in the commercial register; they have to prove at the time of registration that: not yet with the distribution of the assets of the association under the (4) The continuation decision shall have no effect before it has been entered in the commercial register of the seat of the association. Unofficial table of contents

Section 207 obligation to provide contributions in the insolvency proceedings

(1) As long as members or retired members are obliged to make contributions under the law or the articles of association, they shall be liable to the association for its debts at the opening of the insolvency proceedings. (2) Members who are members of the association in the last year prior to the Application for the opening of the insolvency proceedings or excreted in accordance with this application shall be liable for the debts of the association as if they were still members of the association. Unofficial table of contents

Section 208 Rank of insolvency claims

(1) The claims for redemption of the foundation stock shall be subject to all other insolvency requirements. In the event of insolvency claims, claims arising from an insurance relationship which are the members of the association at the opening of the insolvency proceedings or who have been expleted in the last year before the opening application or after that request, shall be subject to the following: (2) No surpluses or repayments may be levied for the purpose of redeeming the foundation stock. Unofficial table of contents

Section 209 Bankruptcy and repayment in insolvency proceedings

(1) The insolvency proceedings shall be established and issued by the insolvency administrator for the surpluses or relocations which require the insolvency proceedings. This shall be calculated immediately after the balance sheet is laid down in accordance with Article 153 of the Insolvency Code at the office of the Office, to calculate the amount of the members to cover the shortfall shown in the balance sheet after they have been paid. To have a duty to contribute. § 106 (1), second sentence, (2) and (3), as well as § § 107 to 113 of the Cooperative Act, apply to this advance calculation and for additional calculations. (2) Alsbald after the beginning of the final distribution according to § 196 of the Insolvency Code, the Insolvency administrators shall calculate the contributions which the members have to make final. § 114 (2) and § § 115, 115a, 115c and 115d (1) as well as § § 115e to 118 of the Cooperative Act shall apply mutatily for this and for the further procedure. Unofficial table of contents

§ 210 Smaller Vereine

(1) In the case of associations which have a specific, local or group of persons in accordance with their intended purpose (smaller associations), the provisions of this chapter apply only to § § 171 and 172 sentence 2, § 173 (1), § 174 (1). § § 175, 176 and 177 (1), § § 178 to 182 and 183 (1), § 188 (1) sentence 1, § § 193, 194 and 195 (1) to (3), § § 197, 198 and 199 (1), (2) sentence 1 and (3), and § § 200, 205 and 207 to 209. Insurance against fixed remuneration, without the policyholder becoming a member, must not be taken over. (2) Unless otherwise indicated in paragraph 1, the smaller clubs are subject only to § § 24 to 53 of the German Civil Code. However, in the cases of § § 29 and 37 (2) of the Civil Code, the supervisory authority is replaced by the local court. If a Supervisory Board is to be appointed according to the Articles of Association, Sections 34 (1) and 2 (1) and (6), 36 (2) and (3) and Articles 37 to 40 of the Cooperative Act shall apply accordingly. (3) The Supervisory Authority may apply for permission to: Business and management of smaller associations allow deviations from § 39 (1) as well as § § 125, 138, 141, 146, 147, 149, 152 and 156. In so far as the deviations relate to the management, they may be made particularly dependent on the fact that at a distance of several years at the expense of the association of the business operation and the financial situation, a review shall be carried out by an expert (4) If an association is a smaller association, the supervisory authority will decide.

Footnote

(+ + + § 210: For application, see Section 237 (1) sentence 2 + + +)
(+ + + § 210 (3) sentence 1: For application, see Section 233 (1) sentence 4 + + +)

Chapter 5
Small insurance companies and death-holders

Section 1
Small insurance companies

Unofficial table of contents

Section 211 Small insurance companies

(1) Small insurance undertakings within the meaning of this Act are first insurance undertakings;

1.

whose annual gross contributory revenue does not exceed the amount referred to in Article 4 (1) (a) of Directive 2009 /138/EC,

2.

their total technical provisions referred to in Article 75 without deduction of the amounts recoverable from reinsurance contracts and by special purpose vehicles to the amount referred to in Article 4 (1) (b) of Directive 2009 /138/EC do not exceed

3.

whose operations do not include reinsurance activities which:

a)

the amounts referred to in Article 4 (1) (e) of Directive 2009 /138/EC relating to their gross contribution income or their technical provisions in the sense of Article 75 without deduction of the amounts recoverable reinsurance contracts and special purpose vehicles, or

b)

10 percent of their gross contribution income, or

c)

10 per cent of their technical provisions within the meaning of section 75 without deduction of the amounts recoverable from reinsurance contracts and special purpose companies

exceed

4.

whose business does not include insurance activities to cover liability, credit and security insurance risks, unless they are additional risks within the meaning of Article 10 (4), first sentence, and

5.

who do not carry out cross-border business activities in accordance with § § 57 to 59.

Where the first insurance undertaking is a member of a group, the total gross technical provisions of the group may not exceed the amount referred to in Article 4 (1) (c) of Directive 2009 /138/EC. If a permit is requested for a business operation as a first insurance undertaking, the first sentence of the first subparagraph of paragraph 1 shall not apply if it is to be expected that one of the amounts referred to in that paragraph shall be exceeded within the next five years. (2) Where a first-class insurance undertaking satisfies the conditions set out in paragraph 1 and the total limits laid down in paragraph 1 have not been exceeded in the last three years, the supervisory authority shall, on its own account, establish that: that it is to be regarded as a small insurance undertaking, unless in the case of (3) If one of the sum limits referred to in paragraph 1 is exceeded for three consecutive years, the supervisory authority shall repeal the determination. The first insurance undertaking shall no longer be regarded as a small insurance undertaking from the fourth year onwards. (4) An initial insurance undertaking which would be regarded as a small insurance undertaking in accordance with paragraphs 1 and 2 shall not be deemed to be an insurance undertaking at the request of a first insurance undertaking. to treat such a thing. Unofficial table of contents

Section 212 Applicable Rules

(1) Small insurance undertakings shall be subject to the provisions of this Law applicable to first-time insurance undertakings other than those in which the death penalty or pension fund is applicable, provided that this Chapter does not contain any derogations. (2) For small insurance undertakings. Insurance undertakings do not apply:

1.

§ § 26 (3), (4) and (6) to (8), § § 27, 28 (1) and 29 (2) to (4) as well as § § 30 and 31,

2.

the provisions relating to statutory audits § 35 (2) and 37 (2),

3.

the provisions on the Solvency and Financial Situation Report, § § 40 to 42;

4.

§ § 57 to 59 of the provisions relating to the service and establishment of services

5.

§ § 74 to 124, 125 (1) sentence 2 and 3, as well as § § 131 and 133,

6.

the provisions of Part 5, Chapters 1 and 284, provided that a group of undertakings subject to insurance supervision is exclusively involved in the inclusion of small insurance undertakings, death-holders, pension funds or pension funds is created,

7.

the provisions relating to tasks and general provisions § 301 and

8.

From the transitional and final provisions § § 340 to 352.

(3) The following rules shall apply with the general proviso that the own resources shall be replaced by the eligible basic own resources and shall be subject to the following specific measures:

1.

Section 9 (2) (4), provided that the business plan must be accompanied by information on the own resources, which constitute the absolute limit of the minimum capital requirement,

2.

Article 9 (3) (4), provided that the scheme relates to technical provisions in accordance with the Commercial Code;

3.

Section 9 (4) (1) (a), with the proviso that information on the nature and scope of the business organization shall only be made for the directors, the members of the Supervisory Board and, if available, for the responsible actuary,

4.

§ 12 (1) and (3), provided that the scheme applies to any extension of the business operations to an area abroad,

5.

Article 15 (1), third sentence, with the proviso that the inclusion of capital against the granting of right to enjoyment or against the commission of subordinated liabilities, which satisfy at least the requirements for quality class 2 in accordance with § 92 (2), shall not be deemed to be the inclusion of foreign funds,

6.

Section 23 (3), with the proviso that the guidelines do not have to contain any requirements for internal revision,

7.

Section 24 (1), first sentence, on the understanding that the scheme only relates to directors and members of the Supervisory Board,

8.

Section 26 (1), with the proviso that the risks to which the undertaking is actually or may be exposed shall be adequately documented,

9.

Section 29, paragraph 1, with the proviso that no compliance function is to be held,

10.

Section 47 (1) and (2), provided that only the envisaged appointment of a manager or the appointment of a member of the supervisory board and the withdrawal or withdrawal of the power to represent the insurance undertaking shall be one of the following: to display people,

11.

Section 141 (5), with the proviso that the principles of the legal regulation adopted pursuant to section 217, first sentence, point 7 to 10, shall be replaced by the principles of the legal regulation adopted pursuant to Section 88 (3),

12.

Section 303 (1) and (2) (1), provided that the warning, the convocation or the failure to do so is only possible with regard to a manager or member of the Supervisory Board; and

13.

Section 304, paragraph 1, point 2, subject to the condition that the supervisory authority can revoke the authorization if the company fails to approve the approved minimum capital requirement within three months of determining the non-coverage of the minimum capital requirement. The financial plan must be fulfilled and the permission to be revoked if the company does not manage to comply with the approved financing plan within nine months of determining the non-coverage of the minimum capital requirement.

Footnote

(+ + + § 212 (3) No.5 and 6: For use, see: Section 234 (2) sentence 6 and Section 237 (1) sentence 2 + + +) Unofficial table of contents

Section 213 Solvency and minimum capital requirement

Small insurance undertakings must always have own funds at least equal to the solvency capital requirement laid down in point 1 of the first subparagraph of Article 217 of the first subparagraph of Article 217 of the Regulation. One third of the Solvency Capital Requirement shall be considered as a minimum capital requirement.

Footnote

(+ + + § 213: For application cf. Section 234 (3), first sentence, No. 8 and Section 237 (1) sentence 2 + + +) Unofficial table of contents

Section 214 own resources

(1) own resources within the meaning of § 213 are:

1.

in the case of public limited liability companies, the paid share capital minus the amount of treasury shares, in the case of insurance associations on reciprocity of the foundation stock paid, and in the case of public insurance undertakings, the amount paid to the parent company Share capital items corresponding to share companies,

2.

the capital reserve and the retained earnings,

3.

the profit or loss resulting from the deduction of the dividends to be paid,

4.

capital paid in respect of the grant of the right to benefit, in accordance with the provisions of paragraphs 2 and 4;

5.

capital which is paid on the basis of the commission of subordinated liabilities, in accordance with paragraphs 3 and 4;

6.

in the case of life insurance undertakings and in the case of sickness insurance undertakings which operate health insurance in the manner of life assurance, the provision for reimbursement of contributions, provided that they are to be used to cover losses and as far as they do not apply to fixed surplus shares, and

7.

on request and with the consent of the supervisory authority

a)

one half of the unpaid part of the share capital, the foundation stock or the item corresponding to the share capital of public insurance undertakings in the case of public limited companies, if the part paid in is 25 per cent of the total the capital stock, the foundation stock or the item corresponding to the share capital of public-service insurance undertakings in the case of public limited-liability companies;

b)

in the case of mutual insurance undertakings and public insurance undertakings operating in accordance with the principle of reciprocity, if they do not cover life assurance or health insurance, half of the difference between the surpluses allowed under the Articles of Association in a financial year and the subsequent surpluses actually required,

c)

the silent net reserves resulting from the valuation of assets, in so far as these reserves are not of exceptional nature, and

d)

in the case of life assurance undertakings, in accordance with the provisions adopted pursuant to the first sentence of Article 217, the value of the final costs incorporated in the contribution, in so far as they have not been taken into account in the case of cover-up.

The funds referred to in point 7 (a) and (b) of the first sentence may be attributed to the own resources only up to a maximum limit of 50% of the lower amount of the own funds and the solvency capital requirement. The amount of the amounts resulting from the dividend to be paid and the intangible values shown in the balance sheet shall be deducted from the sum of the amounts resulting from the number 1 to 7 of the first sentence, in particular an activated business or The company value according to Article 246 (1) sentence 4 of the Commercial Code. (2) Capital within the meaning of the first sentence of paragraph 1, point 4, is to be attributed to the own resources only,

1.

if it takes part in the loss up to the full amount and the insurance undertaking is obliged to postpone interest payments in the event of a loss;

2.

where it is agreed that, in the event of the opening of the insolvency proceedings or the liquidation of the insurance undertaking, it shall be repaid only after the satisfaction of all non-subordinated creditors;

3.

if it has been made available to the insurance undertaking for at least five years and does not have to be repaid at the request of the creditor; the period of five years shall not be met if the capital before repayment has been replaced by the deposit of other, at least equivalent own resources,

4.

as long as the repayment claim is not due in less than two years or may become due on the basis of the contract, and

5.

if, at the conclusion of the contract, the insurance undertaking has expressly referred to the legal consequences referred to in sentences 2 and 3 and in the form of a text.

Subsequently, participation in the loss cannot be changed, the amount of the following cannot be limited and the period and period of notice cannot be shortened; in the case of agreed capital replacement obligations or the right of consent on the part of the A supervisory authority may continue to take full account of capital on own resources. An early repayment shall be returned to the insurance undertaking regardless of any outstanding agreements, unless the capital has been replaced by the deposit of other, at least equivalent, own funds, or Supervisory authority shall agree to the early repayment; the insurance undertaking may be subject to an appropriate right by contract. Where securities are issued on the right of enjoyment, reference shall be made in the drawing and issuing conditions to the legal consequences referred to in sentences 2 and 3. An insurance undertaking shall not acquire its own right to benefit in transferable securities. (3) Capital within the meaning of the first sentence of paragraph 1, point 5, shall be attributed solely to own resources;

1.

if, in the event of the opening of the insolvency proceedings or the liquidation of the insurance undertaking, it is refunded after the satisfaction of all non-subordinated creditors,

2.

if it is made available to the insurance undertaking for a period of at least five years and does not have to be repaid at the request of the creditor; the period of five years does not need to be complied with when the capital is the repayment has been replaced by the payment of other own funds, at least equivalent,

3.

if the reimbursement of the claim for reimbursement is excluded against claims by the insurance undertaking and no contractual collateral is provided for the liabilities by the insurance undertaking or by third parties; and

4.

as long as the refund claim is not due in less than one year or can be due on the basis of the contract; as soon as the refund claim becomes due in less than two years or due to the contract, the refund claim shall be due, The allocation only takes place at 40 percent.

The following may not be limited retrospectively as well as the duration and period of notice cannot be shortened; in the case of agreed capital replacement obligations or the right of consent on the part of the supervisory authority, an allocation of the Capital to the own resources will continue to be fully carried out. An early refund shall be returned to the insurance undertaking without regard to any conflicting agreements, to the extent that the insurance undertaking has not been dissolved and, if not

1.

the capital has been replaced by the deposit of other, at least equivalent, own resources; or

2.

the supervisory authority shall agree to the early restitution; the insurance undertaking may reserve the right to a corresponding right.

At the conclusion of the contract, the insurance undertaking shall draw attention to the legal consequences referred to in sentences 2 and 3 in the form of a text; if securities are issued over the subordinated liabilities, only in the drawing and To indicate the terms and conditions of the above-mentioned legal consequences. An insurance undertaking must not acquire its own subordinated liabilities in securities. By way of derogation from the third sentence of point 3, an insurance undertaking may provide subordinated collateral for subordinated liabilities which are subject to a subsidiary of the insurance undertaking established solely for the purpose of taking up capital (4) Capital paid in respect of the grant of the right to benefit under paragraph 2 or to the commission of subordinated liabilities referred to in paragraph 3 may only be attributed to the own resources referred to in paragraph 1, to the extent that: Total amount of this capital after recording 50 per cent of own resources and 50% of the total Solvency capital requirement does not exceed. In the case of fixed maturities, this limit shall be 25%. (5) To be deducted from the sum of the amounts resulting from the first sentence of the first sentence of paragraph 1, point 1 to 7 shall be deducted:

1.

Participations of the insurance undertaking within the meaning of Section 7 (4), second half-sentence, of credit institutions within the meaning of Article 1 (1), second sentence, points 1 to 5 and 7 to 10 of the Banking Act, to financial services institutions within the meaning of Article 1 (1a) of the German Banking Act (Article 1 (1)) Sentence 2 (1) to (4) of the Banking Act and to financial undertakings within the meaning of Article 1 (3) of the Banking Act; and

2.

Claims arising from the right of enjoyment within the meaning of the first sentence of paragraph 1, first sentence, and claims arising from subordinated liabilities within the meaning of paragraph 1, first sentence, point 5, as compared to the undertakings referred to in point 1, in which the insurance undertaking shall: Participation, or with which it is a member of a horizontal group of companies.

The supervisory authority may, at the request of the insurance undertaking in respect of the deductions referred to in the first sentence, grant derogations where the insurance undertaking temporarily holds shares in the undertaking referred to in the first subparagraph of point 1 in order to: (6) Paragraph 5 shall apply in accordance with the relevant investment and exposure instruments of the insurance undertaking in or against insurance undertakings, Insurance undertakings of a third country, insurance holding companies and pension funds within the meaning of Section 236 (1).

Footnote

(+ + + § 214: For application, see Section 237 (1) sentence 2 + + +)
(+ + + § 214 (1) sentence 1, No. 7, Buchst. d: For use, see Section 234 (3) sentence 1 no. 9 + + +) Unofficial table of contents

Section 215 Investment principles for securing assets

(1) The assets of the hedging assets in accordance with § 125 shall be invested in such a way, taking into account the nature of the insurance business and the structure of the business, in such a way as to ensure the highest possible level of security and profitability in the case of any liquidity of the (2) The assets of the insurance undertaking shall be applied only in the event of an adequate mix and dispersion. (2)

1.

loan receivings, debt securities and enjoyment rights,

2.

Debtor claims,

3.

shares,

4.

participations,

5.

land and equal rights,

6.

Shares in undertakings for collective investment in transferable securities within the meaning of Directive 2009 /65/EC and for other installations which are applied in accordance with the principle of risk-spreading, where the organisms are subject to effective public supervision for the protection of of the unit-holders,

7.

current assets and deposits at credit institutions, and

8.

other installations, in so far as they are authorised in the Regulation adopted pursuant to Article 217, first sentence, point 6.

In addition, the security assets may only be created if the supervisory authority temporarily permits, in exceptional circumstances, on a case-by-case basis, on request.

Footnote

(+ + + § 215: For application see Section 165 (1), section 234 (3) sentence 1 no. 9a and Section 237 (1) sentence 2 + + +)
(+ + + § 215 (1) and 2 sentence 1, point 8: For use, see Section 234 (2) sentence 6 + + +) Unofficial table of contents

Section 216 Display obligations

(1) Together with the annual accounts and annual report required under Article 341a (1) of the Commercial Code, the Supervisory Authority shall be required to submit a calculation of the Solvency Capital Requirement each year and its own resources. (2) The insurance companies have to report on their entire assets, broken down into new plants and stocks. The obligations laid down in § 126 (2) shall remain unaffected.

Footnote

(+ + + § 216 para. 2: For the application, see Section 234 (3) sentence 1 no. 10 + + +) Unofficial table of contents

Section 217 Regulation empowerment

The Federal Ministry of Finance is authorized to enact rules for small insurance undertakings by means of a regulation

1.

on the calculation and amount of the Solvency Capital Requirement,

2.

the minimum amount of the minimum capital requirement applicable to each insurance policy and the calculation thereof,

3.

the way in which life insurance companies are not calculated on the balance sheet and the extent to which they are to be credited to the solvency capital requirement and the minimum capital requirement,

4.

the content, form and quantity of the solvency overview to be drawn up in accordance with section 216 and the report on the investment assets, as well as the deadline for submission to the supervisory authority,

5.

the manner in which data is transmitted, the data formats to be used and the data quality to be maintained,

6.

on quantitative and qualitative requirements for the investment of hedging assets under the conditions laid down in Article 215 (1) and (2), first sentence; the Regulation may allow the installation in other installations where such comparable security and liquidity have the same conditions as those of the equipment referred to in Article 215 (2), first sentence, points 1 to 7,

7.

over one or more of the maximum accounting rate values in the case of insurance contracts with interest rate guarantee,

8.

Further guidelines for the determination of discount rates in accordance with Section 341f (2) of the Commercial Code,

9.

on the maximum amounts for the zillers and

10.

on the actuarial accounting principles and the valuation approaches for the cover provision.

The Federal Ministry of Finance may transfer the appropriations in accordance with the first sentence of the first sentence of 1 to 5 to the Federal Agency by means of a regulation. Legal regulations according to sentences 1 and 2 do not require the approval of the Bundesrat. The legal regulations referred to in the first sentence of the first sentence of 1 (6) to (10) shall be adopted in agreement with the Federal Ministry of Justice and Consumer Protection

Section 2
Death rates

Unofficial table of contents

§ 218 Star

(1) The death penalty shall be life assurance undertakings which, according to their business plan, only insure the risk of death in the home country, provided that the amount of their benefits does not exceed the average value of the funeral expenses in the event of a death or the average value of the costs of the funeral (2) The death treasury shall not operate the transactions referred to in Article 1 (2). Unofficial table of contents

Section 219 Applicable Provisions

(1) The provisions of this law applicable to small insurance undertakings in accordance with § § 212 to 217 shall apply to deathmovers irrespective of the amount of their contribution income and their technical provisions, insofar as they apply to small insurance undertakings. (2) The special provisions relating to life assurance do not apply to the death breeds § 140 (2) to (4). The responsible actuary does not have to draw up the reports in accordance with Section 141 (5) (2) and (4); § 141 (6) (2) and (3) shall not apply. (3) The following provisions shall apply to the death-breeds with the following conditions:

1.

Section 9 (2) (2), provided that, in addition, the general insurance conditions and the technical business records, in particular the tariffs and the principles governing the calculation of the premiums and the technical insurance provisions must be submitted in accordance with the Commercial Code, including the accounting bases used, mathematical formulae, calculatory derivations and statistical proofs,

2.

Section 141 (5) (1), with the proviso that the person responsible for actuarial must only verify the financial position of the company as to whether the permanent fulfilment of the obligations arising from the insurance contracts at any time , and the company has sufficient resources in the amount of the Solvency Capital Requirement; and

3.

Section 141 (5) (2), first half-sentence, with the proviso that the confirmation shall be replaced by the confirmation that the cover provision is constituted in accordance with the approved business plan (actuarial confirmation); The conditions shall not apply insofar as this is a smaller club according to § 210.

Footnote

(+ + + § 219 para. 2 sentence 2, para. 3 no. 1 and. 2: For use, see Section 233 (1) sentence 4 + + +) Unofficial table of contents

Section 220 Regulation empowerment

The Federal Ministry of Finance is authorized to adopt by means of a regulation the rules on the calculation and the amount of the solvency capital requirement of the death-breeds. The authorisation may be transferred to the Federal Institute by means of a legal regulation. Legal regulations according to sentences 1 and 2 do not require the approval of the Bundesrat.

Part 3
Security Fund

Unofficial table of contents

Section 221 Compulsory membership

(1) Companies which are admitted to the business in accordance with Article 8 (1) or § 67 (1) in the insurance division number 19 to 23 referred to in Appendix 1 or for the operation of the substitute health insurance in accordance with § 146, with the exception of the Pension funds must belong to a hedging fund to protect the claims of their policyholders, the insured persons, the persons entitled to cover and the other persons benefiting from the insurance contract. (2) Pension funds can voluntarily join a hedging fund. In order to ensure comparable financial relationships of all members, the security fund may make the inclusion subject to the fulfilment of certain conditions. Unofficial table of contents

Section 222 Maintenance of insurance contracts

(1) If the supervisory authority determines that the conditions of the first sentence of Article 314 (1) are fulfilled in an insurance undertaking which is a member of a security fund, or is an indication pursuant to section 311, paragraph 1, sentence 1 or 2 of such a supervisory authority, Insurance undertaking, it shall forward this statement to the security fund and inform the insurance undertaking concerned. (2) Where other measures are not sufficient to safeguard the interests of the insured, the Supervisory authority to transfer the entire stock Insurance contracts with the assets required to cover the liabilities arising from these contracts to the competent security fund; § 13 shall not apply. (3) The rights and obligations of the transferring company shall not apply. the insurance contracts are also based on the transfer of the stock in relation to the policyholders on the hedging fund; § 415 of the Civil Code is not applicable. (4) The security fund manages the acquired contracts separate from his remaining assets and shall submit them separately Invoice. It shall immediately determine the amount necessary for the full coverage of the obligations arising from the insurance contracts and shall provide appropriate qualified assets. § 15, paragraph 1, § § 39, 124, 139, 141, 142, 146 to 158 and 336 shall apply in accordance with; § 140 (2) and (3) shall apply to insurance contracts administered by the security funds, as soon as the supervisory authority has established that: the reorganisation of an existing insurance fund has been completed and the capital made available to the security fund for this purpose has been repaid to the paying insurance undertakings. (5) The examination referred to in paragraph 4 shall give effect to the Funds of the hedging fund in accordance with § 226 (4) to (6) shall not be sufficient to ensure the continuation of the contracts, the supervisory authority shall, in the case of life assurance undertakings, reduce the obligations arising out of the contracts by a maximum of 5 per cent of the contractually guaranteed benefits. The Supervisory Authority may also take orders to prevent an exceptional increase in the number of premature termination of the contract. (6) The Insurance Fund may, in whole or in part, be subject to the insurance portfolio in Germany. Transfer of insurance business; to this transfer, § 13 shall apply accordingly. The security fund may amend the insurance conditions and the tariff provisions of the contracts to be transferred during the transfer in order to adapt them to the conditions of the accepting insurer, if it is to continue the contracts with the Accepting insurers is appropriate and reasonable for the insured persons. The change will take effect if, while respecting the objective of the contract, it takes due account of the interests of the insured and an independent trustee confirms that this condition is met. § § 142 and 157 (3) apply accordingly to the trustee. (7) With the order of the transfer of the stock to the security fund, the permission to operate the transferring insurance company shall be issued. (8) Any action against the order of the Supervisory Authority shall not have suspensive effect. Unofficial table of contents

Section 223 Safety funds

(1) The Kreditanstalt für Wiederaufbau (Kreditanstalt für Wiederaufbau) establishes a security fund for the life insurers and a security fund for the health insurers as non-legally capable special assets of the federal government. The security funds may act, sue or be sued in legal transactions. (2) The protection fund shall be responsible for the protection of the claims of the policyholders, the insured persons, the rights holders and the other persons from the Insurance contract beneficiary persons. For this purpose, the security funds shall ensure the continuation of the contracts of an insurance undertaking concerned. (3) The Kreditanstalt für Wiederaufbau manages the security funds. For the administration, it receives a cost-covering allowance from the special assets. (4) The Federal Institute decides on the objection to the administrative act of a security fund.

Footnote

(+ + + § 223 (4): For application, see Section 224 (2) sentence 2 + + +) Unofficial table of contents

Section 224 Beleihung Privater

(1) The Federal Ministry of Finance is authorized to carry out tasks and powers of one or both of the security funds of one or both of them by means of a legal regulation in agreement with the Federal Ministry of Justice and for consumer protection without the consent of the Federal Council. to the legal person of private law if it is willing to take over the tasks of the security fund and provide reasonable assurance as to the performance of the claims of the compensation insured. A legal person shall provide reasonable assurance that:

1.

the persons exercising the management and representation of the legal person in accordance with the law or the statutes are reliable and suitable;

2.

it has the equipment and organisation necessary for the performance of its tasks, in particular for the recovery of contributions, the processing of services and the management of the funds, and for its own resources in the equivalent value of at least EUR 1 million , and

3.

it shall indicate that it is in a position to organise, in particular, the recovery of contributions, the processing of performance and the management of the funds at the time of the transfer of funds in accordance with Section 222 (2).

A company registered in accordance with § 8 may also be loaned. The Federal Ministry of Finance may reserve the right to approve the statutes and the amendments to the statutes of the legal person by means of the legal regulation provided for in the first sentence of the first sentence. (2) In the case of the award referred to in paragraph 1, the legal person shall enter the Private law in the rights and obligations of the respective security fund. Section 223 (4) shall apply accordingly. A transfer of the assets shall not take place. Unofficial table of contents

Section 225 Supervision

The Bundesanstalt has to counteract instances of maladministration, which may jeopardizate the proper performance of the tasks of the security funds. The Federal Institute may take orders which are appropriate and necessary to eliminate or prevent such maladministration. The Federal Institute shall be responsible for the right of information and examination in accordance with § § 305 and 306 to the security fund. Moreover, only the provisions of this chapter and section 332 shall apply to the hedging funds. Unofficial table of contents

Section 226 Financing

(1) Insurance undertakings belonging to a hedging fund shall be obliged to make contributions to the security fund. The contributions are intended to cover the shortfalls of the insurance contracts assumed, the resulting administrative costs and other costs arising from the activities of the Safeguards Fund. (2) For the fulfilment of the obligations of the acquired Insurance contracts shall be liable only to the assets available on the basis of the contribution benefits after deduction of the costs referred to in the second sentence of paragraph 1, and to the assets transferred pursuant to section 222 (2) sentence 1. This property shall not be liable for the other liabilities of the Save Fund. A hedging fund according to § 224 has to keep and manage this property separately from its remaining assets. (3) The funds collected for the taking over of insurance contracts (security assets) are in accordance with the principles of § 124 paragraph 1. The scope of this assets shall not be equal to 1 per mille of the sum of the net technical provisions in accordance with § § 341e to 341h of the Commercial Code of all insurance undertakings affiliated to the safeguards fund (5) The affiliated insurance undertakings shall be to make annual contributions. The sum of the annual contributions of all insurance companies belonging to the insurance fund for the life insurers amounts to 0.2 per thousand of the sum of their net technical provisions within the meaning of § § 341e to 341h of the Commercial Code. The individual annual contribution of each insurance undertaking shall be determined annually by the hedging fund in accordance with the procedure laid down in the Regulation referred to in paragraph 7. Income from the hedging fund shall be distributed to the insurance undertakings belonging to the hedging fund in proportion to their contributions. The security fund shall collect special contributions up to a maximum of 1 per thousand of the sum of the net technical provisions within the meaning of § § 341e to 341h of the Commercial Code of the affiliated insurance undertakings, if this is the case is required to carry out its tasks. The share of an insurance company in the fund assets is suitable for covering its technical provisions within the meaning of § § 341e to 341h of the Commercial Code. (6) The security fund for the health insurers is the Paragraphs 2 to 5 shall not apply. After taking over the insurance contracts, the security fund collects special contributions up to a maximum of 2 per thousand of the sum of the net technical provisions in the sense of § § 341e to 341h of the insurance contract for the performance of its tasks. The Federal Ministry of Economics of the Federal Republic of Germany is responsible for the annual and special contributions of the affiliated health insurance companies. (7) The Federal Ministry of the Finance in consultation with the Federal Ministry of Justice and for Consumer protection through legal regulation, which does not require the approval of the Bundesrat. As regards the annual contributions, account shall be taken of the nature and extent of the transactions secured and the number, size and business structure of the insurance undertakings belonging to the security fund. The amount of the contributions should also take into account the financial and risk situation of contributors. The legal regulation may also contain provisions for the investment of the funds. (8) Enforcement shall take place in accordance with the provisions of the Administrative Enforcement Act, from the contributions of the Safeguards Fund. The enforceable copy shall be issued by the security fund. Unofficial table of contents

Section 227 Accounting of the security fund

(1) The hedging funds shall draw up a respective annual report for each calendar year and shall have an independent auditor or an independent accounting firm with the examination of the completeness of the Commission the annual report and the accuracy of the information. The Federal Agency shall notify the Federal Agency of the reviewers appointed by them immediately after the order has been placed. The Federal Office may, within one month after receipt of the notification, request the appointment of another auditor if this is necessary for the purpose of reaching the examination purpose; objection and counterclaim against this shall have no suspensive effect. The annual report shall provide information on the activities and financial conditions of the Fund, in particular on the amount and the investment of the funds, on the use of the funds for compensation cases, on the amount of contributions and on the costs of the financial statements. Administration, contain. (2) The security funds have to submit the established annual report to the Federal Institute by 31 May each. The auditor shall submit the report of the audit of the annual report to the Bundesanstalt immediately after the end of the examination. Upon request, the Federal Institute shall also be informed of the information referred to in the fourth sentence of paragraph 1. Unofficial table of contents

Section 228 Cooperative obligations

(1) Insurance undertakings shall, upon request, provide all information to the security fund to which they belong, and shall submit all the documents relating to the protection fund for the performance of its mission under this Act (2) The person responsible for providing information may refuse to provide information on such matters, the answers to which he or she himself or one of the members of the risk referred to in § 383 (1) (1) to (3) of the Code of Civil Procedure criminal prosecution or proceedings under the law on administrative offences by default. (3) The employees of the Safeguards Funds as well as the persons to whom they are serving may be entitled to the business premises of an insurance undertaking within the normal operating conditions. Enter into operation and business hours as soon as the supervisory authority has made the determination in accordance with Section 222 (1). They shall be required to provide all the documents they need to prepare a transfer of the stock. Where functions of the insurance undertaking have been outsourced to another undertaking, the rates 1 and 2 shall apply to that undertaking. (4) The undertaking whose stock is transferred shall have contracts relating to: Breakdown, which serves to manage the stock, is concluded, the backup fund may enter into the contract instead of the company. § 415 of the Civil Code is not applicable. A regular termination of the contract by the service provider is possible at the earliest on the last day of the twelfth month following the entry of the backup fund. If the other part requests the security fund to exercise its right to vote, the Safeguards Fund shall immediately declare whether it intends to enter into the Treaty. If he fails to do so, he cannot insist on fulfillment. Unofficial table of contents

Section 229 Exclusion

(1) In the event that an insurance company does not comply with the obligation to contribute or co-act in accordance with § 226 or § 228, not correct, not complete or not in good time, the security fund shall inform the Federal Institute. If the Bundesanstalt is not the competent supervisory authority, it shall inform it without delay. If the insurance undertaking does not fulfil its obligations within one month of being requested by the Bundesanstalt, the protection fund may, with a period of twelve months, exclude from the insurance undertaking the exclusion from the insurance undertaking. Announcing the security fund. At the end of this period, the security fund may, with the consent of the Bundesanstalt, exclude the insurance undertaking from the security fund if the obligations of the insurance undertaking continue to be unfulfilled. After the exclusion, the hedging fund shall only be liable for the liabilities of the insurance undertaking which have been established before the expiry of that period. (2) For liabilities of an insurance undertaking which have arisen after its The security fund shall not be held responsible for the operation of the business. Unofficial table of contents

Section 230 Obligation to comply with the obligation of confidentiality

Persons who are employed or active in a security fund may not disclose or exploit foreign secrets, in particular commercial or commercial secrets, without unauthorised disclosure. They are in accordance with the Obligations Act of 2 March 1974 (BGBl. 469, 547) from the Federal Institute for a conscientious fulfilment of their obligations. An unauthorised disclosure or use is not available if facts are passed on to the Federal Institute. Unofficial table of contents

Section 231 Forced

(1) The security fund may enforce its orders in accordance with the provisions of the Administrative Enforcement Act. (2) The amount of the penalty payments shall be up to fifty thousand euros for measures pursuant to § 226 (1) and (5) sentence 1 and § 228 (1).

Part 4
Institutions for occupational retirement provision

Chapter 1
Pension funds

Unofficial table of contents

§ 232 Pensionskassen

(1) A pension fund is a legally self-employed life insurance undertaking whose purpose is to hedge away earned income due to age, invalidity or death and

1.

the insurance business operates by means of the capital cover procedure,

2.

Benefits shall in principle only be provided from the date on which the income is paid; in so far as the income of the income is partially omitted, the general insurance conditions may provide for pro rata benefits,

3.

benefits in the event of death only at survivors ' level, whereby a death allowance for third parties may be limited to the amount of the ordinary burial costs, and

4.

the insured person grants his/her own entitlement to performance against the pension fund or provides benefits as a cover insurance.

(2) Pensionskassen shall not operate the transactions referred to in § 1 (2), first sentence, second sentence, and (4).

Footnote

(+ + + § 232 para. 1 no. 2: For the application, see § 241 sentence 2 + + +) Unofficial table of contents

Section 233 Regulated pension funds

(1) Pensionskassen in the legal form of the insurance association on reciprocity may apply to the Bundesanstalt to be regulated if:

1.

its statutes stipulate that insurance claims may be reduced;

2.

according to its statutes, at least 50 per cent of the members of the supreme representation shall be insured persons or their representatives; in the case of pension funds which only operate the cover business, such a right must be granted to policyholders,

3.

they exclusively insure the persons covered by Section 17 of the Act on the Pension Act, the directors or the holders of the sponsoring undertakings and persons who are assigned to the pension fund by law or who are responsible for the the insurance relationship with the pension fund after the termination of their employment relationship, and

4.

they do not collect financial statements for the transfer of insurance contracts and do not grant any remuneration for the placement or the conclusion of insurance contracts

(regulated pension funds). Pension funds, in which the Federal Institute has determined that they meet the requirements of § 156a (3) sentence 1 of the Insurance Supervision Act as amended on 15 December 2004, may also submit the application. The Bundesanstalt shall approve the application if the conditions of this paragraph are fulfilled. The first sentence of Article 210 (3), the second sentence of Article 219 (2) and points 1 and 2 of the third paragraph of paragraph 3 shall apply accordingly. § 140 (2), second sentence, and (4), § 145 (2) and 234 (3) (1) and (2) shall not apply to pension funds whose application has been approved in accordance with sentence 3. § 139 (3) shall apply to regulated pension funds which have made different provisions with the approval of the supervisory authority in accordance with section 211, paragraph 2, point 2 of the insurance contract law of § 153 of the insurance contract law. and 4 no application. Regulated pension funds, which have not made different provisions in accordance with Section 211 (2) (2) of the Insurance Contract Act of Section 153 of the Insurance Contracts Act, may, with the approval of the supervisory authority, (2) Separate accounting associations in accordance with § 2 (1), pension funds under national supervision and pension funds, which are based on the basis of the insurance policy. common bodies set up by a general collective agreement in the According to § 4 (2) of the law on collective agreements, they are always considered to be regulated pension funds. (3) A pension fund no longer fulfils the conditions set out in paragraph 1 or 2, the Federal Institute shall determine by communication that it is no longer is a regulated pension fund. In the case of insurance relationships which have entered into force before the date stated in the communication, § 336 shall apply mutatily to the extent to which they are based on a business plan approved by the Bundesanstalt. Section 142 shall not apply in such cases. (4) Paragraph 3, second sentence, of the second sentence of paragraph 3 shall apply in accordance with the pension funds admitted on 2 September 2005, which do not satisfy the conditions set out in paragraph 1 or 2. Unofficial table of contents

Section 234 Applicable Rules

(1) Pensionskassen shall apply the provisions applicable to small insurance undertakings in accordance with § § 212 to 216 insofar as these relate to life insurance undertakings and this part does not contain any deviating rules. (2) For Pensionskassen apply § 124 of this Act and § 341k of the Commercial Code; § 36 paragraph 2 does not apply. In addition, they shall have an internal revision according to § 30. Sentence 2 does not apply to pension funds in the legal form of the insurance association on a reciprocal basis, the balance sheet total of which did not exceed 125 million euros on the closing date of the previous financial year. The Supervisory Authority shall exempt other pension funds upon request from the application of § 30 if they demonstrate that the required effort for an independent internal audit is required in view of the nature, scope and complexity of the Business and the risks associated with it would be disproportionate. The exemption shall be revoked if the supervisory authority becomes aware that its conditions are not fulfilled. § § 52 to 56, 212 (3) (5) and (6), § 215 (1) and (2) (1) (8) and (294) (5) shall not apply. (3) The provisions applicable to pension funds shall be subject to the provisions of the provisions of paragraph 1 only with the provisions of the provisions of the provisions of paragraph 1. The following shall apply:

1.

Section 9 (2) (2) with the proviso that the general insurance conditions must also be submitted with the application for permission;

2.

Section 12 (1), on condition that the permit requirement does not apply to general insurance conditions; changes and the introduction of new general insurance conditions shall take effect only three months after submission to the supervisory authority; if the supervisory authority does not first establish the safety;

3.

Section 26, paragraph 1, with the proviso that pension funds shall, within one month of submission to the Executive Board, submit to the Company's internal risk reports within the meaning of the first and second sentences of Article 26 (1) of the Management Board, in so far as they relate to the reporting to the Executive Board. of the supervisory authority; the supervisory authority shall, upon request, exempt pension funds from this obligation if they demonstrate that the required effort is required in the light of the nature, scope and complexity of the business, and the risks associated with it would be disproportionate; the exemption should be , if the supervisory authority becomes aware that the conditions for exemption are not met;

4.

Section 134 (3), second sentence, with the proviso that the supervisory authority may extend the period for measures taken by the pension fund for a reasonable period of time; § 134 (6) sentence 1 and 2 shall apply accordingly;

5.

Section 141 (5) (1) and (2), with the proviso that, in place of the principles of the regulation adopted pursuant to Article 88 (3), the principles of the legal regulation adopted pursuant to Section 235 (1) (4) to (7) are complied with;

6.

Section 142, second sentence, with the proviso that the independent trustee must also have acquired sufficient knowledge in the field of occupational retirement provision;

7.

Section 144, with the proviso that suppliers and beneficiaries are also provided with the information referred to therein as policyholders;

8.

Section 213 with the proviso that pension funds must always have own funds at least equal to the solvency capital requirement laid down in Article 235 (1) (1); one third of the solvency capital requirement shall apply: as a minimum capital requirement;

9.

Section 214 (1), first sentence, point 7 (d), with the proviso that, in accordance with the provisions adopted pursuant to Article 235 (1), pension funds shall be subject to the value of the final costs invoiced in the contribution to the extent that they are subject to the cover-up have not been taken into account, on request and with the consent of the supervisory authority, on own resources within the meaning of Section 213;

9a.

Section 215 with the proviso that, in accordance with Section 217, sentence 1, point 6, the legal regulation enters into force in accordance with Article 235 (1) (10) of the Regulation;

10.

§ 216 (2), with the proviso that, in addition, pension funds must present their investment policy to the supervisory authority without delay after a substantial change in the investment policy; for this purpose, they have issued a statement on the to send out principles of investment policy containing information on risk assessment and risk management procedures and strategy; and

11.

§ 294 (2) and (3) with the proviso that the subject of legal supervision is also compliance with labour and social legislation in the area of occupational retirement provision by the institutions.

Pension funds may deviate from § 138 with the approval of the supervisory authority. (4) The amount of the pension benefits depends on the value development of an investment assets formed in accordance with the business plan, is for this investment property in accordance with § § 67, 101, 120, 135, 148 and 158 of the Capital Investment Code or in accordance with Section 44 of the Investment Act, in the version in force until 21 July 2013; § 101, paragraph 2, of the Capital Investment Code or § 44 Paragraph 2 of the investment law in the version valid until 21 July 2013 (5) In the case of smaller clubs, § 210 shall also apply to pension funds as a derogation from Section 210. The Articles of Association have to determine that the Management Board is to be appointed by the Supervisory Board or by the highest institution. By way of derogation from Section 141 (5) (2), the responsible actuary shall also be responsible for issuing actuarial confirmation at a smaller club. It shall also confirm that the conditions of the legal regulation adopted pursuant to the first sentence of Article 235 (1) (1) (8) or (9) are fulfilled. Unofficial table of contents

Section 235 Regulation empowerment

(1) The Federal Ministry of Finance is authorized to enact legislation on pension funds by means of a legislative regulation

1.

on the calculation and the level of the solvency capital requirement;

2.

the minimum amount of the minimum capital requirement and the calculation thereof;

3.

the amount of own resources not shown in the balance sheet and the extent to which they are to be credited to the Solvency Capital Requirement and the Minimum Capital Requirement;

4.

over one or more of the maximum accounting rate values in the case of insurance contracts with interest rate guarantee;

5.

Further guidelines for the determination of discount interest rates in accordance with section 341f paragraph 2 of the Commercial Code;

6.

on the maximum amounts for the zillers;

7.

on the actuarial accounting principles and the valuation approaches for the cover provision;

8.

in the case of pension funds under which both employees and employers are obliged to pay the premium, for life insurance contracts which do not have an approved business plan based on the employees shall be determined and the participation of employees in such income as appropriate within the meaning of Article 140 (2);

9.

on actuarial methods for the calculation of premiums, including changes in premiums and technical provisions within the meaning of Sections 341e to 341h of the Commercial Code, in particular the cover provision, in the case of: Pension funds with collective financing schemes for life insurance contracts, which are not based on an approved business plan, in particular, such as the relevant assumptions on mortality, age and gender dependency of the risk and to the probability of cancellation, the assumptions about the the composition of the stock and the new access, the interest rate, including the amount of the security surcharges and the principles for the assessment of the other surcharges, to be taken into account;

10.

, in addition to Article 124 (1), in order to ensure the congruence and the permanent fulfilment of the respective business plan, in addition to the investment principles of qualitative and quantitative nature, the forms of investment in Section 215 (2) Paragraph 1 (1) to (7) and other forms of investment permitted by this Regulation, as well as the provisions in the business plan relating to the risk of exposure and the institution of that risk, and the limitations of installations in the case of the carrier companies;

11.

on the contents of the audit reports in accordance with § 35 (1), insofar as this is necessary for the performance of the tasks of the supervisory authority, in particular in order to provide uniform documents for the assessment of the pension funds the insurance business;

12.

the content, form and quantity of the solvency overview to be drawn up in accordance with section 216 (1) and the report on the investment assets and the time-limit for submission to the supervisory authority; and

13.

the way in which data is transmitted, the data formats to be used, and the data quality to be kept.

Articles 17 to 17d and 18 of Directive 2003 /41/EC of the European Parliament and of the Council of 3 June 2003 on the activities and supervision of institutions for occupational retirement provision (OJ L 327, 22.12.2003, p. 10), as amended. (2) The authorisation may be transferred to the Federal Institute by means of a regulation. The legal regulations referred to in the first sentence of paragraph 1 and the first sentence of the first sentence shall not require the approval of the Bundesrat. The legal regulations referred to in the first sentence of paragraph 1, points 9 and 11, and in the first sentence of the first sentence, insofar as they cover the authorization referred to in the first sentence of paragraph 1, points 9 and 11, shall be adopted in agreement with the Federal Ministry of Justice and Consumer Protection.

Chapter 2
Pension funds

Unofficial table of contents

Section 236 Pension Fund

(1) A pension fund within the meaning of this Act shall be a legal pension fund which shall:

1.

, by means of the capital cover procedure, benefits in occupational retirement provision for one or more employers for the benefit of employees,

2.

the amount of the benefits or the amount of future contributions to be paid in respect of such benefits shall not be guaranteed by insurance-form guarantees for all the benefits provided for;

3.

give employees its own right to benefit from the pension fund; and

4.

is obliged to provide the pension benefit as a life-long payment or as a single-capital payment.

A life-long payment within the meaning of sentence 1 (4) may be linked to a partial or complete right of capital voting. (2) Pension funds may provide retirement benefits by way of derogation from the first sentence of paragraph 1, point 4, provided that: Contributions paid by the employer are also provided for in the retirement period. A fixed date for the end of payment may not be provided. Sentence 1 shall not apply to undertakings within the meaning of Section 1 (2) (2) of the Act on the Pension Act. (2a) In the case of undertakings within the meaning of Section 1 (2) (2) of the Act on Occupational Pensions, pension funds may benefit from life-long payments as retirement benefits by way of derogation from the first sentence of paragraph 1, point 4, if:

1.

agree with the relevant collective bargaining parties,

2.

the pension plan provides for a life-long payment and a minimum level of this lifetime payment (minimum level) for the payment of the supply capital to be made available pursuant to section 1 (2) (2) of the occupational pension law,

3.

a planned use of this supply capital and the interest and income on current services which are subject to it are fixed; and

4.

the pension fund shall show the employer's commitment to stand in for the provision of the minimum level and shall submit the agreement of the parties to the collective agreement to the supervisory authority in accordance with the provisions of point 1.

(2b) The Federal Ministry of Finance shall be empowered to adopt more detailed provisions by means of a regulation in the case of paragraph 2a.

1.

a reduction in the payment of the pension fund in the event that the employer has to provide the minimum level of payment;

2.

rules for the identification and adjustment of the life-long payment as well as for the determination of the minimum level of payment;

3.

Form and content of the employer's commitment to stand up for the provision of the minimum level and the proof of this commitment.

The authorisation may be transferred to the Federal Institute by means of a legal regulation. It shall adopt the rules in consultation with the insurance supervisory authorities of the countries. Legal regulations according to sentences 1 to 3 do not require the consent of the Federal Council. (3) As employees within the meaning of this provision, former employees and those covered by the second sentence of Article 17 (1) of the occupational pension act are also considered as employees. Persons. (4) Pension funds require the approval of the Supervisory Authority for the business operation.

Footnote

(+ + + § 236 (1) sentence 1, no. 2 to 4, sentence 2, para. 2: For application, see Section 242 (1) sentence 2 + + +) Unofficial table of contents

Section 237 Applicable Rules

(1) In the case of pension funds, the provisions applicable to small insurance undertakings in accordance with § § 212 to 216 shall apply mutatily to the extent to which they relate to life insurance undertakings and this part does not contain any deviating regulations. § 10 (4), § 13 (2), § 36 (2), § § 52 to 56, 125 (5) and 6, § 139 (3) and (4), § § 210 and 212 (3) (5) and (6), § § 213 to 215, 294 (5) and 6 sentence 2, § 312 (4) sentence 1, 3 and 4, as well as Paragraph 5, second sentence, and § 313. (2) For pension funds, Section 124 (1) shall apply accordingly. In addition, they shall have an internal revision according to § 30. The Supervisory Authority shall exempt pension funds upon request from the application of § 30 if they demonstrate that the required effort for an independent internal audit is required in view of the nature, scope and complexity of the Business and the risks associated with it would be disproportionate. The exemption shall be revoked if the supervisory authority becomes aware that its conditions are not fulfilled. (3) The provisions of this law applicable to small insurance undertakings as far as they are to be applied to life insurance undertakings , the following provisions shall apply to pension funds only with the following conditions:

1.

Section 8 (2), with the proviso that only public limited companies, including the European Company and pension fund associations, may be granted reciprocity; on the one hand, on the other, on mutual pension funds, the rules shall be laid down in the following: to apply, on a reciprocal basis, through mutual insurance associations, to the extent that nothing else is intended;

2.

Section 9 (2) (2), with the proviso that the application for permission must be submitted to the pension plans; pension plans are the conditions for planning the provision of services in the event of a scheduled service, which are embodied in the framework of the business plan;

3.

Section 12 (1) with the proviso that the permit requirement does not apply to pension plans; changes in the pension plans and the introduction of new pension plans shall take effect only three months after submission to the supervisory authority, if the supervisory authority does not first establish the safety;

4.

Section 26 (1) with the proviso that pension funds shall, within one month of submission to the Management Board, submit to the Company's internal risk reports within the meaning of the first and second sentences of Article 26 (1) of the Pension Fund, in so far as they relate to the reporting to the Executive Board. of the supervisory authority; the supervisory authority shall, upon request, exempt pension funds from this obligation if they demonstrate that the required effort is required in the light of the nature, scope and complexity of the business, and the risks associated with it would be disproportionate; the exemption should be , if the supervisory authority becomes aware that its conditions are not met;

5.

Section 134 (3), second sentence, with the proviso that the supervisory authority may extend the period for measures taken by the pension fund for a reasonable period of time; § 134 (6), first sentence, and 2 is to be applied accordingly;

6.

Section 140 (2) with the proviso that the interests of the insured persons and of the recipients of the supply, as well as of the insurance relationships, are replaced by the supply conditions and that the interests of the insured persons are replaced by the Ordinance pursuant to Section 145 (2) of the German law enters into force in accordance with § 240 sentence 1, point 7;

7.

Section 141 (5) (1) and (2), with the proviso that, instead of the principles of the legal regulation adopted pursuant to Section 88 (3), the principles of the legal regulation adopted pursuant to Section 240, first sentence, points 10 to 12, are complied with;

8.

Section 142, second sentence, with the proviso that the independent trustee must also have acquired sufficient knowledge in the field of occupational retirement provision;

9.

Section 144, with the proviso that the worker receives the information referred to therein;

10.

Section 294 (2) and (3) with the proviso that the interests of the insured persons and of the beneficiaries of the supply, as well as of the insurance relationships, shall be replaced by the supply conditions and that the subject matter of the Legal supervision is also the observance of labour and social legislation in the area of occupational retirement provision by the institutions, and

11.

§ 300, with the proviso that the interests of the insured persons and the beneficiaries of the supply, as well as of the insurance relationships, take the supply conditions to the place of the interests of the insured persons.

(4) In accordance with § § 67, 101, 120, 135, 148 and 158 of the Capital Investment Code, the level of the pension benefits shall be suspended from the value development of an investment assets formed in accordance with the pension plan. or in accordance with § 44 of the Investment Act, in the version in force until 21 July 2013; § 101, paragraph 2, of the Investment Code or Section 44 (2) of the Investment Act in the version valid until 21 July 2013 is not applicable. Unofficial table of contents

Section 238 Financial equipment

Pension funds shall always have at least the required solvency capital requirement for own funds, which shall be measured by the total amount of the business. One third of the Solvency Capital Requirement shall be considered as a minimum capital requirement. Unofficial table of contents

Section 239 Asset management

(1) Pension funds shall be capable of forming hedging assets, taking into account the respective pension plans. They must ensure that the stocks of the assets are invested in a manner corresponding to the nature and duration of the pension provision, taking into account the provisions of the relevant pension plan. (2) Pension funds are obliged to present their investment policy to the supervisory authority without delay, after a substantial change in the investment policy. To this end, they have to submit a declaration on the principles of investment policy, the information on the risk assessment and risk management procedure and the strategy on the respective pension plan, in particular the distribution of the (3) The permanent fulfilment of a pension plan may be considered to be guaranteed even in the event of a temporary undercover, if the undercover is 5% of the total pension. Amount of technical provisions in the sense of § § 341e to 341h of the Commercial Code and the interests of the contenders and beneficiaries are respected. In this case, a plan agreed between the employer and the pension fund to restore the cover of the security assets (plan of cover) is required, which requires the approval of the supervisory authority. The plan must meet the following conditions:

1.

the plan must show how the amount of assets required for the full cover of technical provisions within the meaning of § § 341e to 341h of the Commercial Code is reached within a reasonable period of time ; the period shall not exceed three years; and

2.

in the drawing up of the plan, account shall be taken of the special situation of the pension fund, in particular the structure of its assets and liabilities, its risk profile, its liquidity plan, the age profile of the beneficiaries and, where appropriate, the fact that this is a newly created system.

The approval shall be granted if the employer is responsible for fulfilling the obligation to pay full cover for technical provisions within the meaning of § § 341e to 341h of the Commercial Code by means of a guarantee or guarantee of a suitable credit institution or in any other appropriate manner. The pension fund has to inform the pension protection association without delay. (4) For pension plans pursuant to § 236 (2), paragraph 3 shall apply with the proviso that the undercover shall be 10% of the amount of the pension fund. technical provisions within the meaning of § § 341e to 341h of the Commercial Code do not exceed. The time limit for full recovery may be extended by the supervisory authority; it may not exceed a total of ten years.

Footnote

(+ + + § 239 para. 3, 4: For application see Section 242 (1) sentence 2 + + +) Unofficial table of contents

Section 240 Regulation empowerment

The Federal Ministry of Finance is authorized to enact legislation on pension funds which are not subject to supervision by the supervisory authorities of the Länder by means of a legislative regulation

1.

the text of the actuarial confirmation, the content, the scope and the date of presentation of the explanatory report in accordance with Section 141 (5) (2) and the content, scope and precharge period of the report in accordance with Section 141 (5) (4), in connection with § 237;

2.

the accounting, the content, the form and the number of the internal report to be submitted to the supervisory authority, consisting of a balance sheet for prudential purposes and a profit and loss account, together with special explanations concerning the the balance sheet and the profit and loss account, to the extent that this is necessary for the implementation of the supervision under this Act;

3.

the content, form and quantity of the internal interim report to be submitted to the supervisory authority on a quarterly basis, consisting of a compilation of current accounting and inventory data, and information on the number of supply cases where this is necessary for the implementation of the supervision under this Act;

4.

the contents of the audit report in accordance with § 341k of the Commercial Code, insofar as this is necessary for the implementation of the supervision under this Act, in particular in order to provide uniform documents for the assessment of the transactions carried out by the pension funds ,

5.

the contents of the audit report in accordance with the first sentence of Article 35 (1), in so far as this is necessary for the performance of the tasks of the supervisory authority, in particular in order to provide uniform documents for the assessment of the transactions carried out by the pension funds ;

6.

the nature and manner of data transmission, the data formats to be used and the data quality to be maintained;

7.

the supply for repayment of contributions in accordance with § 145 (2) in conjunction with § 237;

8.

Investment principles of a qualitative and quantitative nature for securing assets in addition to § 124 (1), in order to ensure the congruence and the permanent fulfilment of the respective pension plan, whereby the forms of investment in § 215 (2) sentence 1 Point 1 to 7, as well as other forms of investment permitted by this Regulation, as well as the provisions of the pension plan with regard to the risk of exposure and the institution of such risk, as well as the limitations of installations in the case of the carrier undertakings; Article 18 of Directive 2003 /41/EC must be complied with;

9.

the calculation and the amount of the Solvency Capital Requirement, the minimum amount of the minimum capital requirement applicable to pension funds and the related authorisation powers, including the procedure, on what is the own resources in the sense of section 238 and the extent to which own funds may be credited to the solvency capital requirement, the prudential authority shall report on the solvency capital requirement and own resources as well as on the form and content and the time limit for the submission of this Report to the supervisory authority, with regard to Articles 17 to 17d of Directive 2003 /41/EC;

10.

the maximum value for the invoice in the case of contracts with interest guarantee;

11.

Further guidelines for the determination of discount rates according to § 341f paragraph 2 of the Commercial Code as well as

12.

the actuarial accounting principles and the valuation approaches for the cover provision.

The authorisation may be transferred to the Federal Institute by means of a legal regulation. Legal regulations according to sentences 1 and 2 do not require the approval of the Bundesrat. The legal regulations referred to in points 4 and 10 to 12 of the first sentence and the second sentence in so far as they cover the appropriations set out in points 4 and 10 to 12 of the first sentence of the first sentence shall be adopted in agreement with the Federal Ministry of Justice and Consumer Protection.

Chapter 3
Cross-border business activities of institutions for occupational retirement provision

Unofficial table of contents

Section 241 Cross-border activities of pension funds

Section 242, with the exception of the second sentence of paragraph 1, shall apply mutas to the cross-border activities of pension funds; Part 2, Chapter 1, Section 7, Subsection 1 shall not apply. Section 232 (1) (2) and (3) shall not apply to the transactions abroad. Unofficial table of contents

Section 242 Cross-border activities of pension funds

(1) Pension funds may operate in other Member States or States Parties in accordance with paragraphs 2 to 6 of this Regulation. Part 2, Chapter 1, Section 7, Subsection 1, Section 236 (1), first sentence, points 2 to 4, and the second sentence, paragraph 2 and 239 (3) and (4) shall not be applied to this transaction. The supervisory authority may require the formation of a separate security assets for this transaction. (2) Pension funds have their intention of the supervisory authority to provide occupational retirement provision for a carrier company with a registered office in another Member State or Contracting State, indicating the Member State or State Party concerned. At the same time, the name of the carrier and the main characteristics of the pension scheme to be operated by the carrier shall be indicated. (3) Upon receipt of the notification, the supervisory authority shall examine the legal admissibility of the intended activity, in particular the appropriateness of the administrative structure, the financial situation and the qualifications of the managers in relation to the activity envisaged. In the event of safety, it shall forward the information provided pursuant to paragraph 2 within three months of receipt to the competent authorities of the other Member State or Contracting State and shall notify the pension fund thereof. (4) The Supervisory Authority shall communicate to the pension fund the information provided by the competent authorities of the other Member State or State of the Contracting State concerning:

1.

the relevant labour and social legislation in the area of occupational retirement provision and

2.

the rules of the host country to be applied in accordance with Article 18 (7) and Article 20 (7) of Directive 2003 /41/EC.

Upon receipt of the notification in accordance with the first sentence of paragraph 3 at the latest two months after receipt of the notification referred to in the second sentence of paragraph 3, the pension fund may commend the activity in accordance with the provisions set out in the first sentence. (5) The supervisory authority shall inform the European Insurance and Occupational Pensions Authority, in which Member States or States Parties to the Pension Fund are active. The supervisory authority shall immediately inform this authority of the authorisation granted to the pension fund concerned for the business operation if it is authorised for the first time to operate across borders. (6) The supervisory authority shall meet in Coordination with the competent authorities of the other Member State or State Party shall take the measures necessary to ensure that the pension fund is subject to the infringements of labour and social legislation established by those authorities . If the company continues to violate the provisions set out in the first sentence, the supervisory authority may prohibit or restrict the activity of the undertaking. (7) In the case of pension funds subject to the supervision of the State, the competent authority shall inform the competent authorities of the competent authorities of the competent authorities. National supervisory authority the Federal Institute on the display of the company. The Federal Agency shall, upon request, assist the National Supervisory Authority in carrying out the notification procedure and in carrying out the measures referred to in paragraph 6. (8) For the extension of the business operation to an area outside the Member States or States Parties shall apply in accordance with Section 12 (1) and (3).

Footnote

(+ + + § 242: For application cf. § 241 Sentence 1 + + +)
(+ + + § 242 (1) sentence 2: For application, see § 241 Sentence 1 + + +) Unofficial table of contents

Section 243 Institutions with headquarters in another Member State or State Party

(1) Authorized institutions of occupational retirement provision established in another Member State or Contracting State may operate within the territory of the country in accordance with the following paragraphs. Part 2, Chapter 1, Section 7, Subsection 2 shall not apply. (2) The Bundesanstalt shall inform the competent authorities of the State of origin within two months of receipt of the information referred to in Article 20 (3) of Directive 2003 /41/EC on the Employment and social legislation in the area of occupational retirement provision and the provisions of paragraph 5. Upon receipt of the notification from the Bundesanstalt on the competent authorities or in the event of non-expression of the competent authorities after the expiry of the period referred to in the first sentence, the institution may decide to operate the pension scheme in accordance with the provisions of the (3) The Bundesanstalt determines the implementation path within the meaning of Section 1b (2) to (4) of the occupational pension law to be assigned to the institution, and transmits the determination to the institution and the Pensions-backup-Verein Versicherungsverein auf reciprocity. (4) Die Bundesanstalt shall notify the competent authorities of the home Member State of any substantial changes in the labour and social legislation which may affect the characteristics of the pension scheme, and of essential changes in the Amendments to the rules laid down in paragraph 5. (5) An approved institution for occupational retirement provision established in another Member State or State Party may, in addition to its national prudential rules, apply in the event of its Business activities in Germany

1.

not more than 5 percent of its assets in shares and other equity-related securities, bonds, debt securities and other money and capital market instruments of the same company and not more than 10 percent of those assets in to invest shares and other stock-like securities, bonds, debt securities and other money and capital market instruments of undertakings belonging to a single group of undertakings; for installations in which at least one of the Regulations pursuant to Article 235 (1), first sentence, point 10, or § 240, first sentence, point 8, a higher the rate of scatter, the higher rate shall apply, and

2.

do not invest more than 30 per cent of these assets in assets denominated in currencies other than those of the liabilities.

Sentence 1 shall apply only in respect of the part of the assets of the institution which corresponds to the business carried out in Germany within the meaning of Directive 2003 /41/EC. In addition, the institutions have to grant the consumer information in accordance with § 144. (6) The Federal Institute shall monitor whether the establishment complies with the labour and social legislation and gives the consumer information. In the event of irregularities within the meaning of Article 20 (9) of Directive 2003 /41/EC, it shall immediately inform the competent authorities of the home Member State. If the institution continues to infringe the labour and social legislation, the Bundesanstalt may, after informing the competent authorities of the home Member State, take the necessary measures to prevent these infringements. If other measures have been unsuccessful, the Federal Office of the Institution can prohibit the activity in Germany. (7) At the request of the supervisory authority of the home state of an establishment of occupational retirement provision, the Federal institution shall take the necessary measures to prohibit the free disposal of assets held by a trustee or a depositary located in the territory of the country. Unofficial table of contents

Section 244 Institutions established in third countries

Part 2, Chapter 1, Section 7, Subsection 3, shall apply to institutions for occupational retirement provision established in a third country.

Part 5
Groups

Chapter 1
Supervision of insurance undertakings in a group

Unofficial table of contents

Section 245 Scope of group supervision

(1) Insurance undertakings in a group shall be subject to supervision at the level of the group, in addition to the supervision of the individual, in accordance with the provisions of this Unless otherwise provided in this part, the rules governing the individual supervision of insurance undertakings shall continue to apply to such undertakings. (2) Subject to the supervision of the group

1.

insurance undertakings which are undertakings involved in at least one insurance undertaking or at least one insurance undertaking of a third country,

2.

Insurance undertakings, their parent undertakings

a)

an insurance holding company; or

b)

a mixed financial holding company

with its registered office in a Member State or a Contracting State,

3.

Insurance undertakings, their parent undertakings

a)

an insurance holding company; or

b)

a mixed financial holding company, or

c)

an insurance undertaking

with its registered office in a third country, and

4.

Insurance undertakings whose parent undertakings are a mixed insurance holding company.

(3) If the insurance undertaking or the insurance holding company or the mixed financial holding company established in a Member State or a Contracting State is a regulated entity of a regulated entity or of a a mixed financial holding company which, in accordance with Article 5 (2) of Directive 2002/87/EC of the European Parliament and of the Council of 16 December 2002, on the supplementary supervision of credit institutions, insurance undertakings and Investment firms in a financial conglomerate and amending the 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 of the European Parliament and of the Council (OJ L 136, 31.5.1998, p. 1), or even such a company or company, the group supervisory authority may, in the cases referred to in paragraph 2 (1) and (2), after consulting the others, may: the supervisory authorities concerned at the level of the insurance undertaking or the insurance holding company or the mixed financial holding company concerned with the monitoring of the risk concentration in accordance with Section 273, the supervision of the Intra-group transactions according to § 274 or from both. (4) Underlying a mixed financial holding company, in particular with regard to risk-based supervision, equivalent provisions in accordance with Directive 2009 /138/EC and Directive 2002/87/EC, the group supervisory authority may, after consulting the Other supervisory authorities concerned, at the level of the mixed financial holding company, only apply the relevant provisions of Directive 2002 /87/EC. Where the mixed financial holding company is subject to equivalent provisions in accordance with Directive 2009 /138/EC and Directive 2006 /48/EC, the group supervisory authority may, in agreement with the consolidating supervisor, be responsible for the Banking and securities industry only apply the provisions of the Directive to the most heavily represented financial sector in accordance with Article 3 (2) of Directive 2002 /87/EC.

Footnote

§ 245 (4) Sentence 2 italics: Due to obvious inaccuracy, the word "mine inspection authority" has been replaced by "group supervisory authority" Unofficial table of contents

Section 246 Scope of group supervision

(1) A group-wide supervision in accordance with § 245 does not include the supervision at the individual level of the insurance undertaking of a third country, the insurance holding company, the mixed financial holding company or the mixed financial holding company. Insurance holding company. § 293 shall remain unaffected. (2) The group supervisory authority may determine that a company shall not be included in the group supervision in accordance with Section 245 if:

1.

the company is located in a third country where there are legal obstacles to the transmission of the necessary information; § 260 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.

Where a number of undertakings in the same group may be excluded from group supervision individually, as referred to in the second subparagraph of point 2, they shall nevertheless be included if they are not of secondary importance in the overall view. If the group supervisory authority considers that an insurance undertaking as set out in the first sentence of paragraph 2 or 3 is not to be included in the group supervision, it shall consult the other supervisory authorities concerned before taking a decision. Compliance with the requirements set out in Part 5 of this Act shall be the responsibility of all the Group's Group Supervisors, unless otherwise provided for by this Act. (4) The Company at the top of a group shall be responsible for: , at the request of the supervisory authority, the members of the supervisory authority in the respective Member State or The contracting state for an insurance undertaking not included in the group supervision referred to in the second sentence of paragraph 2 (2) or (3) shall be responsible for providing all the information requested in order to facilitate supervision. Unofficial table of contents

§ 247 Supreme parent company at the level of the Member States or States Parties

(1) If the insurance undertaking referred to in Article 245 (2) (1) or the insurance holding company or mixed financial holding company referred to in Article 245 (2) (2) itself is a subsidiary of another Insurance undertaking or any other insurance holding company or mixed financial holding company with its registered office in a Member State or a Contracting State, shall be Articles 250 to 287 and 293 (1), 298 (1) and (2), § 305 (1). Point 1 and Article 306 (1) (1) shall apply only at the level of the supreme parent company; which is an insurance undertaking or an insurance holding company, or a mixed financial holding company established in a Member State or a Contracting State. (2) The supreme parent company referred to in paragraph 1 shall be the parent company, which shall: An insurance undertaking or an insurance holding company or a mixed financial holding company established in a Member State or a Contracting State, a subsidiary undertaking of a company which, in accordance with Article 5 (2) of the Directive, 2002 /87/EC, which is subject to supplementary supervision, the Group supervisory authority, after consulting the other supervisory authorities concerned, at the level of this supreme parent undertaking, from the monitoring of risk concentration in accordance with § 273, the supervision of intra-group transactions in accordance with § 274 or from both of them. Unofficial table of contents

§ 248 Supreme parent company at national level

(1) Where the insurance undertaking referred to in Article 245 (2) (1) or the insurance holding company or mixed financial holding company referred to in Article 245 (2) (2) has its registered office in Germany and has its registered office in Germany, the 247 top parent company shall be established in another Member State or Contracting State, the supervisory authority may, after consulting the group supervisory authority and this supreme parent undertaking, order that at national level, the supervisory authority shall top parent insurance companies or national top Parent company, which is an insurance holding company or a mixed financial holding company, subject to group supervision. The supervisory authority shall justify its decision in this case both to the group supervisory authority and to the supreme parent company at the level of the Member States or States Parties. The group supervisory authority shall inform the supervisory board (§ 283) in accordance with Article 248 (1) (a) of Directive 2009 /138/EC. Subject to paragraphs 2 to 6, § § 250 to 287 as well as § 293 (1), § 298 (1) and (2), § 305 (1) (1) and § 306 (1) (1) shall apply accordingly. (2) The Supervisory Authority may limit the group supervision to § § 250 to 275 at the supreme parent company at the national level. (3) If the supervisory authority applies to the supreme parent company at the national level § § 250 to 272, the method used by the parent company Group supervisory authority in accordance with § 252 for the supreme parent company referred to in § 247 at the level of the (4) If the supervisory authority applies to the supreme parent company at the national level, § § 250 to 272 and the provisions of § 247 (4) shall have been granted by the supreme parent undertaking at the level of the Member States or States Parties pursuant to § 262 or 265 (5), the Solvency Capital Requirement for the Group and the Solvency Capital Requirement for the Group To calculate the insurance companies of the group on the basis of an internal model, the latter shall be Decision taken by the Supervisory Authority as binding and implemented. If, in such a case, the supervisory authority considers that the internal model approved at the level of the Member States or States Parties differs significantly from the risk profile of the supreme parent undertaking at the national level, it may, if the If the company does not adequately address its concerns, it will require a breakdown of the group solvency capital requirement calculated on the basis of such a model. In exceptional circumstances, if such a capital charge is not appropriate, the supervisory authority may require the company to calculate its group solvency capital requirement on the basis of the standard formula. The supervisory authority shall justify such decisions both to the undertaking and to the group supervisory authority. The group supervisory authority shall inform the colleges of supervisors in accordance with Article 248 (1) (a) of Directive 2009 /138/EC. (5) If the supervisory authority is to the supreme parent company at the national level, the provisions of § § 250 to 272 (6) An order pursuant to paragraph 1 may not be taken or may not be granted to the undertaking in accordance with the provisions of Section 267 or Article 272 of this Article. shall be maintained when the supreme parent undertaking at national level is Subsidiary of the supreme parent company referred to in § 247 at the level of the Member States or States Parties and has been granted the authorization pursuant to the provisions of § 268 or § 270, § § 269 and 270 to the subsidiary , Unofficial table of contents

§ 249 parent companies, which comprise several Member States or States Parties

The supervisory authority may agree with the supervisory authorities of other Member States or States Parties in which an affiliated undertaking, which is also the supreme parent company at national level, is situated, at the level of a number of Member states or Contracting States to carry out group supervision. If the supervisory authorities concerned have concluded such an agreement, no group supervision shall be carried out at the level of a parent undertaking other than the sub-group in another Member State or State Party within the meaning of Section 248. (2) Section 248 (2) to (6) shall apply accordingly.

Chapter 2
Financial situation

Section 1
Solvency of the Group

Unofficial table of contents

Section 250 Monitoring of group solvency

(1) The group's solvency shall be monitored in accordance with paragraphs 2 and 3, sections 275 to 287 and 293 (1), 298 (1) and (2), § 305 (1) (1) and Article 306 (1) (1). Assets and liabilities are valued in accordance with § 74. (2) In the case referred to in § 245 (2) (1), the participating insurance undertakings at the group level shall always have eligible own funds at least equal to the amount of the funds referred to in (3) In the case referred to in Article 245 (2) (2), the insurance undertakings of a group at the group level shall always have at least the amount of eligible own funds at the level of the group. (4) § § 132 and the solvency capital requirement calculated in accordance with § 266. 134 (1) to (6) shall apply accordingly.

Footnote

(+ + + § 250: For application, see § 247 (1), § 248 (1) sentence 4 and Section 290 (1) sentence 1 + + +)
(+ + + § 250 (1) sentence 2: For the application, see Section 261 (3) sentence 3 + + +) Unofficial table of contents

§ 251 Frequency of calculation

(1) The solvency capital requirement at the group level shall be calculated by the insurance undertakings concerned, the insurance holding company or the mixed financial holding company at least once a year. Where the supreme participating undertaking is an insurance undertaking, the latter shall report the relevant data and results to the group supervising authority. Where the supreme participating undertaking is an insurance holding company or a mixed financial holding company, it shall report the information provided for in the second sentence, unless the group supervisory authority, after consulting the other parties concerned, shall: (2) The insurance undertakings, the insurance holding company and the mixed financial holding company in the sense of the Paragraph 1 shall have the group solvency capital requirement to continuously monitor. If the risk profile of the group differs significantly from the assumptions underlying the last reported solvency capital requirement for the group, the solvency capital requirement shall be recalculated immediately and the solvency capital requirement shall be recalculated immediately and the Group Supervisory Authority. If the evidence justifies the assumption that the risk profile of the group has changed significantly since the last notification of the Solvency Capital Requirement, the Group Supervisory Authority may recalculate the Solvency Capital Requirement require.

Footnote

(+ + + § 251: For application, see § 247 (1), § 248 (1) sentence 4 and Section 290 (1) sentence 1 + + +) Unofficial table of contents

§ 252 Determination of the method

(1) The solvency of the group at the top of which an insurance undertaking is involved shall be calculated on the basis of a consolidated financial statement in accordance with Articles 261 to 264 (consolidation method). (2) The group supervisory authority may: after consulting the other supervisory authorities concerned and the group concerned, the use of the method described in Section 265 (withdrawal and aggregation method) or, if the use of the consolidation method alone would not be appropriate, a combined Set the application of both methods.

Footnote

(+ + + § 252: For the application, see § 247 (1), § 248 (1) sentence 4 and Section 290 (1) sentence 1 + + +) Unofficial table of contents

Section 253 Taking into account the proportionate share

(1) In the calculation of group solvency, account shall be taken of the proportionate share held by the undertaking concerned in its affiliated undertakings. (2) The proportionate share referred to in paragraph 1 shall be referred to as the

1.

where the consolidation method is used, the percentages used in the preparation of the consolidated accounts and

2.

in the case of the withdrawal and aggregation method, the share of the subscribed capital which is held directly or indirectly by the undertaking concerned.

Where the associated undertaking is a subsidiary whose own funds are not sufficient to comply with its solvency capital requirement, that solvency gap shall, irrespective of the method used, be in full in the calculation of the solvency margin. consideration. By way of derogation from the first sentence, the group supervisory authority may allow the solvency gap to be taken into account only in proportion if, in the opinion of the supervisory authorities concerned, the liability of the parent undertaking is limited solely to the liability of the parent undertaking concerned, (4) The group supervisory authority shall, after consulting the other supervisory authorities concerned and the group, 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.

a supervisory authority has decided that the direct or indirect holding of voting rights or capital in a company should also be regarded as a participation, because, in the opinion of the supervisory authority, there is actually a significant influence on this undertakings shall be exercised, or

3.

a supervisory authority has ruled that a company is a parent undertaking of another undertaking, because the supervisory authority considers that it actually exercises a dominant influence on the other undertaking.

Footnote

(+ + + § 253: For application, see § 247 (1), § 248 (1) sentence 4, § 261 (3) sentence 3 and Section 290 (1) sentence 1 + + +) Unofficial table of contents

Section 254 Exclusion of the multiple consideration of eligible own resources

Own resources eligible for the Solvency Capital Requirement shall not be taken into account on a number of occasions in the case of several insurance undertakings included in the calculation of group solvency. In the calculation of group solvency, provided that the methods described in § § 261 to 265 do not provide otherwise, the following amounts are not taken into account:

1.

the value of all the assets of the participating insurance undertaking with which own funds are financed, which may be credited to the solvency capital requirement of one of its associated insurance undertakings,

2.

the value of all the assets of an insurance undertaking associated with the insurance undertaking with which own funds are financed which are based on the solvency capital requirement of that insurance undertaking may be credited to, and

3.

the value of all the assets of an insurance undertaking associated with the participating insurance undertaking with which own funds are financed, which are based on the solvency capital requirement of another one of the insurance undertakings concerned; insurance companies may be credited to insurance undertakings.

(2) The following components may be included in the calculation only to the extent that they may be credited to the solvency capital requirement of the associated undertaking concerned:

1.

the surplus fund referred to in Article 91 (2) of Directive 2009 /138/EC of a related life assurance undertaking of the participating insurance undertaking for which the solvency margin is calculated at the group level; and

2.

non-paid subscribed capital of a related insurance undertaking of the participating insurance undertaking for which the group-level solvency is calculated.

(3) By way of derogation from point 2 of paragraph 2, the following components shall be excluded from the calculation:

1.

non-paid subscribed capital which may become a liability for the insurance undertaking concerned,

2.

non-paid subscribed capital of the participating insurance undertaking which may become a liability for an affiliated insurance undertaking; and

3.

non-paid subscribed capital of a related insurance undertaking which may become a liability for another insurance undertaking connected to the same participating insurance undertaking.

(4) Where the supervisory authorities concerned consider that, in addition to the elements referred to in paragraphs 2 and 3, certain own funds eligible for the solvency capital requirement of a related insurance undertaking shall be included in the Compliance with the solvency capital requirement of the participating insurance undertaking, for which the group solvency is calculated, cannot actually be made available, the latter may be included in the calculation only to the extent that: for compliance with the Solvency Capital Requirement of the (5) The sum of own funds referred to in paragraphs 2 to 4 may not exceed the solvency capital requirement of the associated insurance undertaking. (6) Group solvency shall be calculated, the eligible supplementary own funds of a related insurance undertaking of the insurance undertaking concerned shall be included in the calculation only if the competent supervisory authority of that undertaking is the insurance undertaking has approved the own funds.

Footnote

(+ + + § 254: For application, see § 247 (1), § 248 (1) sentence 4, § 261 (3) sentence 3 and Section 290 (1) sentence 1 + + +) Unofficial table of contents

§ 255 Exclusion of the intra-group capital creation

(1) In the calculation of group solvency, eligible own funds shall be disregarded, resulting from a counter-financing between the insurance undertaking concerned and

1.

a related undertaking,

2.

a participating undertaking or

3.

another affiliated company of one of its participating companies.

(2) In addition, the calculation of group solvency shall not take account of own funds which are used for the solvency capital requirement of a related insurance undertaking of the insurance undertaking concerned if such own funds come from a counter-financing with another related undertaking of that undertaking. (3) The counterfinancing is in particular the case where an insurance undertaking or an insurance undertaking has a of its affiliated companies shares in another Undertakings or any other undertaking which, in its turn, directly or indirectly holds own funds which are credited to the solvency capital requirement of the insurance undertaking or of one of its affiliated undertakings can be.

Footnote

(+ + + § 255: For application, see § 247 (1), § 248 (1) sentence 4, § 261 (3) sentence 3 and Section 290 (1) sentence 1 + + +) Unofficial table of contents

§ 256 Related Insurance Companies

(1) If the insurance undertaking has more than one affiliated insurance undertaking, the calculation of group solvency shall include all related insurance undertakings. (2) In the calculation of group solvency, the calculation of group solvency shall be carried out in the case of a related insurance undertaking. An insurance undertaking which has its head office in another Member State or a Contracting State other than the insurance undertaking in respect of which the group solvency is calculated, the solvency capital requirement of that other Member State or State Party and the own resources which are eligible for it.

Footnote

(+ + + § 256: For application cf. § 247 (1), § 248 (1) sentence 4, § 261 (3) sentence 3 and Section 290 (1) sentence 1 + + +) Unofficial table of contents

Section 257 Intermediate insurance holding companies

An insurance undertaking holding an insurance holding company or a mixed financial holding company shall be holding a holding in a related insurance undertaking or an insurance undertaking of a third country; the insurance holding company or mixed financial holding company is included in the calculation of group solvency. For the purposes of this calculation, the intermediary insurance holding company or the intermediary mixed financial holding company shall be treated as an insurance undertaking in respect of which the insurance holding company shall be subject to the following conditions: Solvency capital requirement § § 96 to 121 and with respect to the eligible own funds § § 89 to 95 apply. (2) Obligations of subordinated liabilities and other own funds of an intermediary according to § 94 only limited. Insurance holding company or an intermediate mixed Financial holding company shall be recognised only up to the level of eligible own funds up to which it does not exceed the limits applicable at the group level. In the calculation of group solvency, eligible supplementary own funds of an intermediary insurance holding company or intermediate mixed financial holding company may only be included if they have previously been have been approved by the group supervisory authority.

Footnote

(+ + + § 257: For application cf. § 247 (1), § 248 (1) sentence 4, § 261 (3) sentence 3 and Section 290 (1) sentence 1 + + +) Unofficial table of contents

Section 258 Associated insurance undertakings of a third country

(1) Where an insurance undertaking is an undertaking of a third country insurance undertaking and the group solvency is calculated in accordance with the deductions and aggregation methods, the insurance undertaking of the third country shall be responsible for the latter Calculate how an affiliated insurance company is to be treated. Where the insurance undertaking of the third country is subject in its host country to the authorisation requirement and solvency requirements which are at least equivalent to those laid down in Chapter VI of Title I of Directive 2009 /138/EC, the calculation shall be: the solvency capital requirement and the eligible own funds in accordance with the rules of this third country. (2) Each participating undertaking may apply for an equivalence assessment as referred to in the second sentence of paragraph 1. The group supervisory authority shall decide on the equivalence after consulting the other supervisory authorities concerned and the participation of the European Insurance and Occupational Pensions Authority. The decision shall be taken on the basis of the criteria laid down by the Commission in delegated acts in accordance with Article 227 (3) of Directive 2009 /138/EC. The Group Supervisory Authority shall be bound by a decision previously made to a third country. This shall not apply where re-examination is necessary because the supervisory system or system of supervision of the third country as described in Chapter VI of Title I of Directive 2009 /138/EC has substantially changed. If the other supervisory authorities concerned do not agree with the decision taken by the group supervisory authority, they may, in accordance with Article 19 of Regulation (EU) No 1094/2010, be able to take the decision within three months of the date of notification of the decision (3) A delegated act of the European Commission, in accordance with the provisions of the Article 227 (4) of Directive 2009 /138/EC as to whether the The solvency rules of a third country shall be equivalent or not, shall be binding on the group supervisory authority and shall include an examination in accordance with paragraph 2. The same shall apply if and for as long as a delegated act of the European Commission is available in accordance with Article 227 (5) of Directive 2009 /138/EC on provisional equivalence.

Footnote

(+ + + § 258: For application see § 247 (1), § 248 (1) sentence 4, § 261 (3) sentence 3 and Section 290 (1) sentence 1 + + +) Unofficial table of contents

Section 259 Associated credit institutions, investment firms and financial institutions

(1) In calculating the group solvency of an insurance undertaking which is involved in a credit institution, a trading firm or a financial institution, the insurance undertakings concerned may be listed in Annex I to the Directive 2002/87/EC as defined in Method 1 or 2. The method of consolidation may be applied only where the group supervisory authority considers that the integrated management and internal control relating to the undertakings included in the scope of consolidation are appropriate. The method chosen shall be applied uniformly in the long term. (2) The supervisory authority may order that a participation referred to in paragraph 1 of the own resources, which may be credited to the group solvency of the undertaking concerned, shall be subject to the following conditions: is withdrawn if it is a group supervisor. The participating company may request this.

Footnote

(+ + + § 259: For application, see § 247 (1), § 248 (1) sentence 4, § 261 (3) sentence 3 and Section 290 (1) sentence 1 + + +) Unofficial table of contents

Section 260 Non-availability of the necessary information

Where the information necessary for the calculation of the group solvency of an insurance undertaking is not available through an affiliated undertaking established in a Member State or a Contracting State or a third country, the carrying amount of the carrying amount shall be the carrying amount of the Undertakings in the insurance undertaking concerned shall be deducted from the own funds eligible for group solvency. The unrealised gains associated with this participation must not be used as own resources to cover group solvency.

Footnote

(+ + + § 260: For application cf. § 247 (1), § 248 (1) sentence 4, § 261 (3) sentence 3 and Section 290 (1) sentence 1 + + +) Unofficial table of contents

§ 261 Consolidation method

(1) According to the consolidation method, the group solvency of the participating insurance undertaking shall be calculated on the basis of the consolidated financial statements. The group solvency of the participating insurance undertaking shall be the difference between the own resources calculated on the basis of the consolidated accounts and eligible for compliance with the solvency capital requirement, and the own resources calculated on the basis of the solvency capital requirement. the group solvency capital requirement calculated on the basis of the consolidated accounts. Part 2, Chapter 2, Section 2, applies to the calculation of the own funds eligible for the Solvency Capital Requirement and the Group solvency capital requirement under the consolidation method. (2) Consolidated Group solvency capital requirement is calculated either with the standard formula or with an approved internal model. (3) The minimum amount of the consolidated group solvency capital requirement is the sum of the group solvency capital requirement. Minimum capital requirement of the participating insurance undertaking and the Participation rate corresponding proportionate minimum capital requirements of the associated insurance undertakings. This minimum amount shall be covered by eligible basic own resources in accordance with § 95. Section 250 (1), second sentence, § § 253 to 260 and 135 (1) and (2) shall apply accordingly.

Footnote

(+ + + § 261: For application see § 247 (1), § 248 (1) sentence 4 and Section 290 (1) sentence 1 + + +) Unofficial table of contents

§ 262 Internes model for the group

(1) An insurance undertaking and its affiliated undertakings, or jointly the affiliated undertakings of an insurance holding company or a mixed financial holding company, may request that the consolidated financial statement be consolidated the solvency capital requirement at the group level and the solvency capital requirements of the group's insurance undertakings with an internal model. The application is to be addressed to the Group Supervisory Authority. (2) The Group Supervisory Authority shall immediately inform the other members of the Board of Supervisors (§ 283) of the receipt of the application. As soon as the application documents are fully available, it shall forward them immediately to the other supervisory authorities concerned. The supervisory authorities concerned shall cooperate in the decision on the granting of the permit and in the determination of the conditions to which the grant of the permit is subject. The decision is to be taken by mutual agreement. The supervisory authorities shall, within the limits of their powers, ensure that the decision is taken within six months of receipt of the complete application. (3) The supervisory authorities shall be consensual to a decision in the sense of the (4) If no consensual decision is reached within six months of receipt of the complete application of the group, the decision shall be taken by the group supervisor. Group Supervisory Authority on the application. The Group Supervisory Authority shall take due account of all the views and opinions expressed by the other supervisory authorities concerned within the six-month period. The group supervisory authority shall notify the applicant of the decision and submit it to the other supervisory authorities concerned. The decision of the group supervisory authority shall be recognized and implemented as binding by the supervisory authorities concerned. (5) Before the expiry of the six-month period referred to in paragraph 2, one of the supervisory authorities concerned shall have one of the supervisory authorities concerned in accordance with Article 19 of the Regulation (EU) No 1094/2010, the European Insurance and Occupational Pensions Authority shall refer the matter to the Group Supervisory Authority, until the European Supervisory Authority for the Insurance and Occupational Pensions Authority (ECS) is responsible for the Insurance and occupational pensions in accordance with Article 19 Paragraph 3 of the Regulation. The Group Supervisory Authority shall take its decision in accordance with the decision of the European Insurance and Occupational Pensions Authority. The decision of the group supervisory authority shall be recognised and implemented as binding by the supervisory authorities concerned. (6) The European Insurance and Occupational Pensions Authority shall not be responsible for the decision of the Supervisory Authority. (7) In accordance with Article 41 (3), the European Insurance and Occupational Pensions Authority (EECs) shall, in accordance with Article 41 (3), deal with the matter in the light of the above. and Article 44 (1) of Regulation (EU) No 1094/2010 by the Panel the decision shall be taken by the group supervising authority. This shall be recognised and implemented by the supervisory authorities concerned as binding. The six-month period referred to in paragraph 2 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.

Footnote

(+ + + § 262: For application cf. § 247 (1), § 248 (1) sentence 4, § 265 (5) and Section 290 (1) sentence 1 + + +) Unofficial table of contents

Section 263 Capital impact for a group company

(1) An insurance undertaking shall calculate its solvency capital requirement on the basis of an internal model approved at the group level and the risk profile of that undertaking, in the opinion of the supervisory authority, is significantly reduced by the In accordance with § 301, the supervisory authority may set a capital charge on the solvency capital requirement determined on the basis of the internal model. The capital charge shall be lifted as soon as the insurance undertaking concerned has cleared the concerns of the supervisory authority. (2) If an increase in the capital referred to in paragraph 1 is exceptionally not appropriate, the supervisory authority shall be liable to: shall require companies in question to calculate their solvency capital requirement in accordance with the standard formula. Under the conditions referred to in Article 301 (1) (1) or (3), the supervisory authority may also set a capital charge on the solvency capital requirement determined on the basis of the standard formula. The supervisory authority shall justify any decision taken pursuant to paragraph 1 and sentences 1 and 2 both to the insurance undertaking and to the other members of the supervisory board.

Footnote

(+ + + § 263: For application, see § 247 (1), § 248 (1) sentence 4, § 265 (5) and Section 290 (1) sentence 1 + + +) Unofficial table of contents

Section 264 Capital impact for the Group

The group supervisory authority may set a capital surcharge on the consolidated solvency capital requirement for the group if the consolidated solvency capital requirement does not adequately account for the risk profile of the group. This is particularly the case if:

1.

a specific risk at group level due to its severe quantifiability cannot be adequately covered by the standard formula or the internal model used; or

2.

Capital charges for the related insurance undertakings shall be imposed in accordance with § § 301 and 263.

Section 301 and the delegated acts adopted in accordance with Article 37 of Directive 2009 /138/EC shall apply accordingly.

Footnote

(+ + + § 264: For application see § 247 (1), § 248 (1) sentence 4 and Section 290 (1) sentence 1 + + +) Unofficial table of contents

§ 265 Method of withdrawal and aggregation

(1) According to the method of withdrawal and aggregation, the group solvency of the participating insurance undertaking is the difference between:

1.

the aggregate eligible own resources of the group referred to in paragraph 2; and

2.

the value of the related insurance undertaking in the insurance undertaking concerned, plus the aggregate solvency capital requirement of the group referred to in paragraph 3.

(2) The aggregate eligible own funds of the Group shall be composed of:

1.

the own funds eligible for the solvency capital requirement of the insurance undertaking concerned; and

2.

the proportionate share of the insurance undertaking concerned in relation to the own resources eligible for the solvency capital requirements of the related insurance undertakings.

(3) The aggregate solvency capital requirement of the group shall be composed of:

1.

the solvency capital requirement of the insurance undertaking concerned; and

2.

the proportionate share of the solvency capital requirements of the related insurance undertakings.

(4) In the event of a partial or total indirect participation, the value of the indirect participation shall be based on the determination of the share of the indirect shareholded. The shares referred to in paragraph 2 (2) and (3) (2) shall be determined accordingly. (5) The application to calculate the solvency capital requirement for the insurance undertakings of the group on the basis of an internal model shall be those of § § 262 (6) The aggregate solvency capital requirement of the group shall adequately depict the risk profile of the group. In this context, specific risks, which are difficult to quantify, must be taken into account, in particular at group level. If the risk profile of the group deviates significantly from the assumptions for the aggregate solvency capital requirement of the group, the group supervisory authority may have a capital charge on the aggregate solvency capital requirement for the group. to write. § 301 and the delegated acts adopted pursuant to Article 37 of Directive 2009 /138/EC shall apply accordingly.

Footnote

(+ + + § 265: For application, see § 247 (1), § 248 (1) sentence 4 and Section 290 (1) sentence 1 + + +) Unofficial table of contents

Section 266 Group solvency in the case of an insurance holding company or a mixed financial holding company

Where insurance undertakings are subsidiaries of an insurance holding company or a mixed financial holding company, the solvency of the group pursuant to Article 250 (1), second sentence, and § § 252 to 265, shall be at the level of the the insurance holding company or the mixed financial holding company. For this calculation, the insurance holding company or the mixed financial holding company shall be treated as an insurance undertaking. Their solvency capital requirement shall be determined in accordance with Part 2, Chapter 2, Section 2, subsections 2 and 3 and subject to the assumption that they relate to the eligible own funds as referred to in Part 2, Chapter 2, Section 2, Subsection 1 shall apply.

Footnote

(+ + + § 266: For application, see Section 247 (1) and Section 248 (1) sentence 4 + + +) Unofficial table of contents

Section 267 Conditions for subsidiaries of an insurance undertaking

The provisions of Sections 269 and 270 shall apply to any insurance undertaking which is a subsidiary of an insurance undertaking, 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 mechanisms of the parent undertaking, and the parent undertaking has convinced the supervisory authorities concerned of the prudent management of the subsidiary,

3.

the parent undertaking has received the consent in accordance with Article 275 (4),

4.

the parent undertaking has received the consent in accordance with Article 277 (2), and

5.

the parent company has requested the use of the provisions of § § 269 and 270 and this application has been approved in accordance with § 268.

Footnote

(+ + + § 267: For application, see Section 247 (1) and Section 248 (1) sentence 4 + + +) Unofficial table of contents

Section 268 Supervision of centralised risk management

(1) In deciding on the authorisation of an application for supervision of the solvency of a group with centralised risk management in accordance with the provisions of Sections 269 and 270 and in the decision on any conditions under which: authorisation is granted, all the supervisory authorities concerned are working together in the colleges of supervisors (§ 283). The application shall be addressed to the supervisory authority responsible for the subsidiary undertaking. The latter shall immediately inform the other supervisory authorities in the colleges of supervisors and shall forward the full application to the latter. (2) The supervisory authorities concerned shall be informed of the application within three months of the date of receipt of the (3) If the supervisory authorities are to reach an amicable decision within the meaning of paragraph 2, the supervisory authority responsible for the subsidiary shall forward to the Applicants shall be informed. (4) Will be received within three months of receipt The group supervisory authority shall decide on the application for the full application of the group. The Group Supervisory Authority shall take due account of all the views and opinions expressed by the other supervisory authorities represented in the Board of Supervisors within the three-month period. The group supervisory authority shall notify the applicant of the decision and submit it to the other supervisory authorities concerned. The decision of the group supervisory authority shall be recognized and implemented as binding by the supervisory authorities concerned. (5) Before the expiry of the three-month period referred to in paragraph 2, one of the supervisory authorities concerned shall have one of the supervisory authorities concerned in accordance with Article 19 of the Regulation (EU) No 1094/2010, the European Insurance and Occupational Pensions Authority shall deal with the matter, the group supervisory authority shall await its decision. In its decision, the Group Supervisory Authority shall be bound by its content to the decision of the European Insurance and Occupational Pensions Authority. The decision of the group supervisory authority shall be recognised and implemented as binding by the supervisory authorities concerned. (6) The European Insurance and Occupational Pensions Authority shall not be responsible for the decision of the Supervisory Authority. (7) The European Supervisory Authority for Insurance and Occupational Pensions referred to in Article 41 (3), and the European Supervisory Authority ( Article 44 (1) of Regulation (EU) No 1094/2010 of the Panel the decision shall be taken by the group supervising authority. The decision of the group supervisory authority shall be recognised and implemented as binding by the supervisory authorities concerned.

Footnote

(+ + + § 268: For application, see Section 247 (1) and Section 248 (1) sentence 4 + + +) Unofficial table of contents

Section 269 Determination of the solvency capital requirement of the subsidiary

(1) The solvency capital requirement of a subsidiary shall be calculated in accordance with paragraphs 2, 4 and 5. § 262 remains unaffected. (2) If the solvency capital requirement of the subsidiary is calculated with an internal model approved at the group level in accordance with § 262, the supervisory authority may apply a capital charge to the the solvency capital requirement of this undertaking if it considers that the risk profile differs significantly from the internal model and that the conditions set out in Section 301 are met. If a capital charge is inappropriate on a case-by-case basis, the supervisory authority which has authorised the subsidiary may require the company to calculate its solvency capital requirement with the standard formula. Prior to the decision, the supervisory authority shall hear both the subsidiary and the other supervisory authorities represented in the supervisory board in accordance with Section 283. (3) The solvency capital requirement of the subsidiary shall be the subject of the If the supervisory authority considers that the risk profile of the company deviates significantly from the assumptions of the standard formula, it may, as long as their concerns have not been dispelled, require, on a case-by-case basis, that: the company uses a subset of those used in the calculation of the standard formula The parameters are replaced by company-specific parameters in the calculation of the technical risk modules or set a capital surcharge in the cases referred to in § 301. Prior to the decision, the Supervisory Authority shall consult both the subsidiary and the other supervisory authorities represented in the Board of Supervisors in accordance with Section 283. (4) The Board of Supervisors shall, within the limits of its powers, make every effort to reach an agreement. on the proposal of the supervisory authority which authorised the subsidiary, or on other possible measures. A decision shall be recognised and implemented as binding by the supervisory authorities concerned. (5) The opinions of the supervisory authority which has been authorised by the subsidiary and the group supervisory authority shall be dealt with by each of the supervisory authorities concerned. both bodies within one month of the proposal of the Supervisory Authority, in accordance with Article 19 of Regulation (EU) No 1094/2010, the European Insurance and Occupational Pensions Authority with the matter and ask for support. The European Insurance and Occupational Pensions Authority shall not be referred to the matter if a consensual decision has been reached within the Board of Supervisors or if the one-month period (6) The Supervisory Authority, which has approved the subsidiary, shall await the decision of the European Insurance and Occupational Pensions Authority. It shall take its decision in accordance with the decision of the European Insurance and Occupational Pensions Authority. The supervisory authority shall inform the subsidiary of the subsidiary and submit it to the supervisory college. The decision of the supervisory authority shall be recognised and implemented as binding by the supervisory authorities concerned.

Footnote

(+ + + § 269: For application, see § 247 (1), § 248 (1) sentence 4 and Section 271 (1) Input rate + + +) Unofficial table of contents

Section 270 Non-coverage of the capital requirements of the subsidiary

Within six months of the determination of the non-coverage of the Solvency Capital Requirement, the subsidiary shall increase its eligible own resources or reduce its risks in such a way as to ensure that the Solvency capital requirement is again covered. The supervisory authority which has authorised the subsidiary shall immediately communicate to all supervisory authorities in the colleges of supervisors the recovery plan submitted by the subsidiary. Supervisors in the colleges of supervisors shall decide by common accord within four months of the determination of non-compliance with the Solvency Capital Requirement for the approval of the recovery plan. If the supervisory authorities cannot agree within this period, the supervisory authority shall decide, taking into account the views of the other supervisory authorities, on the approval of the recovery plan. (2) The supervisory authority shall establish a If the financial situation of the subsidiary is worsened in accordance with Article 132 (2), it shall immediately inform the supervisory authorities in the colleges of supervisors as to which measures they consider to be taken. If this is not a crisis situation, the proposed measures will be discussed in the colleges of supervisors. The College of Supervisors shall, within the limits of its powers, make every effort to reach an agreement on the proposed measures to be taken. If the supervisory authorities cannot agree within one month of the notification referred to in the first sentence, the supervisory authority which has authorised the subsidiary shall take due account of the views of the other authorities. supervisory authorities in the colleges of supervisors. (3) In the event of non-compliance with the minimum capital requirement, the supervisory authority shall immediately forward to the Board of Supervisors the short-term financing plan submitted by the subsidiary; within three months of the establishment of non-coverage the minimum capital requirement is increased the eligible own funds or the risk profile is reduced in such a way that the minimum capital requirement is covered again. The Supervisory Authority shall also inform the Board of Supervisors of the measures it has taken in order to enforce compliance with the Minimum Capital Requirement. (4) If the Supervisory Authority which has approved the subsidiary and the Group Supervisory Authority disagrees with regard to

1.

approval of the recovery plan, including any extension of the period of recovery, within the four-month period referred to in paragraph 1, or

2.

approval of the proposed measures within the one-month period referred to in paragraph 2;

they may refer the matter to the European Insurance and Occupational Pensions Authority and ask for their support in accordance with Article 19 of Regulation (EU) No 1094/2010. (5) The European The Insurance and Occupational Pensions Authority shall not be referred to the matter if:

1.

an agreement has been reached within the colleges of supervisors on the approval of the recovery plan referred to in paragraph 1, or on the proposed measure referred to in paragraph 2,

2.

the time limits referred to in paragraph 4 have elapsed, or

3.

a crisis situation referred to in the second sentence of paragraph 2 has occurred.

(6) The supervisory authority which has authorised the subsidiary shall await the decision of the European Insurance and Occupational Pensions Authority. It shall take its decision in accordance with the decision of the European Insurance and Occupational Pensions Authority. The supervisory authority shall inform the subsidiary of the subsidiary and submit it to the supervisory college. The decision of the supervisory authority shall be recognised and implemented as binding by the supervisory authorities concerned.

Footnote

(+ + + § 270: For application, see § 247 (1), § 248 (1) sentence 4 and Section 271 (1) Input rate + + +) Unofficial table of contents

Section 271 End of the derogation for a subsidiary

(1) The regulations provided for in § § 269 and 270 shall not apply if:

1.

the condition referred to in Article 267 (1) is no longer fulfilled;

2.

the condition referred to in Article 267 (2) is no longer satisfied and the group does not provide for further compliance within a reasonable period of time; or

3.

the conditions laid down in Section 267 (3) and (4) are no longer fulfilled.

If, in the case referred to in the first subparagraph of paragraph 1, the group supervisory authority decides, after consulting the Board of Supervisors, that the subsidiary should no longer be included in the group supervision, it shall inform the subsidiary responsible for the subsidiary undertaking. (2) The parent undertaking shall be responsible for ensuring that the conditions set out in Section 267 (2), (3) and (4) are met at all times. If a condition is not fulfilled, the parent company shall immediately inform the group supervisory authority and the supervisory authority responsible for the supervision of the subsidiary concerned. The parent undertaking shall submit a plan to ensure compliance with the conditions within a reasonable period of time. The group inspection authority shall verify at least once a year whether the conditions are still fulfilled. Such a review shall also be carried out at the request of the supervisory authority concerned, if it has serious doubts as to the continuous fulfilment of these conditions. If weaknesses or deficiencies are identified in this review, the Group Supervisory Authority shall require the parent undertaking to have a plan to remedy such weaknesses or deficiencies within a reasonable period of time. If, after consultation of the Board of Supervisors, the Group Supervisory Authority finds that the plan referred to in sentences 3 and 6 is insufficient or is not implemented in due time, the conditions set out in Section 267 (2) to (4) shall be deemed to be no longer applicable. is fulfilled. The group supervisory authority shall immediately inform the supervisory authority concerned of this. (3) If the parent company makes a new application and is approved, the proceedings shall be renewed in accordance with sections 269 and 270.

Footnote

(+ + + § 271: For application cf. § 247 (1), § 248 (1) sentence 4 and Section 290 (1) sentence 1 + + +) Unofficial table of contents

Section 272 subsidiaries of an insurance holding company or mixed financial holding company

In the case of insurance undertakings which are subsidiaries of an insurance holding company or of a mixed financial holding company, § § 267 to 271 shall apply accordingly.

Footnote

(+ + + § 272: For application see § 247 (1), § 248 (1) sentence 4 and Section 290 (1) sentence 1 + + +)

Section 2
Risk concentration and intra-group transactions

Unofficial table of contents

Section 273 Monitoring of risk concentration

(1) The Group Supervisory Authority shall report at least once a year all major risk concentrations at the level of the group. (2) Where the supreme participating undertaking is an insurance undertaking, the latter shall report the information provided by: Group Supervisory Authority. Where the supreme participating undertaking is an insurance holding company or a mixed financial holding company, the latter shall report the information, unless the supervisory authority, after consulting the other supervisory authorities concerned, (3) After consulting the other supervisory authorities concerned and the group, the group supervisory authority shall designate the group of undertakings concerned.

1.

the types of risks that insurers of a particular group must report on each case, and

2.

appropriate thresholds for reporting obligations on essential risk concentrations.

In determining the risks, the individual structure of the group and the structure of its risk management shall be taken into account. The thresholds shall be based on the solvency capital requirements, the technical provisions or both. (4) In the supervision of risk concentrations, the group supervisory authority shall monitor the amount and the amount of the risk. Probability of occurrence of the risks, in particular the potential risk of contagion within the group and the risk of a conflict of interest.

Footnote

(+ + + § 273: For application, see § 247 (1), § 248 (1) sentence 4 and Section 290 (1) sentence 1 + + +)
(+ + + § 273 (3) sentence 2 and 3, para. 4: For application, see Section 274 (4) sentence 3 + + +) Unofficial table of contents

§ 274 Monitoring of intra-group transactions

The group supervisory authority shall report at least once a year on all the main intra-group transactions of the insurance undertakings in the group, including transactions with natural persons, which are to be found to be a company of the group to maintain close links. The group supervisory authority may set a sub-year reporting sturnus to facilitate the monitoring of intra-group transactions. (2) If the highest participating undertaking is an insurance undertaking, the latter shall report the Group internal transactions of the group supervisory authority. Where the supreme participating undertaking is an insurance holding company or a mixed financial holding company, it shall report the information, unless the group supervisory authority, after consulting the other parties concerned, has (3) In the case of particularly significant transactions as referred to in paragraph 1, the undertaking of the group supervisory authority responsible for reporting shall be responsible for the reporting of the transaction. report immediately. (4) The group supervisory authority shall determine after consulting the group and the other supervisory authorities concerned, on which types of intra-group transactions the group's insurance undertakings must report in any case. In the case of cross-border groups, this shall be determined after consultation with the other supervisory authorities concerned. § 273 (3), second sentence, and 3, paragraph 4 shall apply accordingly.

Footnote

(+ + + § 274: For application, see § 247 (1), § 248 (1) sentence 4, § 290 (1) sentence 1 and § 292 sentence 2 + + +)

Section 3
business organization, reporting obligations

Unofficial table of contents

Section 275 Monitoring of the governance system

(1) Part 2, Chapter 1, Section 3 shall apply at the group level. Nevertheless, the risk management system and the internal control system, as well as the reporting system of all undertakings included in the group supervision referred to in Article 245 (2) (1) and (2), shall be implemented in such a way as to ensure that these systems and the reporting system are the level of the group can be controlled and controlled. (2) Without prejudice to paragraph 1, the internal control mechanisms shall include at least

1.

appropriate mechanisms for group solvency, enabling identification and measurement of all significant risks and their cover with 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.

(3) The participating insurance undertaking or the insurance holding company or the mixed financial holding company must carry out a risk and solvency assessment in accordance with § 27 at the group level. In the case of a calculation of the group solvency according to the consolidation method, the insurance undertaking or insurance holding company or the mixed financial holding company of the group supervisory authority shall be subject to the difference between the sum of the solvency capital requirements of all the related insurance undertakings in the group and the consolidated solvency capital requirement of the group in a comprehensible way. (4) With the agreement of the group supervisory authority, the insurance undertaking concerned or the The insurance holding company or the mixed financial holding company shall conduct the risk and solvency assessment at the group level and at the level of subsidiaries at the same time and the results for reporting to the Supervisors in a report. In such a case, the insurance undertaking or the insurance holding company or the mixed financial holding company shall transmit the report to all the supervisory authorities concerned at the same time. The obligation of the subsidiaries to ensure compliance with the requirements of § 27 remains unaffected. Before giving the assent of the first sentence, the supervisory authority shall consult the members of the Board of Supervisors and shall take due account of their views.

Footnote

(+ + + § 275: For application, see § 247 (1), § 248 (1) sentence 4 and Section 290 (1) sentence 1 + + +) Unofficial table of contents

Section 276 Exchange of information

The natural and legal persons involved in group supervision, including their associated and participating undertakings, shall be empowered to exchange any information necessary for the application of the provisions of this Part. (2) The supreme participating undertaking may require any other company in the group to provide information and proof which it requires in order to fulfil its obligations under this Chapter. (3) The provisions of the Federal Data Protection Act remain unaffected.

Footnote

(+ + + § 276: For application, see § 247 (1), § 248 (1) sentence 4 and Section 290 (1) sentence 1 + + +) Unofficial table of contents

Section 277 Report on the solvency and financial position of the group

(1) The supreme parent company at the level of the Member States or States Parties within the meaning of § 247 shall publish annually a Solvency And Financial Report at the Group level. § 29 (3) and § § 40 to 42 are to be applied accordingly. (2) With the approval of the group supervisory authority, this company is entitled to publish only a single solvency and financial report for the entire group, which in addition to the group-level information to be published in accordance with paragraph 1 shall also include the information to be published in accordance with sections 40 to 42 for each subsidiary of the group, which must be identifiable individually. In this case, the obligations arising out of the above rules shall be eliminated for each subsidiary. (3) Before granting the authorisation referred to in paragraph 2, the group supervisory authority shall consult supervisors of the supervisory board and shall: (4) Where the Supervisory Authority is responsible for a subsidiary of the Group and in the absence of the Solvency and Financial Report drawn up in accordance with the provisions of paragraph 2, there is a lack of essential information concerning: this subsidiary, it may have the subsidiary undertaking to disclose the additional information required.

Footnote

(+ + + § 277: For application see § 247 (1), § 248 (1) sentence 4 and Section 290 (1) sentence 1 + + +) Unofficial table of contents

§ 278 Group structure

Insurance undertakings, insurance holding companies and mixed financial holding companies shall publish annually the legal structure and governance and organisational structure at the group level, including a description of the Subsidiaries, important affiliates and major branches of the Group.

Footnote

(+ + + § 278: For application, see § 247 (1), § 248 (1) sentence 4 and Section 290 (1) sentence 1 + + +)

Chapter 3
Measures to facilitate group supervision

Unofficial table of contents

Section 279 Responsibility for group supervision

(1) The group supervisory authority shall be responsible for the coordination and exercise of group supervision. The group supervisory authority shall be the supervisory authority of the Member States or States Parties concerned, which fulfils the criteria set out in paragraph 2, unless a different provision is made in accordance with Section 280. (2) All insurance undertakings shall be subject to a derogation. Group under the responsibility of a supervisory authority, it shall be the group supervisory authority. In all other cases, the group supervisory authority,

1.

if an insurance company is at the head of the group, the supervisory authority responsible for that undertaking,

2.

if no insurance company is at the head of the group,

a)

if the parent undertaking of an insurance undertaking is an insurance holding company or a mixed financial holding company, the supervisory authority responsible for that insurance undertaking,

b)

where at least two insurance undertakings with their registered office in a Member State or a Contracting State are the parent undertakings and have the same insurance holding company or mixed financial holding company and one of these undertakings is in the a Member State or a Contracting State in which the insurance holding company or mixed financial holding company has its registered office, the supervisory authority of the insurance undertaking authorised in that Member State or State Party;

c)

if at the head of the group at least two insurance holding companies or mixed financial holding companies with registered offices in different Member States or States Parties are present and are in each of these Member States or States Parties insurance undertaking, the supervisory authority responsible for the insurance undertaking with the highest balance sheet total,

d)

where at least two insurance undertakings with their registered office in a Member State or a Contracting State are the parent undertakings and have the same insurance holding company or mixed financial holding company and none of these undertakings in the a Member State or a Contracting State in which the insurance holding company has its head office, the supervisory authority responsible for the insurance undertaking with the highest balance sheet total; and

e)

if the group does not have a parent undertaking or another is not present in points (a) to (d), the supervisory authority which has authorised the insurance undertaking with the highest balance sheet total.

Footnote

(+ + + § 279: For application cf. § 247 (1), § 248 (1) sentence 4 and Section 290 (1) sentence 1 + + +) Unofficial table of contents

Section 280 Determination of the group supervisory authority

(1) If the application of the criteria referred to in Article 279 (2) would be inappropriate on the basis of the structure of the group and the relative importance of the business of the insurance undertaking in the various Member States or States Parties, the shall, in specific cases, jointly designate a different supervisory authority with respect to the group supervisory authority. The group supervisory authority shall not be determined more frequently than once a year. (2) The provision referred to in paragraph 1 shall be made at the request of one of the supervisory authorities concerned, after consultation of the concerned group, in agreement with all the parties concerned. Supervisory authorities within three months of the application. The supervisory authorities concerned shall, within the limits of their powers, make every effort to reach a joint decision on the group supervisory authority within three months of the date on which the application is submitted. Prior to their decision, the supervisory authorities concerned shall give the group an opportunity to comment. The designated group supervisory authority shall inform the group of the joint decision. (3) Before the expiry of the three-month period referred to in paragraph 2, it shall have one of the supervisory authorities concerned in accordance with Article 19 of the Regulation (EU) No 1094/2010 the European Insurance and Occupational Pensions Authority deals with the matter, the procedure is pending before the European Insurance and Occupational Pensions Authority (ESO) Pension provision in accordance with Article 19 (3) of the Regulation. The supervisory authorities concerned shall take their decisions jointly in accordance with the decision of the European Insurance and Occupational Pensions Authority. The joint decision shall be recognised and implemented as binding by the supervisory authorities concerned. The designated group supervisory authority shall inform the group of the joint decision and inform the College of Supervisors. (4) After the expiry of the three-month period or after agreement on a joint decision, the European Union shall: (5) If no joint decision is reached in accordance with paragraph 2 or 3, the task of the group supervisory authority shall be the responsibility of the group supervisory authority in accordance with § 279 (2). Supervisory authority.

Footnote

(+ + + § 280: For application, see § 247 (1), § 248 (1) sentence 4 and Section 290 (1) sentence 1 + + +) Unofficial table of contents

§ 281 Tasks and powers of the Group Supervisory Authority

(1) The tasks and powers of the group supervisory authority shall include:

1.

the review and assessment of the financial position of the Group,

2.

the assessment of compliance with the rules on group solvency, risk concentrations and intra-group transactions,

3.

the supervisory review of the risk management system and of the internal control system referred to in Article 275, as well as of the reporting system,

4.

the assessment of the business organization and the qualification of the directors of the participating companies in accordance with § § 275, 24 and 293,

5.

the prudential supervision of the group-level corporate risk and solvency assessment in accordance with § 27,

6.

the coordination of the exchange of information between the supervisory authorities concerned in the context of day-to-day supervision and in crisis situations, with regard to relevant, necessary and relevant information for the performance of supervisory duties;

7.

the planning and coordination of supervisory activities in the context of ongoing supervision and in crisis situations, in cooperation with the supervisory authorities concerned, which shall take the form of meetings held at least once a year or on a in other appropriate ways,

8.

suspension in the validation of internal models or partial models at the group level,

9.

the suspension of the decision on the application of the provisions on centralised risk management; and

10.

the chairmanship of the colleges of supervisors.

(2) § § 43, 44 and 305 shall apply in accordance with the information required by the group supervisory authority to carry out its tasks. Where the group supervisory authority needs the information referred to in Article 305 (1) (1) and has already been issued to another supervisory authority, the group supervisory authority shall, where possible, apply to the other supervisory authority, to avoid multiple transmission. (3) If the group supervisory authority does not perform the tasks referred to in paragraph 1, or does not cooperate with the members of the supervisory board in the extent necessary in accordance with paragraph 1, the Supervisory authority, in accordance with Article 19 of Regulation (EU) No 1094/2010, the European The Insurance and Occupational Pensions Authority shall deal with the matter and ask for assistance.

Footnote

(+ + + § 281: For application cf. § 247 (1), § 248 (1) sentence 4 and Section 290 (1) sentence 1 + + +) Unofficial table of contents

Section 282 Liberation of reporting at group level

(1) If the intervals for regular supervisory reporting are shorter than one year, the group supervisory authority may limit the frequency of reporting at the group level, provided that all the insurance undertakings in the group have (2) The group supervisory authority may, at the level of the group, be able to take account of the nature, extent and complexity of the risks involved in the Group's business activities. Free individual post reporting, provided that all insurance companies in The group shall benefit from the exemption provided for in Article 45 (2), taking into account the nature, extent and complexity of the risks associated with the Group's business activities and the objective of financial stability.

Footnote

(+ + + § 282: For application cf. § 247 (1), § 248 (1) sentence 4 and Section 290 (1) sentence 1 + + +) Unofficial table of contents

Section 283 colleges of supervisors

(1) In relation to non-domestic groups, the Supervisory Authority shall be a member of a Board of Supervisors under the chairmanship of the Group Supervisory Authority. Members of the Board of Supervisors shall be the group supervisory authority, the supervisory authorities of all Member States in which subsidiaries are established, and the European Supervisory Authority, in accordance with Article 21 of Regulation (EU) No 1094/2010. the insurance and occupational pensions. The supervisory authorities of major branches and related companies may participate in the colleges of supervisors. However, their participation is limited to ensuring an efficient exchange of information. (2) The task of the colleges of supervisors is to ensure that the procedures for cooperation, exchange of information and consultation are (3) In order to ensure the effective functioning of the colleges of supervisors, this may be applied effectively to the supervisory authorities of the colleges of supervisors. specify that certain activities should be reduced by a reduction in the number of (4) The establishment and functioning of the colleges of supervisors shall be established by means of coordination arrangements between the group supervisory authority and the other supervisory authorities concerned. (5) In the event of disagreement on coordination agreements, the group supervisory authority shall decide. In accordance with Article 19 of Regulation (EU) No 1094/2010, each member of the Board of Supervisors may refer the matter to the European Insurance and Occupational Pensions Authority and ask for assistance. The Group Supervisory Authority shall take its decision in accordance with the decision of the European Insurance and Occupational Pensions Authority. The group supervisory authority shall forward its decision to the other supervisory authorities concerned. (6) The coordination agreements referred to in paragraph 4 shall specify procedures for:

1.

the decision-making between the supervisory authorities concerned in accordance with § § 262 to 264 and § § 279 and 280 as well as

2.

the consultation referred to in paragraph 5 and Article 284 (4).

(7) In addition, the coordination arrangements may include procedures for consulting the supervisory authorities concerned, in particular in accordance with sections 245 to 249, 251 to 253, 258, 273 to 275, 277, 285, 288 and 290, and cooperation with others. (8) In the coordination arrangements, the group supervisory authority, the other supervisory authorities concerned, or the European Insurance and Occupational Pensions Authority may be required to: to carry out additional tasks, provided that the supervision of a group shall be made more efficient and the supervisory activities of the members of the Board of Supervisors shall not be compromised with regard to their individual responsibilities.

Footnote

(+ + + § 283: For application, see § 247 (1), § 248 (1) sentence 4 and Section 290 (1) sentence 1 + + +) Unofficial table of contents

Section 284 Cooperation in the field of group supervision

(1) The supervisory authorities responsible for the supervision of insurance undertakings in a group and the group supervisory authority shall cooperate closely, in particular in cases where an insurance undertaking is in financial Difficulties. Where an insurance undertaking is directly or indirectly connected with a credit institution or a trading firm, or where those undertakings have a joint undertaking, the supervisory authorities shall operate within the meaning of the first sentence of and the competent authorities responsible for the supervision of these other undertakings. (2) The supervisory authorities shall immediately communicate to each other all the information which they provide for the performance of their supervisory duties in the context of the Directive 2009 /138/EC. The Group Supervisory Authority shall forward all information pursuant to Article 11 (2), § § 40, 47 (6) and § 282 to the supervisory authorities concerned and to the European Supervisory Authority for the insurance and occupational pensions authority. (2) with regard to the group, in particular as regards the legal, governance and organisational structure of the group. (3) If a supervisory authority has not submitted any relevant information, a request for cooperation has been refused, or a request for cooperation has been made within the group. does not react for two weeks, the supervisory authorities concerned may The European Insurance and Occupational Pensions Authority shall deal with the matter. (4) In accordance with Article 250 (4) of the Group Supervisory Authority, a company involved has informed the group that the If the solvency capital requirement of the group is no longer covered or if there is a risk that this case will occur within the next three months, the group supervisory authority shall inform the other supervisory authorities of the supervising college. (5) If exceptional circumstances occur, or have already occurred, the Supervisory authority shall, as a supervisory authority responsible for the supervision of a single insurance undertaking of a group, or as a group supervisory authority, immediately hold a meeting of all supervisory authorities within the meaning of the first sentence of paragraph 1, in particular, if

1.

a substantial breach of the Solvency Capital Requirement or a breach of the minimum capital requirement of an insurance undertaking shall be established; or

2.

a substantial breach of the group's solvency capital requirement.

Footnote

(+ + + § 284: For application, see § 247 (1), § 248 (1) sentence 4, § 290 (1) sentence 1 and § 292 sentence 2 + + +) Unofficial table of contents

Section 285 Mutual consultation of supervisory authorities

(1) Before any decision which is relevant to the supervisory activities of other supervisory authorities, the supervisory authority shall, within the framework of the colleges of supervisors, consult the other supervisory authorities concerned on:

1.

the approval of changes in the shareholder, organisational or management structure of an insurance undertaking of the group;

2.

the decision to extend the deadline for remediation in accordance with Section 134 (3) to (6);

3.

significant sanctions or exceptional prudential measures with regard to an insurance undertaking of the group.

Exceptional measures within the meaning of the first subparagraph of point 3 shall be, in particular, the fixing of a capital charge on the Solvency Capital Requirement and a restriction on the use of the internal model. (2) For the purposes of The first sentence of paragraph 1, points 2 and 3, shall always be a member of the group supervisory authority. Where a decision is based on information submitted by other supervisory authorities, the supervisory authorities concerned shall also hear each other prior to that decision. (3) The supervisory authority may be consulted by other supervisory authorities. Supervisors shall be able to check if a hurry is necessary or if such a hearing could affect the effectiveness of the decision. In such a case, the supervisory authority shall immediately inform the other supervisory authorities concerned of their decision.

Footnote

(+ + + § 285: For application, see § 247 (1), § 248 (1) sentence 4, § 290 (1) sentence 1 and § 292 sentence 2 + + +) Unofficial table of contents

§ 286 Cooperation with affiliated companies

(1) An insurance undertaking established in Germany shall be an insurance undertaking, a credit institution within the meaning of Directive 2006 /48/EC, or an investment firm within the meaning of Directive 2004 /39/EC in another Member State, or Contracting State directly or indirectly connected or has a joint undertaking with such a company, the supervisory authority of the supervisory authority of the other Member State or of the Contracting State shall immediately transmit the Information which it provides for the fulfilment of the supervisory obligations under the Directive 2009 /138/EC allow or facilitate. The information provided for in the first sentence shall include, in particular, information on the actions of the group and of the supervisory authorities, and information provided by the group. At the request of the supervisory authority of the other Member State or the Contracting State, the supervisory authority shall also forward information which is appropriate to enable supervision under the Directives 2009 /138/EC and 2002 /87/EC, or to . The supervisory authority shall also forward information to the extent required by delegated acts of the European Commission in accordance with Article 249 (3) of Directive 2009 /138/EC. (2) The parent undertaking of a group shall have its registered office in Germany and where the supervisory authority is not the group supervisory authority, the supervisory authority shall, at the request of the group supervisory authority, be empowered by the parent undertaking to provide information on all the business matters of the group, as well as to the supervisory authority. and consignment of all the business documents relating to the Group, which shall be submitted to the (3) The Supervisory Authority shall recognise decisions pursuant to Article 231 (3) or (6). (3) The Supervisory Authority shall recognise decisions pursuant to Article 231 (3) or (6). and in accordance with Article 237 (3) of Directive 2009 /138/EC of a supervisory authority of another Member State or of a Contracting State as a group supervisory authority, and applies it.

Footnote

(+ + + § 286: For application cf. § 247 (1), § 248 (1) sentence 4 and § 292 sentence 2 + + +) Unofficial table of contents

Section 287 Forced measures

(1) An insurance undertaking of a group does not satisfy the requirements of § § 250 to 272 to the solvency of the group, or the solvency of the group is at risk, although it complies with the requirements, or endangers the group's internal solvency Transactions or risk concentrations the financial position of the insurance undertaking, the supervisory authority shall ask the insurance undertaking to take measures to ensure that the situation is to be corrected without delay. At the same time, the group supervisory authority shall require the appropriate measures to be taken by the insurance holding company or the mixed financial holding company. (2) If the supervisory authority is a group supervisory authority, it shall be the seat of the supervisory authority. The insurance holding company, the mixed financial holding company or the insurance undertaking in another Member State or State Party, it shall inform the supervisory authority of the other State of its findings in order to ensure that the (3) The Supervisory Authority shall coordinate their coercive measures with the other supervisory authorities concerned and the group supervisory authority, in particular in cases where the head office or principal place of business of an insurance holding company or of an insurance holding company is a mixed financial holding company is not located at the location of its registered office. This shall also apply if the supervisory authority is a group supervisory authority.

Footnote

(+ + + § 287: For application, see § 247 (1), § 248 (1) sentence 4 and § 292 sentence 2 + + +)

Chapter 4
Third countries

Unofficial table of contents

§ 288 parent company established in a third country

(1) For an insurance undertaking of a group whose parent undertaking is an insurance holding company, a mixed financial holding company or an insurance undertaking based in a third country, it is necessary to establish whether: it shall be supervised by the supervisory authority of the third country concerned in a manner equivalent to that of group supervision in the Member States or States Parties. The determination shall be made on the basis of, or at the request of, one of the undertakings concerned. Where the European Commission has adopted a delegated act in accordance with Article 260 (3) of Directive 2009 /138/EC with regard to a third country, it shall be recognised as binding. (2) The European Commission shall not have a delegated act on the equivalence of the supervisory system of the third country concerned, the supervisory authority shall, where it is responsible for the group supervision in the application of the criteria referred to in Article 279 (2), shall determine the determination in the sense of the Paragraph 1. It shall take part in the decision of the other supervisory authorities concerned and the European Insurance and Occupational Pensions Authority. (3) The determination shall be made on the basis of the European Insurance and Occupational Pensions Authority (ESAs). Commission referred to in Article 260 (2) of Directive 2009 /138/EC. The Group Supervisory Authority shall be bound by a determination previously made to a third country. This shall not apply if re-examination is necessary because the supervisory system or the supervisory system of the third country as described in Chapter VI of Title I of Directive 2009 /138/EC has changed significantly. (4) Is the supervisory authority the supervisory authority concerned and is not in agreement with the determination, it may, in accordance with Article 19 of Regulation (EU) No 1094/2010, be able to act within three months of the notification of the decision by the supervisory authority acting as a group supervisory authority. Authority to the European Insurance and Occupational Pensions Authority (5) If the European Commission, in a delegated act in accordance with Article 260 (5) of Directive 2009 /138/EC, has established that the prudential rules of a Member State should be subject to the following conditions: In the case of a third country provisionally considered to be equivalent, it shall apply during the period referred to in the act of Article 289. This shall not apply if an insurance undertaking with its head office has a balance sheet total which is above the balance sheet total of the parent company established in a third country. In this case, the authority acting as a group supervisory authority shall be responsible for the task of the group supervisory authority. Unofficial table of contents

§ 289 equivalence

(1) If equivalent supervision has been established in the review procedure in accordance with § 288, the supervisory authority shall recognise the group supervision carried out in the third country as binding. (2) § § 279 to 287, 293 (1), § 298 (1), § 305 Paragraph 1 (1), Article 306 (1) (1) (1) and (309) shall apply in the case of cooperation with the supervisory authorities of the third country.

Footnote

(+ + + § 289: For application see Section 288 (5) sentence 1 + + +) Unofficial table of contents

§ 290 Lack of equivalence

(1) If there is no equivalent supervision within the meaning of § 288, § § 250 to 265 and 271 to 285 as well as 309 are to be applied accordingly; paragraph 4 shall remain unaffected. The general principles and calculation methods set out in § § 250 to 265 and 271 to 285 are at the level of the insurance holding company, the mixed financial holding company or the third country insurance company (2) Where the parent undertaking is an insurance holding company or a mixed financial holding company, the latter shall be exclusively used for the calculation of the group's solvency as an insurance undertaking is treated. The solvency capital requirement shall be calculated in accordance with Section 257; the own funds which may be used to comply with the Solvency Capital Requirement shall be determined in accordance with Part 2, Chapter 2, Section 2, Subsection 1. where the parent undertaking is an insurance undertaking of a third country, the latter shall be treated exclusively for the calculation of the solvency of the group as an insurance undertaking. The solvency capital requirement shall be calculated in accordance with § 258; the own funds which may be used to comply with the Solvency Capital Requirement shall be determined in accordance with Part 2, Chapter 2, Section 2, Subsection 1. (4) The supervisory authority may, after consulting the other supervisory authorities concerned, with the consent of the group supervisory authority, use methods other than those regulated in Articles 250 to 265 and 271 to 285 if they are subject to appropriate supervision. of the insurance undertakings of the Group. It may, in particular, require the establishment of an insurance holding company or a mixed financial holding company established in the European Community, and the rules on the supervision of groups to be applied to the apply insurance companies to the group at the top of which this insurance holding company or mixed financial holding company is located. Only methods that are conducive to achieving the objectives of group supervision can be chosen. The supervisory authority shall inform the other supervisory authorities concerned and the European Commission of the methods chosen. (5) In the case of cooperation with the supervisory authorities of the third country, Section 289 (2) shall apply.

Footnote

(+ + + § 290: For application see Section 291 (2) sentence 3 + + +) Unofficial table of contents

Section 291-Level of supervision

(1) Where a parent undertaking established in a third country is itself a subsidiary of an insurance holding company or a mixed financial holding company established outside the European Economic Area or a joint financial holding company Third-country insurance undertaking, the review referred to in § 288 shall be reviewed only at the level of the supreme parent undertaking, which is a third country insurance holding company, a mixed third country financial holding company or a third country insurance undertaking. (2) The supervisory authority may: in the absence of equivalent supervision at a lower level, a re-examination of a parent undertaking of insurance undertakings, whether or not it is a Third country insurance holding company, a mixed third country financial holding company or a third country insurance undertaking. In this case, the supervisory authority of the group referred to in Article 288 (2) shall explain the decision. § 290 shall apply accordingly.

Chapter 5
Insurance holding companies and mixed financial holding companies

Unofficial table of contents

§ 292 intra-group transactions

Where one or more insurance undertakings have a mixed insurance holding company or a mixed financial holding company as parent undertakings, the intra-group transactions between those insurance undertakings shall be subject to the following conditions: and the mixed insurance holding company of general supervision. § § 274, 284 to 287, 293 (1), § 298 (1), § 305 (1) (1) and § 328 are to be applied accordingly. Unofficial table of contents

§ 293 Supervision

(1) For insurance holding companies and mixed financial holding companies, in addition to paragraph 3, § § 4, 16 to 26, 29, 30, 32, 47 number 1, 2 and 5 to 7, as well as § § 303, 305, 306, 310 and 333 apply accordingly; § 299 shall remain unaffected. In the case of undertakings which also operate the primary or reinsurance business, only the provisions relating to the supervision of primary or reinsurance undertakings shall apply in addition to the provisions of paragraph 2. (2) In the cases of § 287, the supervisory authority may (3) The supervisory authority may have powers, the institutions of an insurance holding company or a mixed financial holding company, or a mixed financial holding company. Financial holding company according to law, statute or rules of procedure shall be transferred, in whole or in part, to a special representative if:

1.

where it is clear that one or more directors or members of the Supervisory Board do not meet the requirements of Section 24; or

2.

the insurance holding company or mixed financial holding company sustainably against the provisions of this law, the insurance contract law, the money laundering act, the regulation (EU) No 648/2012 or against the implementation of the of the law, which has failed to comply with Regulation (EU) No 648/2012 or Directive 2009 /138/EC, or acts contrary to the provisions of the Administrative Authority.

The second sentence of Article 307 (1) and (3), (2) to (4) shall apply accordingly. (4) For domestic undertakings whose principal activity is the acquisition and holding of direct or indirect holdings in primary or reinsurance undertakings, or Pension funds and which are not already subject to supervision under this Act shall be subject to paragraphs 1 to 3.

Footnote

(+ + + § 293 (1): For the application, see § 247 (1), § 248 (1) sentence 4 and § 292 sentence 2 + + +)

Part 6
Supervision: tasks and general powers, organisation

Chapter 1
Tasks and general provisions

Unofficial table of contents

Section 294 Tasks

(1) The main objective of supervision is to protect policyholders and beneficiaries of insurance benefits. (2) The supervisory authority shall monitor the entire business of insurance undertakings in the context of legal supervision. in general and financial supervision in particular. It shall ensure compliance with the laws applicable to the operation of the insurance business and, in the case of first insurance undertakings, in addition to the adequate protection of the interests of the insured persons. In doing so, it shall take appropriate account of the possible impact of its decisions on the stability of the financial system in the countries of the European Economic Area concerned. In the case of exceptional movements in the financial markets, it shall take into account the potential pro-cyclical effects of its actions. (3) The legal supervision shall be subject to the proper conduct of the business, including the Compliance with the prudential, insurance-related and all other provisions relating to the insured persons and the legal basis of the business plan. (4) In the context of financial supervision, the Supervisory Authority for the entire business activities on the permanent fulfilment of the Obligations arising from insurance and, in particular, the solvency and long-term risk-bearing capacity of the insurance undertaking, the formation of sufficient technical provisions, the investment in appropriate appropriate assets and compliance with the commercial principles, including a proper business organisation, and compliance with the other financial principles of the business operation. (5) The supervisory authority shall examine and regularly assesses the strategies, processes and Reporting procedures laid down by insurance undertakings in order to comply with the laws, regulations and administrative provisions adopted pursuant to Directive 2009 /138/EC (supervisory review procedure). The supervisory review procedure shall include the assessment of the qualitative requirements with regard to the business organisation, the assessment of the risks to which the undertakings are or may be exposed, and the assessment of the ability of the Companies to assess and stand up to these risks, taking into account the business environment. The supervisory authority shall determine the minimum frequency and scope of such reviews, assessments and evaluations, taking into account the nature, scope and complexity of the activities of the insurance undertaking concerned. (6) The Oversight extends beyond the territory of the country to the business activities carried out in other Member States or States Parties through branches or services. In doing so, the supervision of financial supervision in sole responsibility, the supervision of the other Member State shall be exercised in cooperation with the supervisory authority of the other Member State or the Contracting State. (7) The supervision shall also be based on the liquidation of a company and (8) The supervisory authorities shall carry out their duties and powers only in the case of the processing of the existing insurance, if the business is prohibited or voluntarily ceased to operate. (8) public interest.

Footnote

(+ + + § 294 (2) sentence 2 to 4: For application, see Section 62 (1) sentence 2 no. 6 + + +)
(+ + + § 294 (2) and 3: For use, see Section 234 (3), first sentence, No. 11 and Section 237 (3) (10) + + +)
(+ + + § 294 (5): For application, see Section 234 (2) sentence 6 + + +)
(+ + + § 294 (5) and 6 sentence 2: For use, see Section 237 (1) sentence 2 + + +) Unofficial table of contents

§ 295 Use of Ratings

The competent supervisory authority in accordance with this law shall also be a sectoral competent authority within the meaning of Regulation (EC) No 1060/2009, as amended, for the purposes of the scope of Regulation (EC) No 1060/2009. Entities subject to the supervision of this Act. Unofficial table of contents

Section 296 Principle of proportionality

(1) The supervisory authority shall apply the provisions of this Act in a manner appropriate to the nature, scope and complexity of the risks associated with the activities of the entities which it oversees. (2) Paragraph 1 shall apply mutatily to the legislator in so far as this law authorises the adoption of legal regulations. Unofficial table of contents

§ 297 Discretion

(1) The supervisory authority shall take its measures in accordance with its discretion. (2) If a risk is taken into account for a number of means, it shall be sufficient if one of them is to be determined. At the request of the person concerned, the person concerned shall be allowed to use another equally effective means, provided that the interests of the insured persons are not affected to a greater extent by this. Unofficial table of contents

Section 298 General supervisory powers

(1) In relation to first insurance undertakings, members of their board of directors and other directors and persons controlling the first insurance undertakings, the supervisory authority may take all measures that are appropriate and appropriate: in order to avoid or eliminate maladministration. An instance of maladministration is any behaviour of an insurance undertaking which is contrary to the supervisory objectives of Section 294 (2). Malfunctions are also weaknesses or shortcomings identified by the supervisory authority in the context of the supervisory review process. (2) In relation to reinsurance undertakings, members of their board of directors and other directors or other directors, or the persons controlling the reinsurance undertaking may take all measures necessary and necessary for the supervisory authority to ensure that:

1.

the laws applicable to the operation of the reinsurance business and the supervisory arrangements are complied with,

2.

in particular, reinsurance undertakings shall be in a position to fulfil their obligations under reinsurance at any time; and

3.

Any weaknesses or deficiencies identified by the supervisory authority in the context of the supervisory review process.

(3) The supervisory authority may have a reinsurance or retrocession contract which an insurance undertaking with a reinsurance undertaking or a first insurance undertaking authorised under Article 14 of Directive 2009 /138/EC (4) The Federal Ministry of Finance is authorized to act in general or for individual cases by means of a regulation of the law of the Federal Republic of Germany. Insurance branches of insurance undertakings and intermediaries of to prohibit insurance contracts in any form, to the policyholder in any form; in the same way it may, in general or for individual classes, prohibit the insurance undertaking from concluding contracts for the benefit of the insurance undertaking; and extend it. The authorisation may be transferred to the Federal Institute by means of a legal regulation. Legal regulations according to sentences 1 and 2 do not require the approval of the Bundesrat.

Footnote

(+ + + § 298: For application, see Section 62 (1) sentence 2 no. 6 + + +)
(+ + + § 298 (1): For application, see § 292 sentence 2 + + +)
(+ + + § 298 (1) and 2: For use, see Section 247 (1) and Section 248 (1) sentence 4 + + +) Unofficial table of contents

Section 299 Extension of supervisory powers

The Supervisory Authority may also take immediate action in accordance with Section 298 (1) or (2)

1.

other undertakings to which an insurance undertaking has outsourced activities; and

2.

Insurance holding companies within the meaning of Article 7 (31), mixed insurance holding companies within the meaning of Section 7 (11) and mixed financial holding companies within the meaning of Section 7 (10) and with respect to the persons who: The transactions of these holding companies actually lead.

Footnote

(+ + + § 299 N ° 1: For the application, see Section 62 (1) sentence 2 no. 6 + + +) Unofficial table of contents

Section 300 Change of business plan

The supervisory authority may require a business plan to be amended before new insurance contracts are concluded. If it appears to be necessary in order to safeguard the interests of the insured, the supervisory authority may amend or repeal a business plan with effect on existing insurance relationships, as well as for insurance contracts which have not yet been developed. The rates 1 and 2 shall not apply to reinsurance undertakings.

Footnote

(+ + + § 300: For application, see Section 237 (3) (11) + + +) Unofficial table of contents

Section 301 Capital impact

(1) The supervisory authority may set a capital charge on the solvency capital requirement for an insurance undertaking only if:

1.

the insurance undertaking ' s risk profile deviates significantly from the assumptions underlying the Solvency Capital Requirement calculated using the Standard Formula and, if the requirement in accordance with Article 96 (2), an internal be used, inappropriate or unsuccessful, or an internal full or partial model required under section 96 (2) is still being developed,

2.

the insurance undertaking ' s risk profile deviates significantly from the assumptions underlying the Solvency Capital Requirement, calculated in accordance with an internal model used as a full or partial model, because quantifiable risks have been insufficiently recorded and the adjustment of the model in order to improve the image of the actual risk profile within a reasonable time frame has failed,

3.

the business organization of an insurance undertaking deviates significantly from the standards set out in Part 2, Chapter 1, Section 3, and if:

a)

these deviations prevent the company from adequately recognizing, measuring, monitoring, managing and reporting on the risks to which it is exposed or may be exposed to exposure to the risks to which it is exposed or may be exposed to such risks; and

b)

the application of other measures is unlikely to adequately address the deficiencies within a reasonable time frame

or

4.

the insurance undertaking applies the matching adjustment in accordance with § 80, the volatility adjustment according to § 82 or the transitional measures in accordance with § 351 or § 352, and the supervisory authority concludes that the risk profile of this company is significantly different from the assumptions underlying this adjustment or transitional measure.

(2) In the cases referred to in paragraph 1 (1) and (2), the capital charge shall be calculated in such a way as to ensure compliance by the undertaking with the requirements of paragraph 97 (2). In the cases referred to in paragraph 1 (3), the capital charge shall be proportional to the significant risks associated with the deficiencies and which have led to the decision of the supervisory authority to fix the capital charge. In the cases referred to in point (4) of paragraph 1, the capital surcharge shall be proportional to the significant risks arising out of the deviations referred to therein. (3) The fixing of a capital surcharge shall be fixed in the number referred to in paragraph 1, point 2 and 3, the insurance undertaking shall not be able to remedy the deficiencies found; the supervisory authority shall, where necessary, take further measures to eliminate the maladministration. (4) The capital charge shall be determined by the supervisory authority. the supervisory authority shall be reviewed at least once a year and shall be repealed as soon as the (5) The Solvency Capital Requirement, including the required capital charge, shall replace the Insufficient Solvency Capital Requirement. In the calculation of the risk margin in accordance with Section 78, a capital charge fixed in accordance with paragraph 1 (3) shall be disregarded.

Footnote

(+ + + § 301: refer to the application) Section 264 (2) and Section 265 (6) sentence 4 + + +) Unofficial table of contents

Section 302 Subversion of participation

(1) Where a first insurance undertaking is involved in another undertaking which is not subject to supervision, and if, by virtue of its nature or scope, the participation is likely to endanger the insurance undertaking, the supervisory authority may: prohibit the insurance undertaking from continuing to participate, or only under the condition that the undertaking is liable in accordance with Section 341k of the Commercial Code as well as in accordance with Articles 35 and 36 of this Act, at its expense or at the expense of the The insurance undertaking shall be checked. If the undertaking refuses to do so, or if there is any concern about the participation in the examination, the supervisory authority shall prohibit the undertaking from continuing. (2) As a participation within the meaning of paragraph 1, it shall also apply where: Member of the Board of Management or Supervisory Board of the insurance undertaking shall exercise or be in a position to influence the management of any other company. Unofficial table of contents

§ 303 Abiding of persons with key tasks, warning

The supervisory authority may warn a person who actually leads an insurance undertaking or who is responsible for other key tasks in an insurance undertaking if the insurance undertaking is in breach of the provisions of this Directive. Law, the Insurance Contracts Act, the Money Laundering Act, the Regulation (EU) No 648/2012, against the legal regulations issued for the implementation of this Act, which are intended for the implementation of Regulation (EU) No 648/2012 or the Directive 2009 /138/EC, acts or arrangements of Supervisory authority. The subject of the warning is the determination of the relevant facts and the resulting infringement. (2) The supervisory authority may decide to dissume a person who actually leads an insurance company or for other persons. He/she is responsible for key tasks in an insurance undertaking, and shall prohibit that person from carrying out his duties if:

1.

where it is established that the person does not fulfil the conditions laid down in § 24;

2.

the person acting as manager intentionally or recklessly against the provisions of this Act, the Insurance Contracts Act, the Money Laundering Act, the Regulation (EU) No 648/2012, against the provisions adopted for the implementation of this Act Legal regulations, which have failed to comply with Regulation (EU) No 648/2012 or Directive 2009 /138/EC, or against orders of the Supervisory Authority, and which, despite warning by the supervisory authority of that conduct continue or

3.

the person as a member of the Supervisory Board has remained hidden from the company's fundamental infringements of the principles of sound management due to the exercising of their supervisory and control functions in an irregular way, or they do not all In spite of the warning by the supervisory authority, it has caused the necessary infringements to be eliminated.

(3) If the court has to convene a member of the Supervisory Board at the request of the Supervisory Board, this request may also be filed by the Supervisory Authority if the conditions set out in paragraph 2 (1) or (2) are fulfilled if the Supervisory Board does not comply with the requirements of the Supervisory Board. The appointment of the supervisory authority has not been complied with.

Footnote

(+ + + § 303: For use, see Section 62 (1) sentence 2 no. 6 + + +) Unofficial table of contents

Section 304 Revocation of permission

(1) The permission to operate is to be revoked,

1.

in so far as the insurance undertaking expressly waived them,

2.

if the insurance undertaking does not comply with the minimum capital requirement and the supervisory authority considers that the proposed financing plan is manifestly insufficient or does not succeed in the enterprise, within three months after the non-coverage of the minimum capital requirement has been established, to comply with the approved financing plan;

3.

if the insurance undertaking has been excluded from the security fund in accordance with section 229, or

4.

if the insolvency proceedings are opened.

The revocation of the permit shall not preclude the legal actions of the insurance undertaking required in the course of insolvency proceedings. (2) The authorisation shall be revoked if the insurance undertaking has been within the scope of the has not made use of it for twelve months, or has ceased operations for more than six months. (3) The supervisory authority may revoke the authorisation in whole or in part if:

1.

the company no longer fulfils the conditions required for the granting of the permit, or

2.

the company seriously infringes any obligations under the law or the business plan.

The supervisory authority shall inform the supervisory authorities of all other Member States or States Parties in which the undertaking carries on its business, and the European Insurance and Operational Supervisory Authority (ESAs). Retirement provision over the revocation of permission. It shall take all measures, alone or together with those authorities, which are likely to safeguard the interests of the insured person of a first insurance undertaking or the interests of the pre-insurers of a reinsurance undertaking. In particular, it may restrict or prohibit the free disposal of the assets of the company and transfer the assets to suitable persons. (5) After the revocation of the permit, no new Insurance contracts are more completed and previously completed neither increased nor extended. (6) In the case of mutual insurance associations, the revocation of the permit for the entire business operation acts as a resolution decision. On the notice of the supervisory authority, the revocation shall be entered in the commercial register. (7) § 48 (4) sentence 1 and § 49 (2) sentence 2 of the Administrative Procedure Act on the annual period shall not be applied.

Footnote

(+ + + § 304 (4) to (6): For application, see Section 66 (3) sentence 3 + + +) Unofficial table of contents

§ 305 Survey, obligation to provide information

(1) The supervisory authority shall have the power to:

1.

information on all business matters and the presentation or transmission of all business documents, in individual cases, by insurance undertakings, members of their institutions, their employees and the persons controlling the undertakings in particular, the general insurance conditions, the tariffs, the forms and other printed documents used by the insurance undertaking in the course of transport with the policyholders or the insurance undertakings to be issued (pre-insurers) , as well as the enterprise contracts and the contracts relating to to require breakdowns and

2.

request information from an insurance undertaking included in the group supervision referred to in Part 5 and the persons referred to in paragraph 1 above, and the submission of documents relating to the business matters which are useful for group supervision; the insurance undertaking shall not, in spite of a request, provide such information within a reasonable period of time, and the supervisory authority may also provide information, transmission or submission to all other undertakings of the group. of the documents.

(2) The Supervisory Authority shall also have the rights referred to in paragraph 1 (1)

1.

Persons and undertakings which, as insurance agents or insurance agents, have provided or have provided insurance contracts to an insurance undertaking, in so far as it is necessary for the purposes of assessing the business and financial situation of the insurance undertaking. the insurance undertaking or the performance of the obligations under § § 53 to 56 or the provisions of the Money Laundering Act by an insurance undertaking within the meaning of § 52;

2.

Persons and undertakings to which an insurance undertaking has outsourced functions or activities and its auditors and independent trustees within the meaning of this Act or of the Insurance Contracts Act; the obligation to provide information the auditor is limited to facts that have become known to them in the course of the final examination;

3.

persons and undertakings which have shown an interest in participation in accordance with Article 17 (1) (1) or which are indicated as holders of significant holdings in the context of a permit application pursuant to § 9;

4.

the holders of a significant holding in an insurance undertaking and the undertakings controlled by them;

5.

persons and undertakings in which the facts justify the assumption that they are persons or undertakings within the meaning of point 4; and

6.

Persons and undertakings connected to a person or a company within the meaning of points 3 to 5 of the German Stock Corporation Act (AktG).

(3) A company which has a fixed or factual basis to justify the assumption that it operates unauthorised insurance transactions (Article 308 (1) sentence 1) or that it is involved in the initiation, conclusion or settlement of unauthorised insurance transactions , as well as the members of the institutions and members and employees of such an undertaking, the Supervisory Authority shall, on request, provide information on all business matters and shall submit documents. Members of an institution, members and employees shall, on request, also provide information and submit documents after leaving the institution or the undertaking. (4) Paragraph 3 shall apply mutatily, to the extent that:

1.

, or to justify the assumption that undertakings or persons are involved in the initiation, conclusion or settlement of insurance operations carried out in another Member State or State Party or in a third State contrary to a corresponding prohibition in that State, and

2.

the competent authority of the other State shall make such a request to the supervisory authority.

(5) Anyone who is obliged to provide information in accordance with paragraphs 1 to 3 may refuse to provide information on such matters, the answer to which is itself or one of the members of the civil procedure referred to in Article 383 (1) (1) (1) to (3) of the Code of Civil Procedure (6) The Supervisory Authority may retrieve individual data from the file in accordance with Section 24c (1), first sentence, of the Banking Act, to the extent that this is the case. To fulfil their supervisory responsibilities under this Act, in particular with regard to: unauthorised insurance business, is required and special urgent needs are available in individual cases. Section 24c (4) of the Banking Act shall be applied accordingly.

Footnote

(+ + + § 305 para. 1 No. 1: For the application, see § 169 (4) sentence 2, § 247 (1), § 248 (1) sentence 4 and § 292 sentence 2 + + +)
(+ + + § 305 para. 1, 2 No. 1 and others) 2, para. 3 to 5: For application, see Section 62 (1) sentence 2 no. 6 + + +)
(+ + + § 305 (5): For application, see Section 327 (1) sentence 1, para. 3 sentence 3 + + +) Unofficial table of contents

§ 306 Entry and search of rooms; seizure

(1) The supervisory authority shall have the power to:

1.

to carry out audits of the business operations in the business premises of the insurance undertakings, even without special occasions, in the context of group supervision in accordance with part 5 of the examination of the information referred to in section 305 (1) (2) and (§ 284), in the case of the insurance undertaking subject to the supervision of the group, the associated undertaking of that insurance undertaking, the parent undertaking of that insurance undertaking and the associated undertaking of a parent undertaking of that undertaking, make insurance undertakings;

2.

to carry out tests in such a way that it participates in an audit carried out by the insurance undertaking in accordance with Article 341k of the Commercial Code and that it itself meets the findings which it deems necessary; this does not apply to insurance undertakings, which are recognized as smaller clubs;

3.

to participate in the tests carried out in accordance with paragraphs 1 and 2, which may be determined in accordance with Section 341k in conjunction with Section 319 of the Commercial Code, or those persons carrying out tests in accordance with the Points 1 and 2; for these persons, the provision of Section 323 of the Commercial Code for statutory auditors shall apply in accordance with the provisions of paragraph 323;

4.

to attend meetings of the Supervisory Board and the meetings of the General Meeting or of the supreme representation, representatives to whom the floor is to be given on request; and

5.

call for the convening of the meetings and meetings referred to in paragraph 4 and the announcement of items for decision-making.

With a view to the approximation of the established supervisory practices, the staff of the European Insurance and Occupational Pensions Authority (ESO) shall have the following information in accordance with Article 21 (1) of Regulation (EU) No 1094/2010 of the European Parliament and of the Council of 24 November 2010 establishing a European Supervisory Authority (European Insurance and Occupational Pensions Authority), amending Decision No 716 /2009/EC and repealing Commission Decision 2009 /79/EC (OJ L 196, 27.7.2009, p. 48), the right to participate in audits of the colleges of supervisors referred to in Directive 2009 /138/EC in the business premises of insurance undertakings, which are jointly run by the supervisory authority and at least one competent authority of another Member State or Contracting State. (2) The Supervisory Authority shall also have the rights referred to in the first sentence of paragraph 1 (1) and (3)

1.

persons and undertakings which, as insurance agents or insurance brokers, have provided or have provided insurance contracts to an insurance undertaking,

2.

persons and undertakings to which an insurance undertaking has functions or activities,

3.

persons and undertakings which have shown an interest in participation in accordance with Article 17 (1) (1) or which are listed as holders of significant holdings in the context of a permit application pursuant to § 9;

4.

holders of a significant holding in an insurance undertaking and the undertakings controlled by them,

5.

persons and undertakings in which the facts justify the assumption that they are persons or undertakings within the meaning of point 4; and

6.

Persons and undertakings connected to a person or a company within the meaning of points 3 to 5 of the German Stock Corporation Act (AktG).

For the cases referred to in point 1 of the first sentence, this shall apply only in so far as it is necessary for the assessment of the business operation and the financial situation of the insurance undertaking or the performance of the obligations in accordance with § § 53 to 56 or the provisions of the Money laundering law by an insurance company within the meaning of section 52 is significant. In relation to the persons and undertakings referred to in points 3 to 6 of the first sentence, the supervisory authority may take the measures referred to in the first sentence of paragraph 1, points 4 and 5, where there is evidence of a reason for subsatiation in accordance with Article 18 (1) (1) to (6) and (2). (3) The supervisory authority shall, in the exercise of financial supervision, intend to enter into the business premises of a subsidiary in accordance with Section 58, a subsidiary of a reinsurance undertaking or the premises of a service provider to which a insurance undertaking, by means of its own staff or shall inform the supervisory authority of the other Member State or of the Contracting State by means of officers. Where the supervisory authority is prohibited from exercising its right to conduct such audits on the spot, or if it is effectively unable to take part in the audit, it may, in accordance with Article 19 of Regulation (EU) No 1094/2010, be entitled to: The Insurance and Occupational Pensions Authority shall deal with the matter and ask for assistance. The supervisory authority may delegate the examination of a service provider to the supervisory authority of the Member State or Contracting State in which the service provider is established. (4) Where it is necessary to determine the nature or extent of the transactions or activities , the supervisory authority may carry out audits on the premises of persons and undertakings subject to the requirements of Article 305 (3) and (4). (5) The staff of the supervisory authority and the persons referred to in the first sentence of paragraph 1 persons involved or responsible for the tests referred to in the first sentence of paragraph 1, points 1 and 2 in the cases referred to in the first sentence of paragraph 1, point 4 and in paragraph 4, enter and visit the premises of the audited entity within the normal operating and business hours, in the case referred to in paragraph 4. In order to prevent urgent threats to public security and public order, they may also enter and visit these spaces outside the usual operating and business hours, provided that they are also allowed to enter spaces and (6) searches of the apartment. (6) searches

1.

of business premises, except in the event of danger in default, and

2.

of rooms that serve as an apartment at the same time,

shall be ordered by the judge. The district court, in whose district the rooms are located, is responsible. The appeal is admissible against the judicial decision; § § 306 to 310 and 311a of the Code of Criminal Procedure are to be applied accordingly. A transcript is to be produced via the search. It must include the responsible service, the reason, the time and place of search and its result, and, if no judicial order has been issued, the facts which justify the adoption of a risk in default. (7) The officials of the supervisory authority may seize objects which may be of importance as evidence for the determination of the facts. (8) The persons concerned shall have measures in accordance with the first sentence of the first sentence of paragraph 1 to 3, the second sentence and the second sentence of paragraph 1 of the second sentence of paragraph 1. to be condoned in accordance with paragraphs 2, 4, 5 and 7. The fundamental right to inviolability of the apartment (Article 13 (1) of the Basic Law) is restricted to this extent.

Footnote

(+ + + § 306 subsection 1 sentence 1 no. 1 to 3, para. 2 sentence 1 no. 1 and 2, paras. 4 to 8: For application, see Section 62 (1) sentence 2 no. 6 + + +)
(+ + + § 306 para. 1 sentence 1 no. 1: For application see Section 247 (1) and Section 248 (1) sentence 4 + + +)
(+ + + § 306 (5): For application, see Section 327 (1) sentence 1, para. 3 sentence 3 + + +) Unofficial table of contents

Section 307 Special Representative

(1) The supervisory authority may delegate, in whole or in part, the powers of an institution to a special representative. It shall determine the extent to which the Special Representative may act in place of the bodies of the regulated entity. The Special Representative must be independent, reliable and professional. (2) The Special Representative shall be entitled, within the limits of his/her duties, to provide information and to provide information to the members of the institutions and employees of the Company and to submit To request documents to participate in all meetings and meetings of the institutions and other bodies of the enterprise in an advisory capacity, to enter the business premises of the company, to inspect its business documents and to take books and to investigate. The institutions and members of the organs shall assist the Special Representative in the performance of his duties. (3) The costs arising from the appointment of the Special Envoy, including the appropriate expenses to be granted, and the expenses incurred by the Special Envoy, shall be subject to the obligation of the Supervisory Authority to provide information on all the findings in the course of its activities. the remuneration shall be borne by the regulated entity. The amount of the remuneration shall be determined by the supervisory authority. The supervisory authority shall, at the request of the special representative, submit the outlays and the remuneration. (4) In the case of negligent conduct, the replacement obligation of the special representative shall be limited to EUR 1 million for an activity in the case of a person responsible for the supervision of the special representative. Insurance companies. If it is a public limited company whose shares are admitted to trading on the regulated market, the replacement obligation in the sense of the first sentence is limited to EUR 4 million. The restrictions set out in sentences 1 and 2 shall also apply where the special representative has delegated the powers of a number of institutions or if he has committed several acts to replace them.

Footnote

(+ + + § 307 (1) sentence 2 and 3, para. 2, 3 and 4: For use, see § 293 para. 3 sentence 2 + + +) Unofficial table of contents

Section 308 Unauthorised insurance transactions

(1) If insurance business is operated without the permission required under section 8 (1), the business activities shall be accepted in accordance with § 61 (1) or § 67 (1) or contrary to § 62 (3) sentence 2 or 3, or § 169 (3) sentence 2 continued (unauthorised insurance), the Supervisory Authority may order the immediate cessation of the business operation and the immediate handling of such transactions with the Company. The supervisory authority may publish its measures in accordance with paragraph 1, provided that such measures are unquestionable or immediately enforceable; personal data may be published only in so far as this is necessary for the security. (3) Paragraphs 1 and 2 shall apply mutaly to the members of the institutions and to the shareholders of the undertaking. (4) The powers of the The supervisory authority referred to in paragraphs 1 to 3 shall also exist in relation to the undertaking and the persons referred to in paragraph 3, in respect of which the undertaking or persons concerned justify the acceptance, conclusion or settlement of such operations, which is the subject of the acceptance or the facts of the case; in particular,

1.

undertakings which conclude or impart contracts to an undertaking within the meaning of paragraph 1; and

2.

Companies that perform functions or activities for such a company.

(5) The unwinder is entitled to an application for the opening of insolvency proceedings concerning the assets of the company. (6) The unwinder appointed by the Federal Institute shall receive appropriate remuneration and compensation for his expenses. The amounts paid shall be reimbursed separately to the Federal Institute by the company concerned and shall be pre-shot at the request of the Federal Institute. The Bundesanstalt may instruct the company concerned to pay the amount fixed by the Bundesanstalt directly to the developer on behalf of the Bundesanstalt, if this does not affect the independence of the winder (7) Where and as long as facts justify the assumption that an undertaking operates unauthorised insurance transactions, the supervisory authority may, under the name of the name or the company of the undertaking, on suspicion of suspicion, the public information. Sentence 1 shall apply mutatily if a company does not operate unauthorised insurance transactions but appears to be in the public's view. Prior to the decision to publish the information, the company shall be consulted. If the information published by the supervisory authority is deemed to be incorrect or the underlying circumstances are deemed to be incorrect, the supervisory authority shall inform the public thereof in the same way, in that the information in question has previously disclosed.

Footnote

(+ + + § 308: For application, see Section 62 (1) sentence 2 no. 6 + + +) Unofficial table of contents

§ 309 Obligation to comply with the obligation of confidentiality

The persons employed or commissioned by the insurance supervisory authorities and the members of the Insurance Advisory Board shall not be allowed to provide confidential information obtained in their activities to any other person or authority. . This shall also apply to other persons who are informed of the information referred to in the first sentence by means of service reporting. The provisions of sentences 1 and 2 shall not apply to the disclosure of information in summary or aggregate form in which the individual insurance undertakings are not to be identified. (2) The obligation of confidentiality referred to in the first sentence of paragraph 1 shall not be applied to the confidentiality of the information provided for in the first subparagraph. Exchange of information with the competent authorities of other Member States or States Parties. For the information received, the obligation of confidentiality referred to in the first sentence of paragraph 1 shall apply. (3) An exchange of information with competent authorities of third countries shall be permitted only if the protection of the information to be provided by the competent authorities is protected by the Professional secrecy is guaranteed at least as well as under this provision. This exchange of information must serve to carry out the supervisory tasks of these authorities. If the information provided by a Member State originates from another Member State, it may not be disclosed without the express consent of the supervisory authority of that Member State and then only for the purposes of: (4) The supervisory authorities may only use information which they receive under paragraphs 1 and 2 of this Article

1.

to examine the application of an insurance undertaking for the grant of the permit,

2.

to monitor the activities of an insurance undertaking, a group or a financial conglomerate;

3.

for orders of the supervisory authority and for the prosecution and prosecution of administrative offences by the supervisory authority,

4.

in the context of an administrative procedure relating to appeals against a decision of the supervisory authority; and

5.

in the context of proceedings before administrative courts, insolvency courts, law enforcement authorities or courts responsible for criminal and fine-related matters.

(5) The obligation of confidentiality referred to in the first sentence of paragraph 1 shall not, in particular, provide for the disclosure of information to:

1.

law enforcement agencies or courts responsible for criminal and judicial matters,

2.

by law or by the public order with the supervision of insurance undertakings, insurance intermediaries, credit institutions, capital management companies, externally managed investment companies, EU management companies, or Foreign AIF management companies, financial firms, financial markets or payment transactions or bodies entrusted with the prevention of money laundering, as well as persons responsible for the prevention of money laundering,

3.

The liquidation or insolvency of an insurance undertaking, credit institution, financial services institution, investment company or other financial institution,

4.

with the statutory audit of the accounts of insurance companies, credit institutions, capital management companies, externally managed investment companies, EU management companies or foreign AIF management companies or financial undertakings, as well as entities which supervise the persons referred to above,

5.

central banks,

6.

the European Central Bank, the central banks of the European System of Central Banks and other bodies with a similar function in their capacity as monetary institutions, the European Insurance and Insurance Supervisory Authority, and the occupational pension schemes, the European Banking Authority, the European Securities and Markets Authority, the Joint Committee of European Supervisory Authorities, the European Systemic Risk Board or the European Commission Commission,

7.

Authorities responsible for oversight of payment and settlement systems,

8.

Facilities for the management of security funds,

9.

parliamentary committees of inquiry pursuant to Section 1 of the Committee of Inquiry into Inquiry pursuant to Article 18 (2) of the Committee of Inquiry into the Committee of Inquiry,

10.

the Federal Constitutional Court,

11.

the Federal Court of Auditors, provided that its investigation order relates to the decisions and other activities of the Federal Institute under this Act or delegated acts pursuant to Directive 2009 /138/EC,

12.

administrative courts in administrative disputes in which the Federal Agency is defendant, with the exception of legal proceedings under the Freedom of Information Act,

(6) In a crisis situation, in particular a crisis situation, as described in Article 18 of Regulation (EU) No 1094/2010, information may be immediately available to the the European Central Bank, the central banks of the European System of Central Banks and the European Systemic Risk Board, to the extent that such bodies require the information to carry out their duties. (7) The obligation to remain silent pursuant to the first sentence of paragraph 1 shall not apply to the Exchange of information with all companies belonging to a group within the meaning of Section 7 (13), even if it is information from other group-affiliated companies. (8) For the information provided for in paragraphs 5 (1) to (8) and (10) to (12) and the members of the committees referred to in paragraph 5 (9) shall, in accordance with the provisions of the first sentence of paragraph 1, be subject to the obligation to observe the obligation to observe the obligation to observe the obligation to observe the rules. Where a body referred to in paragraph 5 (1) to (8) and (12) is situated in another State, the information may be disclosed only if the persons employed by that body and designated by that body are subject to the provisions of paragraph 1 of this Article. The following shall be subject to the obligation of confidentiality. The body of a third country shall be informed that the information transmitted may not be used for any other purpose. Information originating from another State may be disclosed only with the express consent of the competent authorities which have disclosed it and only for those purposes to which those bodies have agreed. (9) The § § 93, 97, 105 (1), 111 (5) in conjunction with Section 105 (1) and Section 116 (1) of the Tax Code shall not apply to the persons referred to in paragraph 1 to the extent that they are active in the implementation of this Act. This does not apply to the extent that the financial authorities require the knowledge required for the execution of a procedure for a criminal offence and for a related taxation procedure. (10) Confidential information provided by the supervisory authority of the , the second sentence of the first sentence of paragraph 2 and points 2 to 7 shall not be disclosed in the course of the official reporting referred to in the second sentence of paragraph 1 only if the competent authority has obtained the agreement which the competent authority is responsible for: Information provided. The same shall apply to information obtained in carrying out a local examination of an establishment in another Member State or State Party, in which case the consent of the competent authority of the Member State or of the Member State of the Member State of the Member State of the European Union shall be deemed to be the The provisions of the Federal Data Protection Act shall remain unaffected.

Footnote

(+ + + § 309: For application, see Section 290 (1) sentence 1 + + +) Unofficial table of contents

§ 310 By-provisions; exclusion of the suspenseable effect

(1) Administrative acts in accordance with this Act or pursuant to a decree law issued pursuant to this Act may be provided with secondary provisions. (2) Opposition and challenge action against decisions of the supervisory authority pursuant to § 18 (1) and 2, § § 20, 36, 134 (7), § 135 (3) and § § 264 and 298 in conjunction with § § 15, 294 (6) and § 295 as well as § § 301, 312 and 314 do not have a suspensive effect.

Footnote

(+ + + § 310: For application, see Section 62 (1) sentence 2 no. 6 + + +)

Chapter 2
Measures to be taken

Unofficial table of contents

Section 311 Display of insolvency

(1) As soon as the insurance undertaking becomes insolvent, its Management Board shall notify this to the Supervisory Authority. This shall apply mutatily if the assets of the insurance undertaking are no longer covered by the debt. This obligation of notification shall replace the obligation imposed on the Management Board by other statutory provisions to apply for the opening of the insolvency proceedings in the event of insolvency or over-indebtedness. (2) Stay with insurance associations on Reciprocity and, in accordance with the principle of reciprocity, public insurance undertakings in respect of which surpluses or repayments are to be made, repayments or repayments shall be subject to a period of five months on the basis of maturity, so the board has to consider whether it is not possible to shall not be taken into consideration or any rebates received shall not be taken into account; if this is the case, he shall notify the supervisory authority within one month of the expiry of the designated period of time. The same obligations have the liquidators. Unofficial table of contents

Section 312 Opening of insolvency proceedings

(1) The application for the opening of insolvency proceedings concerning the assets of an insurance undertaking can only be made by the supervisory authority. (2) The application for the opening of insolvency proceedings concerning the assets of an insurance undertaking shall be subject to the following: Insurance undertakings in the area of the European Economic Area shall be the respective authorities of the State of origin alone. If insolvency proceedings concerning the assets of an insurance undertaking are opened in a Member State or State Party, the proceedings shall be recognised without regard to the conditions laid down in Article 343 (1) of the Insolvency Code. (3) Secondary insolvency proceedings or other special procedures relating to insurance undertakings which have their registered office in another Member State or Contracting State shall not be permitted. This shall not apply in the cases of § 65 and not with respect to the branches of insurance undertakings of a third country pursuant to § 68. (4) The Insolvency Court shall forward the opening decision without delay to the supervisory authority, which shall: shall immediately inform the supervisory authorities of the other Member States or States Parties. If the supervisory authority receives a corresponding notification from the supervisory authorities of a Member State or a Contracting State, it may make this decision known. Without prejudice to the notice provided for in Article 30 of the Insolvency Code, the insolvency court shall publish the opening decision in part in the Official Journal of the European Union. In the notices referred to in § 30 of the Insolvency Code and in the publication in the Official Journal of the European Union, the competent court, the relevant law and the insolvency administrator shall be disclosed. (5) The supervisory authority may: to request information from the insolvency court and the insolvency administrator about the state of the proceedings at any time. The Supervisory Authority is obliged to inform the Supervisory Authority of another Member State or State Party at the request of the Supervisory Authority of the status of the insolvency proceedings. (6) The Supervisory Authority shall submit a request for the opening of a In the event of insolvency proceedings concerning the assets of the establishment of an insurance undertaking of a third country, it shall immediately inform the supervisory authorities of the Member States or States Parties in which the insurance undertaking also has a supervisory authority. Site. The persons and bodies involved shall endeavour to ensure a coordinated approach.

Footnote

(+ + + § 312 para. 4 sentence 1, 3 and 3) 4, para. 5, sentence 2: To be applied, see Section 237 (1) sentence 2 + + +) Unofficial table of contents

Section 313 Information of creditors

(1) The opening decision shall send a form to the creditors which shall, in the words " invitation to notify and explain a claim. "and the corresponding translations in all official languages of the Member States or States Parties". The form is published by the Federal Ministry of Justice and Consumer Protection in the Federal Gazette (Bundesanzeiger) and contains in particular the following information:

1.

the deadlines to be met and the consequences of their failure to comply;

2.

who is responsible for receiving the application and explaining a claim;

3.

what other measures are required;

4.

the significance of the application of the claim for creditors who have been subject to payment or in rem, and to what extent they must notify their claims;

5.

the general effects of the insolvency proceedings on the insurance contracts;

6.

the date on which insurance contracts or transactions no longer have any legal effect; and

7.

the rights and obligations of the insured in relation to the contract in question or to the relevant business.

(2) If a known creditor with ordinary residence, domicical or registered office in another Member State or State Party is the holder of a claim as policyholder, insurer, beneficiary or injured third party with direct opposition to: the insurer, he shall be informed in an official language of the Member State or of the Contracting State in which he/she is habitually resident or domicated. (3) A creditor with a habitual residence, domiciate or registered office in another A Member State or a State Party may, in an official language, other state. In this case, the application must be written in the German language with the words "Application and explanation of a claim". (4) The insolvency administrator regularly has the creditors in a suitable form on the progress of the insolvency proceedings. .

Footnote

(+ + + § 313: For application, see Section 237 (1) sentence 2 + + +) Unofficial table of contents

§ 314 prohibition of payment; reduction of benefits

(1) In the course of the audit of the management and the financial position of a company, it is clear that it is no longer capable of fulfilling its obligations, but that the prevention of insolvency proceedings is the best of the insured , the supervisory authority may order the necessary order, including the representatives of the undertaking, to change the business bases or otherwise remedy the deficiencies within specified time limits. All types of payments, in particular insurance benefits, profit distributions and life insurances of the repurchase or the sale of the insurance bill, as well as advance payments on it, can be temporarily prohibited. The provisions of the insolvency regime for the protection of payment settlement systems, securities delivery systems and securities settlement systems, as well as the collateral security of the central banks and financial collateral arrangements, shall be applied accordingly. (2) Subject to the condition referred to in the first sentence of paragraph 1, the supervisory authority may, if necessary, reduce the obligations of a life insurance undertaking from its insurance companies to the level of the asset. In doing so, the supervisory authority may proceed unevenly if special circumstances so warrant, in particular where the state of emergency of the undertaking is more in one group than in another group in the case of several groups of insurance companies. In the event of a reduction, where the cover provisions of the individual insurance contracts consist, the cover provisions are first reduced and then the sums insured are reestablished; if this is not possible, the Insurance sums directly reduced. The obligation of the policyholders to continue to pay the insurance fees in the previous amount shall not be affected by the reduction. (3) The measures under paragraphs 1 and 2 may be applied to an independent department of the security assets (§ § 3). 125 (6)). Unofficial table of contents

Section 315 Treatment of insurance claims

(1) In case of satisfaction from the values of the security assets according to § 126 (1) to (3)

1.

the claims of the insured, beneficiaries or injured third parties who have a direct right of appeal against the insurance undertaking; and

2.

premium repayment entitlements if the insurance contract has not been or has been cancelled prior to the opening of the insolvency proceedings;

in the amount of the proportion of the security assets in accordance with Section 125 (2), precedence over the claims of all other insolvency creditors. In so doing, the stocks of the hedging assets shall be taken into account only as far as they are required to be used for securing assets pursuant to § 125 (1) and (2), § 126 (3) and § 127. (2) The subdivision of the assets under paragraph 1 shall be subject to the same number of pre-calculated claims.

Footnote

(+ + + § 315 (1) sentence 2, para. 2: For the application, see § 316 sentence 3 + + +) Unofficial table of contents

§ 316 Erasing of certain insurance contracts

Extinguisher by the opening of the insolvency proceedings

1.

life insurance,

2.

Health insurance of the type referred to in § 146,

3.

private nursing care insurance in accordance with § 148,

4.

Accident insurance of the type referred to in § 161 and

5.

Pension rights arising from the insurance referred to in § 162.

The beneficiaries may request the proportion of the minimum amount of the security assets according to § 125, paragraph 2, which they depart at the time of the opening of the insolvency proceedings. The second sentence of Article 315 (1) and the second paragraph of paragraph 1 shall apply accordingly. Unofficial table of contents

§ 317 Nurses in the insolvency case

(1) The insolvency court has to appoint a caregiver to the insured person in order to respect their rights in accordance with § § 315 and 316. The insolvency court is replaced by the care court. (2) The nurse has to determine the extent of the existing security and to determine the rights of the insured person and to register. (3) The caregiver has the Insured persons, if possible, to be heard prior to registration, to notify them after registration and to provide them with information on the facts, which are significant for their claims, upon request. The right of the individual insured person to register his/her claim himself shall remain unaffected. To the extent that the declaration of the insured person deviates from that of the pledge, until the deviation is removed, the application, which is more favourable for the insured person. (4) The insolvency administrator has the insolvency administrator the insight into all the books and writings of the insured person. (5) The carer may require an appropriate remuneration for the management of his or her office. The costs to be reimbured and the remuneration shall be charged to the collateral assets. (6) The supervisory authority shall be consulted before the pledge and before the payment of the remuneration.

Chapter 3
Publications

Unofficial table of contents

§ 318 Publications

(1) The Bundesanstalt publishes annually communications on the status of insurance undertakings subject to its supervision and on its perceptions in the field of insurance. (2) It also publishes

1.

the texts of the laws, regulations and administrative provisions in the field of insurance supervision;

2.

its legal and administrative principles, in particular the criteria and methods of the supervisory review procedure referred to in Article 294 (5) and the forecasting calculations in accordance with § 44;

3.

the manner in which the options provided for in Directive 2009 /138/EC are exercised, and

4.

the objectives of prudential supervision and its main functions and activities.

The information must be sufficient to allow a comparison of the supervisory approaches chosen by the supervisory authorities in the various Member States or States Parties. (3) The publications referred to in paragraphs 1 and 2 shall be subject to the following conditions: The only electronic address available.

Footnote

(+ + + § 318 (3): For application, see Section 159 (1) sentence 2 + + +) Unofficial table of contents

Section 319 Announcement of measures

(1) The Bundesanstalt is to impose any measure imposed on a company under its supervision or against a business manager of a company and has become a final measure which it has become legally binding on the grounds of a breach of this law or the , and in accordance with the conditions laid down in paragraphs 2 and 3 of this Article, shall forthwith publicly disclose on its Internet sites any information relating to the nature and nature of the decision taken by the Commission. To the extent that this is to be done under consideration of the interests involved, or prevention of maladministration. The Bundesanstalt's rights pursuant to Section 308 (2) shall remain unaffected. (2) The Federal Institute shall make known an act which has become final, or an indisputable fine decision on an anonymous basis, if a notice has been published in accordance with paragraph 1

1.

the personal right of natural persons is infringed or a disclosure of personal data would be disproportionate for other reasons,

2.

the stability of the financial markets of the Federal Republic of Germany, or of one or more Member States of the European Economic Area, or the progress of a criminal investigation, would be seriously jeopardised; or

3.

would cause disproportionate damage to the undertakings concerned or to natural persons.

By way of derogation from the first sentence, the Bundesanstalt may, in the cases set out in points 2 and 3 of the first sentence, disregard the notice referred to in paragraph 1 until the reasons for a contract notice have fallen away on an anonymous basis. (3) The notice shall be published no later than after five years.

Chapter 4
Responsibility

Section 1
Federal Supervision

Unofficial table of contents

§ 320 Bundesanstalt für Finanzdienstleistungsaufsicht

(1) The Federal Institute supervises

1.

the private insurance undertakings and pension funds which have their registered office or establishment domestiy, or which operate the insurance or pension fund business in other ways;

2.

the insurance holding companies within the meaning of section 7 (31), the insurance special purpose companies within the meaning of section 168 and the security funds within the meaning of section 223 and

3.

the public competition insurance companies operating beyond the territory of a country.

(2) A first insurance undertaking under the supervision of a country belongs to a financial conglomerate within the meaning of Article 1 (2) of the Financial Conglomerate-Supervisory Act, with the entry of the stock of the determination in accordance with Article 11 (1) sentence 1 of the financial conglomerate-prudential law that the group of undertakings which belongs to the first insurance undertaking is a financial conglomerate, the supervision of that first insurance undertaking to the Bundesanstalt; the competent authority National authority shall be informed in good time of the determination. If the Bundesanstalt fails to determine whether or not the first insurance undertaking concerned no longer belongs to the financial conglomerate, the Bundesanstalt may, with the agreement of the competent authorities, supervise the supervision of this initial insurance undertaking. (3) The Federal Institute shall carry out the professional supervision of the institutions of the kind referred to in § 140 (1) of the Seventh Book of the Social Code, if these institutions operate beyond the territory of a country. Unofficial table of contents

Section 321 Transfer of supervision to a national supervisory authority

(1) The Federal Ministry of Finance may, at the request of the Federal Agency, supervise private insurance companies of lower economic importance, pension funds and public competition insurance companies (2) Even after the supervision has been transferred, the Federal Ministry of Finance may again transfer the supervision of undertakings within the meaning of paragraph 1 to the Federal Agency, , in particular, if the enterprises acquire greater economic importance . Unofficial table of contents

Section 322 Transfer of supervision to the Bundesanstalt

(1) The supervision of a public-law competition insurance undertaking, whose activity is limited to the territory of a country, may be taken over by the Bundesanstalt at the request of the competent State authorities. (2) other public-sector insurance undertakings which are not competition insurance undertakings may take over the supervision of the Bundesanstalt if the state governments involved so request. Unofficial table of contents

Section 323 Procedure

(1) A request made pursuant to § 322 (1) may be withdrawn at any time by the former supervisory authority on 1 January with effect from 1 January of the following year. (2) Has the Bundesanstalt the supervision pursuant to Section 322 (2) (3) In the event of the transfer of supervisory powers pursuant to Sections 321 and 322, the Bundesanstalt shall have the date of the Acquisition or transfer of supervision in the Federal Gazette at least two weeks previously known , Unofficial table of contents

Section 324 Cooperation of supervisory authorities

The Federal Institute and the supervisory authorities are obliged to inform each other of their legal and administrative principles. This also applies to the principles established by the state authorities in the supervision of public service insurance undertakings, as well as the drafts of legal regulations, general provisions and directives, where the interests of others are concerned. Supervisors may be affected. Unofficial table of contents

Section 325 Insurance Advisory Council

(1) In order to participate in the supervision, the Federal Institute shall be composed of experts from the insurance sector. (2) The Insurance Advisory Board shall consist of eight representatives of the various classes of insurance representing the different classes of insurance. Insurance industry, of which two are the insurance distribution, eight representatives of the policyholders and eight representatives of the insurance science as well as professional associations. The representatives of the policyholders are composed of four representatives of consumer protection organisations and one representative of each of the insurance brokers, the industry, the small and medium-sized associations and the trade unions. (3) Members of the Advisory Board shall be appointed for a period of five years. A one-time reappointment is permitted. (4) The members shall administer their duties as free of charge; for their participation in meetings they receive daily allowances and the remuneration of travel expenses.

Section 2
Supervision in the European Economic Area

Unofficial table of contents

§ 326 General principles for cooperation between supervisory authorities

(1) The Supervisory Authority shall cooperate closely with the European Commission and the supervisory authorities of the Member States or States Parties in order to facilitate the supervision at Community level. (2) The Supervisory Authority shall seek the supervision of another Member, or State Party to cooperate in the exercise of supervision, the Bundesanstalt shall take the appropriate measures in accordance with § § 298, 305, 306 and 309 and shall inform the applicant authority thereof. (3) Country of origin to a company Restrictions on the use of Article 137 or 138 (5), the third subparagraph of Article 139 (3) or the second subparagraph of Article 144 (2) of Directive 2009 /138/EC, the Bundesanstalt shall, at the request of that authority, apply to that authority with regard to the domestic evidence and the request referred to in the request. The assets of the company to the extent described in the request shall be the same. Unofficial table of contents

Section 327 Cooperation in local examinations

(1) Insofar as it is necessary for the exercise of financial supervision pursuant to § 62 (1) or § 169 (1) or for the examination of a domestic service provider, the supervisory authority of the home Member State shall be accompanied by the supervisor Staff of the Supervisory Authority shall have the power to conduct business operations in the offices of the establishment by its own staff or by officers responsible for business operations; § 305 (5) and § 306 (5) shall apply accordingly. The Federal Institute shall provide assistance on request. The employees of the supervisory authority and of the persons involved in the examination in accordance with section 306 (1) (3) may enter the business premises of the insurance undertaking. The fundamental right to inviolability of the home (Article 13 (1) of the Basic Law) is restricted to this extent. (2) The supervisory authority may request the supervisory authorities of another Member State of the European Union to provide information on a (3) The competent authority of another Member State shall, in the framework of cooperation with the group supervisor (§ 284), make a review of the competent authority of any other Member State. or Contracting State (requesting authority), a request for examination in the sense of In accordance with paragraph 2, the supervisory authority shall provide assistance in respect of an appropriate undertaking with a registered office in the territory of the country. If the supervisory authority carries out the audit itself, the applicant authority may participate in the examination or be present. § 305 (5) and § 306 (5) shall apply accordingly. The supervisory authority shall inform the group supervising authority of the measures taken. Unofficial table of contents

§ 328 deliveries

If the supervisory authority of another Member State or a Contracting State wishes to transmit a document to an insurance undertaking operating there, in accordance with the provisions of its rules on insurance supervision, the supervisory authority of another Member State or a Contracting State is to forward a document to the direct transmission by post to the rules applicable to the postal traffic with that other Member State or State Party. In order to prove the delivery, the dispatch of the document is sufficient as a registered letter with the special forms of shipment "own hands" and "return note". If delivery cannot be effected directly by the Swiss Post or if this is not appropriate in the manner or content of the document, the service shall be effected by the Federal Institute.

Footnote

(+ + + § 328: For application, see § 292 sentence 2 + + +) Unofficial table of contents

Section 329 Cooperation with the European Insurance and Occupational Pensions Authority

(1) The Supervisory Authority shall cooperate with the European Insurance and Occupational Pensions Authority in accordance with Regulation (EU) No 1094/2010 for the purposes of Directives 2009 /138/EC and 2003 /41/EC. It shall take into account, as far as possible, its guidelines and recommendations and justify any possible derogations. (2) Each year, the Supervisory Authority shall forward the following information to the European Insurance and Insurance Supervisory Authority (ESAs) and to the Occupational retirement provision:

1.

the average capital surcharge per enterprise and the distribution of the capital charges fixed by the supervisory authority during the previous year, as a percentage of the solvency capital requirement, and separately identified as follows:

a)

for all insurance undertakings,

b)

for life assurance undertakings,

c)

for non-life insurance undertakings,

d)

for insurance undertakings active in both life assurance and non-life insurance, and

e)

for reinsurance undertakings;

2.

for each communication within the meaning of point 1, the share of the capital surcharges fixed in accordance with section 301 (1) (1), (2) and (3);

3.

the number of insurance undertakings which are partially exempt from regular supervisory reporting and the number of insurance undertakings which are wholly or partly exempt from individual post reporting, together with: the volume of their capital requirements, contributions, technical provisions and assets, in each case measured as a percentage of the total volume of capital requirements, contributions, technical provisions and the assets of insurance undertakings, and

4.

the number of groups that are partially exempt from regular reporting and the number of groups that are wholly or partly exempted from single-post reporting, along with the volume of their capital requirements, contributions, technical provisions and assets, in each case measured as a percentage of the total volume of capital requirements, contributions, technical provisions and assets of all groups.

(3) The Supervisory Authority shall inform the European Insurance and Occupational Pensions Authority of national prudential rules relevant to the area of occupational pension schemes; in so far as they are not national social or labour law provisions. Any changes to the content of information transmitted in accordance with the first sentence shall be communicated to the supervisory authority by the supervisory authority on a regular basis, at least every two years. (4) The supervisory authority shall provide the European Insurance and Insurance Authority with the supervisory authority. the occupational retirement provision referred to in Article 35 of Regulation (EU) No 1094/2010, on request, without delay, all the information required for the performance of its tasks pursuant to Directive 2003 /41/EC and Regulation (EU) No 1094/2010 is available. Unofficial table of contents

Section 330 Notifications to be sent to the European Commission

(1) The Supervisory Authority shall report to the European Commission

1.

the granting of a licence in accordance with Article 8 (1) to a company which is a subsidiary of a parent undertaking established in a third country; the structure of the group shall be indicated in the notification;

2.

the acquisition of a holding in an insurance undertaking by which the insurance undertaking becomes a subsidiary undertaking of a parent undertaking established in a third country;

3.

the number and type of cases in which the establishment of an establishment or the operation of the initial insurance business in respect of the provision of services in another Member State or a Contracting State has not been established, since the supervisory authority the documents referred to in the second sentence of Article 58 (1) or the second sentence of Article 59 (1) and (3) have not been forwarded to the supervisory authority of the other Member State or the Contracting State;

4.

the number and type of cases in which measures have been taken in accordance with Article 62 (3), second sentence and (3);

5.

general difficulties which insurance undertakings have in the establishment of establishments, the establishment of subsidiaries or, in any other way, in the operation of insurance operations in a third country;

6.

at the request of the Commission, the application for permission of a company which is a subsidiary of a parent undertaking established in a third country;

7.

at the request of the Commission, the intention to acquire a shareholding in an insurance undertaking which is reported in accordance with Article 17 and which becomes a subsidiary undertaking of a company established in a third country;

8.

the chosen course of action in the cases of § 288;

9.

the persons and bodies referred to in Article 309 (5) (3) and (4);

10.

the provisions adopted pursuant to Article 170 (1);

11.

the rules applicable to insurance undertakings within the meaning of Article 168; and

12.

a list of all reinsurance undertakings which have completed the conclusion of new reinsurance contracts by 10 December 2007 and which manage exclusively their portfolio with the aim of hiring their activities.

The reporting requirements referred to in paragraphs 6 and 7 of paragraph 1 shall apply only if the European Commission finds that, in the third country, insurance undertakings established in a Member State or a Contracting State do not have access to effective market access which: comparable to that granted by the European Union to the undertakings of that State, or where the Commission finds that the insurance undertakings established in a Member State or State Party do not have national treatment in that State; . The reporting requirements referred to in paragraphs 6 and 7 of paragraph 1 in conjunction with the first sentence shall no longer exist where the State has an agreement on effective market access and the national treatment of insurance undertakings established in a Member State, or (3) The reporting obligations referred to in paragraph 1 (1), (2) and (10) shall also exist in relation to the competent authorities of the other Member States or States Parties. (4) The reporting requirements referred to in paragraph 1 (1), (2), (3) and (5) shall apply. also to the European Insurance and Operational Supervisory Authority Retirement provision.

Part 7
Criminal and penal rules

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Section 331 Criminal Code

(1) With a custodial sentence of up to five years or a fine shall be punished, who

1.

operate a primary or reinsurance business or a pension fund, or take up a business operation, without the permission of § 8 (1), § 65 (1) sentence 1, § 67 (1) sentence 1, § 168 (1) sentence 3 or § 236 (4), or

2.

shall, in accordance with the second sentence of Article 61 (2) or the fifth sentence of paragraph 2, paragraph 3 or paragraph 4, accept, extend or amend a business activity referred to in that paragraph, or carry out sickness insurance or compulsory insurance.

(2) A custodial sentence of up to three years or a fine shall be punishable by

1.

an enforceable arrangement in accordance with § 62 (3) sentence 2,

2.

against

a)

Section 128, paragraph 5, or

b)

Section 141 (5) (2), first half-sentence, also in conjunction with Section 161 (1) or § 162,

a confirmation referred to there is not properly issued; or

3.

contrary to the first sentence of Article 311 (1), even in conjunction with the second sentence of the second sentence or the second sentence of the second sentence of paragraph 2, also in connection with the second sentence, an indication shall not be refunded in good time or in good time.

(3) If the perpetrator is negligent, the penalty in the cases of paragraph 1 shall be a custodial sentence of up to three years or a fine and, in the cases of paragraph 2, a custodial sentence of up to one year or a fine. Unofficial table of contents

Section 332 Penal rules

(1) The offence is unlawful.

1.

without authorization pursuant to § 12 (1) sentence 1, also in conjunction with sentence 2, also in conjunction with Section 212 (3) (4), § 234 (3) sentence 1 (2) first half-sentence, § 237 (3) point 3, first half-sentence, or § 242 (8), one there shall enter into force or extend the business operations of a reinsurance undertaking, as referred to in that amendment, or in the form of an extension or a business contract referred to in that section;

2.

a fully-retractable arrangement according to

a)

§ 44 sentence 1, § 293 (2) or § 306 (1) sentence 1 (4) or (5), or

b)

Section 303 (2) (2) or (3)

shall be contrary to

3.

Contrary to Article 125 (1), second sentence, an asset does not, either correctly or not in good time, supply the assets to the assets,

4.

Contrary to Article 126 (1), first sentence, it is not ensured that the holdings of the security assets are entered individually in an asset register,

5.

Contrary to Article 130 (1), an amount arising from the security fund shall be paid,

6.

Contrary to Article 134 (1), information is not provided, is not correct, is not carried out in full or in time,

7.

the second sentence of Article 164 (3) of this Regulation shall also apply to an insurance undertaking,

8.

, contrary to Article 164 (3), third sentence, a comparable activity for an insurance undertaking,

9.

against

a)

Section 215 (2), first sentence, points 1 to 6 or point 7, in conjunction with a legal regulation pursuant to section 235 (1), first sentence, point 10, or § 240 sentence 1, point 8, or

b)

Section 215 (2), first sentence, point 8 in conjunction with a legal regulation pursuant to § 217 sentence 1, point 6

a stock of hedging assets, or

10.

Contrary to Article 239 (1), second sentence, it is not ensured that the stocks of the security assets are applied in the manner referred to therein.

(2) Administrative offences are those who are intentional or reckless

1.

contrary to § 37 (1) or § 227 (2) sentence 1, a document referred to in that paragraph shall not or not be received in due time,

2.

a legal regulation pursuant to Article 39 (1), first sentence, also in conjunction with Section 68 (1) sentence 4, or of a enforceable order contrary to such a decree, to the extent that the legal regulation applies to a specific event it refers to this fine, or

3.

Contrary to § 40 (1) sentence 1, a publication does not carry out, not correct, in full or in time.

(3) Contrary to the law, who intentionally or negligently

1.

Contrary to § 17 (1) or (2), § 36 (1) sentence 1 or § 59 (1), even in conjunction with paragraph 4, an advertisement is not reimbursed, not correct, not in full, not in the prescribed manner or not in good time,

2.

a fully-retractable arrangement according to

a)

§ 18 (1), (2), first half-sentence or (3) sentence 4, § 19 (1), § 133 (1), § 134 (7), first half-sentence, § 135 (3), first half-sentence, or § 305 (3), also in conjunction with paragraph 4, or

b)

§ 305, paragraph 1, also in conjunction with paragraph 2, § 308, paragraph 4, point 1, also in conjunction with Section 62 (1) (6), or Article 314 (1), first sentence, or sentence 2

shall be contrary to

3.

shall cooperate with an insurance intermediary, contrary to Article 48 (1) or (2);

4.

Contrary to Article 135 (1), information is not provided, is not correct, is not carried out in full or in time,

5.

a legal regulation pursuant to § 160 sentence 1 or a enforceable order is contrary to such a decree, in so far as the regulation refers to this fine in the case of a certain amount of the facts; or

6.

Contrary to Section 306, paragraph 8, sentence 1, a measure is not tolerated.

(4) A breach of Regulation (EC) No 1060/2009 of the European Parliament and of the Council of 16 September 2009 on credit rating agencies (OJ L 393, 30.12.2009, p. 1). 1), as last amended by Directive 2014 /51/EU (OJ L 302, 15.11.2009, p. 1) has been amended, by deliberately or recklessly

1.

uses a rating, contrary to the first subparagraph of Article 4 (1),

2.

, contrary to Article 5a (1), do not ensure that a company subject to the supervision of that law carries out its own credit risk assessments,

3.

Contrary to Article 8c (1), an order is not properly issued,

4.

, contrary to Article 8c (2), it does not ensure that a commissioned credit rating agency fulfils a condition set out in that agency, or

5.

contrary to Article 8d (1), second sentence, the documentation referred to therein is not properly carried out.

(5) In the cases referred to in paragraph 1 (2) (b) and (2) (3), the administrative offence may be subject to a fine of up to five hundred thousand euros, in the cases referred to in paragraph 2 (2), (2) (a) and (3), and of the provisions of paragraph 4, with a fine of up to two hundred thousand euros, in other cases subject to a fine of up to 50 000 euro. Unofficial table of contents

Section 333 Managing Authority of the competent authority

The administrative authority within the meaning of Section 36 (1) (1) of the Code of Administrative Offences shall be the Bundesanstalt, to the extent that the supervision of insurance undertakings of the Federal Institute is pending. Unofficial table of contents

Section 334 Participation of the supervisory authority and communications in criminal matters

(1) The court, the law enforcement authority or the law enforcement authority shall transmit to the Bundesanstalt in criminal proceedings against directors of insurance undertakings or pension funds, members of the administrative or supervisory bodies of insurance undertakings or pension funds, as well as holders of significant holdings in insurance undertakings or pension funds or their legal representatives or personally liable partners for breach of their professional duties or other offences in connection with or in connection with the exercise of Business or the operation of any other economic undertaking, and in criminal proceedings relating to the offences referred to in Article 331, in the case of the public action survey

1.

the indictup or an application to be sent to its place;

2.

the request to issue a criminal order if it is not immediately complied with; and

3.

the final decision on the basis of the decision.

If an appeal has been brought against the decision, the decision shall be communicated with reference to the appeal lodged. In proceedings for negligently committed offences, the transfers determined in the first and second sentence of the first sentence shall be carried out only if, from the point of view of the transferring authority, decisions or other measures taken by the Federal Institute for the purpose of immediate action are immediately (2) In criminal proceedings relating to the offences referred to in Article 331 (1) and (2) (1), the Public Prosecutor's Office has already informed the Supervisory Authority of the initiation of the investigation, in so far as it risks endangering the criminal proceedings. Investigation is not to be expected. If the Public Prosecutor's Office is to close the proceedings, it must hear the supervisory authority. (3) Otherwise, in a criminal case, it shall be known facts which are based on maladministration in the business of an insurance undertaking or of an insurance undertaking. Pension funds, including the external service, and are required to know from the point of view of the agency for insurance supervision measures, the Court of First Instance, the law enforcement authority or the criminal enforcement authority shall be required to: communicate these facts as well, except in the case of the agency to be notified it can be seen that the interests of the person concerned predominate. In doing so, account must be taken of how secure the findings to be transmitted are. Facts that indicate the unreliability of a member of the Supervisory Board, a manager, a person in charge of an actuary or a holder of a significant holding, usually indicate maladministration in the business operation. (4) Where a notification referred to in paragraph 1 or 2 relates to an insurance undertaking or a pension fund, through which the supervisory authority under that law is exercised by a national authority, the Bundesanstalt shall immediately forward the communication to: this authority shall continue.

Part 8
Transitional and final provisions

Unofficial table of contents

Section 335 Continuation of business operations

Insurance undertakings authorised to operate in one or more countries in one or more countries on 1 January 1902 shall not be required to comply with this law if they continue to operate within the limits of the limits of the until 1 January 1902, or if their power to operate is based on special permission, they have been authorised by the permit. Unofficial table of contents

Section 336 Continuation of approved business plans in life insurance

For the life insurance contracts concluded before 29 July 1994 (old stock), the business plan approved by the Supervisory Authority until that date shall continue to apply in full. Section 12 (1) shall apply to changes in this business plan. Paragraphs 1, 2, 3 and 6 shall be applied in accordance with paragraph 141, as well as paragraph 5, with the proviso that the cover provision shall be calculated in accordance with the applicable business plan.

Footnote

(+ + + § 336: For application, see Section 233 (3) sentence 2 + + +) Unofficial table of contents

§ 337 Trustees in the health insurance

To the extent that, in the case of sickness insurance operated in the manner of life assurance, the premiums for the insurance contracts concluded before 29 July 1994 may be amended on the basis of an adjustment clause with the approval of the supervisory authority, shall replace the approval of the Supervisory Authority with the approval of the Trustee (§ 155 (1) and (2)). Unofficial table of contents

§ 338 supplement in the health insurance

Where a contract for a substitutive health insurance is concluded before 1 January 2000, Section 149 shall apply with the proviso that:

1.

for the first time on 1 January of the calendar year following 1 January 2000, the surcharge shall be collected;

2.

the surcharge in the first year is 2 per cent of the gross premium and, on 1 January, the following years shall be 2 per cent, but not more than 10 per cent of the gross premium, as far as it is not due to completion of the 60. years of life,

3.

the insurance undertaking is obliged to inform the policyholder of its amount and the annual increases in good time before the initial collection of the surcharge; and

4.

the surcharge is to be made only if the policyholder does not object in writing or electronically within three months of the date of receipt of the notification referred to in point 3.

Unofficial table of contents

Section 339 The provisions of the sub-inventory in the accident insurance

Undertakings which, within the framework of a single contract, cover risks attributable to the classes of insurance referred to in Annex 1 (1) and (19) shall be entitled to transfer the accident insurance part of those contracts to another undertaking. § 13 shall apply accordingly. Unofficial table of contents

Section 340 Inventory protection for reinsurance undertakings

(1) For companies which only operate reinsurance, have already exercised this business before 21 December 2004 and are registered as reinsurance undertakings with the supervisory authority, the authorization shall apply in accordance with Article 8 (1) in the scope of the previous business operations. However, these companies are subject to current supervision without restriction. (2) For reinsurance undertakings of a non-member country, which continue existing branches and have indicated this to the Federal Institute until 31 December 2007, the necessary authorization shall be deemed to have been granted in the scope of the displayed business operations, insofar as they are authorised to operate reinsurance business in their country of residence, where they have their head office, in accordance with internationally recognised principles. , and satisfactory cooperation between the competent authorities Authorities of the host country with the Federal Institute is guaranteed. However, these companies are subject to ongoing supervision without restriction. Unofficial table of contents

Section 341 Report on Solvency and the financial situation

Insurance undertakings for which a capital charge has been fixed or which have to use the company-specific parameters in the calculation of the Solvency Capital Requirement shall, until 31 December 2020, only have to cover the total amount of the Publish the solvency capital requirement without separate mention of the amount of the capital charge and the quantitative effects of the company-specific parameters. The obligation to disclose the prudential measure and its background to the underlying reason remains unaffected. Unofficial table of contents

Section 342 Compliance with the Minimum Capital Requirement

(1) Insurance undertakings which meet the solvency requirements in force on 31 December 2015, but whose eligible basic own resources are not sufficient to cover the minimum capital requirement, must be at the latest on 31 December 2016 on eligible basic own funds in the amount of the minimum capital requirement. (2) In the case of an insurance undertaking referred to in paragraph 1, on 31 December 2016 does not have eligible own funds in the amount of the minimum capital requirement, He is deprived of his permission to operate. (3) Until 31. In December 2017, the supervisory authority may require an insurance undertaking for which a capital charge has been established to apply the percentages referred to in the first sentence of Article 129 (3) of Directive 2009 /138/EC solely to those without the Capital impact calculated solvency capital requirement. Unofficial table of contents

§ 343 Setting of business operations

(1) Without prejudice to § 165 (1), insurance undertakings which terminate the conclusion of new insurance contracts by 1 January 2016 and manage their insurance holdings solely with the aim of hiring their activities shall be deemed to be without prejudice to the provisions of Article 165 (1) of the Treaty. up to the dates referred to in paragraph 2 at the request of the provisions of this law applicable to small insurance undertakings within the meaning of Section 211, if:

1.

the company has been able to demonstrate to the supervisory authority that it will cease its activities before 1 January 2019, or

2.

the company undergoes refurbishment measures in accordance with § § 312 and 313 and a custodian has been appointed.

(2) For insurance undertakings which shall:

1.

Paragraph 1 shall not apply from 1 January 2019 (1),

2.

Paragraph 1 (2) shall not apply from 1 January 2021 (1).

The supervisory authority may, in the cases of the first sentence, determine an earlier date if the activity of the insurance undertaking is not likely to be set at the dates specified in the first sentence. (3) Insurance undertakings shall be subject to paragraphs 1 and 2 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 contracts, and

2.

the undertaking shall submit an annual report to the competent supervisory authority on the progress made with regard to the recruitment of its activities.

(4) The supervisory authority shall forward a list of the insurance undertakings concerned to the supervisory authorities of all Member States or States Parties. Unofficial table of contents

Section 344 Deadlines for reporting and disclosure requirements

(1) The period in which insurance undertakings have to submit the information pursuant to section 43 in conjunction with a legal regulation adopted pursuant to Article 39 (1), first sentence, shall be:

1.

for the financial year ending on or after 30 June 2016, but before 1 January 2017, 20 weeks after the end of the business year of the company,

2.

for the financial year ending on or after 30 June 2017, but before 1 January 2018, 18 weeks after the end of the business year of the company,

3.

for the financial year ending on or after 30 June 2018, but before 1 January 2019, 16 weeks after the end of the business year of the company and

4.

for the financial year ending on or after 30 June 2019, but before 1 January 2020, 14 weeks after the end of the business year of the company.

For insurance companies whose business year ends on or after 1 January 2016 but before 1 July 2017, the period shall be 20 weeks after the end of the financial year. In this case, the period shall be shortened by two weeks in the following three financial years. For information which is to be submitted every six months, the rates 1 to 3 shall apply. (2) The time limit in which insurance companies have the information in accordance with § 43 in conjunction with a legal regulation pursuant to section 39 (1) sentence 1 have to be submitted quarterly

1.

for the financial year ending on or after 30 June 2016, but before 1 January 2017, 8 weeks after the end of the quarter of the financial year,

2.

for the financial year ending on or after 30 June 2017, but before 1 January 2018, 7 weeks after the end of the quarter of the financial year,

3.

for the financial year ending on or after 30 June 2018, but before 1 January 2019, 6 weeks after the end of the quarter of the financial year, and

4.

for the financial year ending on or after 30 June 2019, but before 1 January 2020, 5 weeks after the end of the quarter of the financial year.

For insurance undertakings whose financial year ends on or after 1 January 2016 but before 1 July 2017, the period shall be eight weeks after the end of the quarter of the financial year. The period shall be reduced by one week in each of the following three financial years. (3) The time limit for insurance undertakings to publish the Solvency and Financial Report in accordance with § 40 shall be reduced.

1.

for the financial year ending on or after 30 June 2016, but before 1 January 2017, 20 weeks after the end of the business year of the company,

2.

for the financial year ending on or after 30 June 2017, but before 1 January 2018, 18 weeks after the end of the business year of the company,

3.

for the financial year ending on or after 30 June 2018, but before 1 January 2019, 16 weeks after the end of the business year of the company and

4.

for the financial year ending on or after 30 June 2019, but before 1 January 2020, 14 weeks after the end of the business year of the company.

For insurance companies whose business year ends on or after 1 January 2016 but before 1 July 2017, the period shall be 20 weeks after the end of the financial year. The period shall be reduced by two weeks in each of the following three financial years. (4) Paragraphs 1 to 3, in conjunction with § § 276 and 277 at the group level, shall be appropriate for participating insurance undertakings, Insurance holding companies, mixed-insurance holding companies and mixed financial holding companies, each of which shall extend for six weeks. Unofficial table of contents

Section 345 Own Resources

(1) Without prejudice to § 92, basic own-resource components may be set up as own resources of quality class 1 for up to ten years after 1 January 2016. This presupposees that these components

1.

issued before 1 January 2016 and prior to the entry into force of the delegated act under Article 97 of Directive 2009 /138/EC,

2.

as amended on 31 December 2015 in accordance with Section 53c of the Insurance Supervision Act, as amended on 31 December 2015, also in conjunction with Section 121a (1) sentence 2 of the Insurance Supervision Act in the version valid on 31 December 2015 in order to be credited as own resources up to a maximum of 50 per cent to the required solvency margin, and

3.

otherwise, they would not be classified as own resources of quality class 1 or 2 according to § 92.

(2) Without prejudice to § 92, basic own-resource components may be assigned as basic own-resources of quality class 2 for up to ten years after 1 January 2016. This presupposees that these components

1.

issued before 1 January 2016 and before the entry into force of the delegated act in accordance with Article 97 of Directive 2009 /138/EC, and

2.

as amended on 31 December 2015 in accordance with Section 53c of the Insurance Supervision Act, as amended on 31 December 2015, also in conjunction with Section 121a (1) sentence 2 of the Insurance Supervision Act in the version valid on 31 December 2015 , in order to be counted as own resources up to a maximum of 25 per cent, to the required solvency margin.

Footnote

(+ + + § 345: For application, see § 350 Sentence 1 + + +) Unofficial table of contents

Section 346 Assets in credit securitisations

For insurance undertakings which invest in negotiable securities or other financial instruments on the basis of newly bundled, securitised loans issued before 1 January 2011, the following shall apply in the case of the Commission referred to in Article 135 The provisions of paragraph 2 of Directive 2009 /138/EC shall apply only if, after 31 December 2014, the underlying exposures are re-added or replaced.

Footnote

(+ + + § 346: For application, see § 350 Sentence 1 + + +) Unofficial table of contents

§ 347 Standard Parameters

(1) Without prejudice to Article 89 (1) sentence 1, § 96 (1), § 97 (3) and § § 100, 109 (2), the following shall apply with regard to the standard parameters to be used:

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 Member States or States Parties or their central banks, which shall be based on the national currency of a are denominated and 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 will be used against claims made to the Member States or States Parties or their central banks, which are denominated in the national currency of another Member State or State Party and which are refinanced in that currency by 80 per cent;

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 will be used against claims made to the Member States or States Parties or their central banks, which are denominated in the national currency of another Member State or State Party and which are refinanced in that currency by 50%;

4.

as from 1 January 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 shall no longer be used against claims made to the Member States or States Parties. or whose central banks, denominated in the national currency of another Member State or State Party, and which are refinanced in that currency.

(2) For shares acquired by the Company on or before 1 January 2016, the standard parameters used in the calculation of the shares shall be the standard parameters, without prejudice to the first sentence of Article 89 (1), Article 97 (3), Article 98 (1) and § § 100, 109 (2). Share risk sub-modules according to the standard formula are to be used as weighted averages, and

1.

the standard parameter to be used in the calculation of the stock risk sub-module in accordance with Article 304 of Directive 2009 /138/EC, and

2.

the standard parameter to be used in the calculation of the stock risk sub-module in accordance with § 106.

The weight of the parameter referred to in the first sentence of point 2 shall increase at least linearly at the end of each year from 0 per cent during the year beginning on 1 January 2016 to 100 per cent on 1 January 2023.

Footnote

(+ + + § 347: For application, see § 350 Sentence 1 + + +) Unofficial table of contents

Section 348 Solvency capital requirement

(1) If, by way of derogation from Section 134, an insurance undertaking does not fulfil the solvency capital requirement in 2016, the required solvency margin would have been fulfilled after the law applicable until 31 December 2015, the supervisory authority shall grant: on request, an extension of the time limit for the fulfilment of the solvency capital requirements until 31 December 2017, when the insurance undertaking is committed to:

1.

to take measures necessary to apply the eligible own funds or to reduce the risk profile, so as to ensure compliance with the Solvency Capital Requirement by 31 December 2017, and

2.

submit a progress report to the Supervisory Authority every three months showing the measures taken and the progress achieved in the production of compliance with the Solvency Capital Requirement.

The extension of the period referred to in paragraph 1 shall be revoked 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 progress report no substantial progress has been made in the production of compliance with the Solvency Capital Requirement.

Footnote

Section 348 (1) Inbox italics: Due to obvious inaccuracy, the word "Solvency Capital Requirement" has been replaced by "Solvency Capital Requirement"
(+ + + § 348: For application see § 350 sentence 2 + + +) Unofficial table of contents

§ 349 Internes Subgroup Model

Upon request, the supervisory authority may approve the use of an internal group model applicable only to a part of the group to the supreme participating insurance undertaking. This requires that both the highest participating insurance undertaking and the top participating insurance undertaking of the sub-group are domestically established and the sub-group forms a demarcable part the risk profile of which is based on: is clearly different from that of the rest of the group. The authorisation may be granted only for a limited period; the time limit shall expire on 31 March 2022 at the latest. Unofficial table of contents

Section 350 Group rules

Without prejudice to § 250, § § 345 to 347 and 351 and 352 are to be applied accordingly at the group level. If the supreme participating insurance undertaking is the one responsible for the adjusted solvency referred to in Article 9 of Directive 98 /78/EC of the European Parliament and of the Council of 27. 1 October 1998 on the supplementary supervision of insurance and reinsurance undertakings in an insurance or reinsurance group (OJ L 327, 31.12.1998, p. 1), as last amended by Directive 2011 /89/EU (OJ L 330, 5.12.2011, p. 113)., the insurance undertaking concerned, the insurance holding company involved, the mixed insurance holding company involved, or the parties concerned, has been amended. mixed financial holding company, but not the solvency capital requirement for the group, shall be applied accordingly, without prejudice to § 250 of § 348. Unofficial table of contents

Section 351 Risk-free interest rates

(1) Insurance undertakings may, with the approval of the supervisory authority, make a temporary adjustment of the relevant risk-free interest rate curve, taking into account the permissible insurance obligations. (2) The adjustment shall be made for each Currency calculated as the proportion of difference between

1.

the interest rate laid down by the insurance undertaking in accordance with Article 65 of the Insurance Supervision Act and the relevant legal regulation in the relevant versions applicable until 31 December 2015, and

2.

the annual percentage rate of interest, calculated as the constant discount rate which, in the case of an application to the cash flows of the portfolio of eligible insurance obligations, results in a value which is the best estimate of the Portfolios of permitted insurance or reinsurance obligations shall be equal if the time value is taken into account using the relevant risk-free interest rate curve in accordance with Section 77 (1).

The percentage referred to in the first sentence shall fall linearly from 100% at the end of each calendar year from 2016 to 0 per cent on 1 January 2032. In the case of insurance undertakings applying the volatility adjustment in accordance with Article 82, the relevant risk-free interest rate curve referred to in the first subparagraph of point 2 shall include the volatility adjustment in accordance with § 82. (3) As eligible insurance obligations as defined in paragraph 2 1 shall apply only to insurance obligations which meet the following requirements:

1.

the contracts resulting from the insurance obligations shall be concluded before 1 January 2016, the renewal of the contracts of these contracts or, after that date, shall not lead to any insurance obligations to be accepted;

2.

the technical provisions have been set for the insurance obligations in accordance with Section 65 of the Insurance Supervision Act and the relevant legal regulation in the relevant versions applicable until 31 December 2015. , and

3.

for the insurance obligations, no matching adjustment is made in accordance with § 80.

(4) Where insurance undertakings apply paragraph 1, they shall apply:

1.

the permissible insurance obligations must not be included in the calculation of the volatility adjustment in accordance with section 82;

2.

§ 352 shall not apply;

3.

have to disclose, in the context of their Solvency and Financial Report according to Article 40, that they undertake a temporary adjustment of the relevant risk-free interest rate curve and the consequences of non-implementation of this transitional measure in respect of their financial situation; must be quantified.

Footnote

(+ + + § 351: For application see Section 350, Sentence 1 and Section 352 (5) Entry rate + + +) Unofficial table of contents

Section 352 Insurance provisions

(1) Insurance undertakings may, with the approval of the supervisory authority, temporarily apply a deduction within the meaning of paragraph 2 in the case of technical provisions. The deduction may be applied at the level of homogeneous risk groups in accordance with Article 75 (3). (2) The temporary deduction shall be equal to a share of the difference between the following two amounts:

1.

the technical provisions, after deduction of the amounts recoverable from reinsurance contracts and with respect to special purpose vehicles, calculated in accordance with § 75 as of 1 January 2016;

2.

the technical provisions after deduction of the amounts recoverable from reinsurance contracts, calculated in accordance with the laws, regulations and administrative provisions laid down in § § 341e to 341h of the Commercial Code and § 65 of the Insurance supervision law in the versions in force until 31 December 2015, as well as the legal regulations issued in accordance with Section 330 of the German Commercial Code and Section 65 of the Insurance Supervision Act, in each of them until 31 December 2015 respectively. have been formed.

At the end of each calendar year, the maximum deductible proportion decreases linearly from 100 per cent during the year from 2016 to 0 per cent on 1 January 2032. If insurance undertakings apply the volatility adjustment in accordance with § 82 on 1 January 2016, the amount referred to in point 1 shall be calculated by means of the volatility adjustment applicable on that date. (3) The amounts of the technical provisions and, where appropriate, the amount of the volatility adjustment used for the calculation of the temporary withdrawal referred to in the first sentence of paragraph 2 (1) and (2) shall be subject to approval or, at the request of the supervisory authority, every 24 months, or, where appropriate, the risk profile of the company has changed significantly, more frequently (4) The deduction referred to in paragraph 2 may be limited by the supervisory authority if its application could lead to a reduction in the financial requirements applicable to the undertaking in relation to the requirements imposed in accordance with the The Commercial Code, the Insurance Supervision Act and the legal regulations issued thereto have been calculated in the versions in force until 31 December 2015. (5) If insurance undertakings apply paragraph 1, they may not be entitled to § 351. apply and have to

1.

if they are able to fulfil the solvency capital requirement only when the temporary withdrawal is applied, the competent supervisory authority shall submit an annual report to the competent supervisory authority in which the measures used to apply the eligible own funds or in order to reduce the risk profile, so that compliance with the Solvency Capital Requirement is established, and the progress achieved in this respect is presented; and

2.

disclose, in the context of their Solvency and Financial Report, that they apply the temporary deduction referred to in paragraph 2 to technical provisions and the consequences of non-application of that temporary deduction for their Quantify the financial situation.

Footnote

(+ + + § 352: For use, see Section 350, Sentence 1 and Section 351 (4) (2) + + +) Unofficial table of contents

Section 353 Plan on the progressive introduction of transitional measures for risk-free interest rates and technical provisions

(1) Insurance undertakings which apply the transitional measures in accordance with Section 351 or § 352 shall notify the supervisory authority without delay if they find that the case is likely to occur, that the solvency capital requirement at the end of the Transitional period without these transitional measures would no longer be covered. In this case, the supervisory authority shall require the insurance undertaking concerned to take measures which are necessary and likely to comply with the Solvency Capital Requirement at the end of the transitional period. (2) In the event of an assurance undertaking that it would not comply with the Solvency Capital Requirement without the transitional measures in accordance with Section 351 or § 352, it shall, within two months of this finding of the Supervisory Authority, submit a plan in which: the progressive introduction of the measures to be taken in order to or to reduce the risk profile, so that the compliance with the Solvency Capital Requirement is restored at the end of the transitional period. The insurance undertaking concerned may update this plan during the transitional period. (3) The insurance undertaking concerned shall submit a report to the supervisory authority every 12 months in which the measures to ensure compliance with the the solvency capital requirement at the end of the transitional period and the progress achieved in this case. If it becomes clear from the progress report that a re-compliance with the Solvency Capital Requirement at the end of the transitional period is unrealistic, the Supervisory Authority shall revoke the approval for the application of the transitional measure in accordance with § 351 or § 352. Unofficial table of contents

Section 354 Review of long-term guarantees and measures against equity risks

Until 1 January 2021, the Federal Agency shall inform the European Insurance and Occupational Pensions Authority of the following:

1.

the availability of long-term guarantees in respect of insurance contracts on their internal markets and the conduct of insurance undertakings as long-term investors;

2.

the number of insurance companies which adjust the matching adjustment, the volatility adjustment, the extension of the deadline for the restoration of healthy financial conditions in accordance with § 134 (4), the decision-based sub-module "Stock Risk" and the apply transitional measures in accordance with § § 351 and 352;

3.

the effects of the matching adjustment, the volatility adjustment, the symmetrical adjustment of the capital requirement for equity investments in accordance with § 106 (1), the durations-based sub-module "Stock Risk" and the transitional measures in accordance with § § 351 and 352 to the financial situation of insurance companies at national level and anonymized for each company;

4.

the effects of the matching adjustment, the volatility adjustment, the symmetrical adjustment of the capital requirements for equity investments in accordance with § 106 (1) and the durations-based sub-module "Stock Risk" on the investment behaviour of insurance undertakings and whether this leads to an undue burden of capital relief;

5.

the impact of an extension of the period of recovery of healthy financial conditions in accordance with Article 134 (4) on the efforts of insurance undertakings to apply the eligible own funds or to reduce the risk profile to comply with the Solvency Capital Requirement;

6.

the fulfilment or non-compliance with the plans for transitional measures pursuant to § 353 by insurance undertakings applying these transitional measures in accordance with § § 351 and 352 and the likelihood of a lower dependence on the latter Transitional measures, including measures taken or expected to be taken by the companies and the supervisory authorities, taking into account the applicable regulatory environment.

Unofficial table of contents

Section 355 Decisions of the Supervisory Authority on the occasion of the entry into force of this Act

(1) As of 11 April 2015, the Supervisory Authority shall have the power to decide on the authorisation

1.

supplementary own resources according to § 90,

2.

the classification of own resources constituents in accordance with Article 91 (5),

3.

of company-specific parameters in accordance with § 109 (2),

4.

from internal full-or partial models in accordance with § § 111 and 112,

5.

additional own funds of an intermediary insurance holding company or an intermediary mixed financial holding company in accordance with section 257 (2),

6.

an internal model for the group in accordance with § § 261 and 262 and 265 (5),

7.

the use of the matching adjustment for the relevant risk-free interest curve according to § § 80 and 81,

8.

the use of volatility adjustment for the relevant risk-free interest rate curve in accordance with § 82,

9.

the application of the transitional measure in the case of risk-free interest rates in accordance with section 351,

10.

the application of the transitional measure in the case of technical provisions in accordance with § 352.

(2) From 1 April 2015, the Supervisory Authority shall be entitled to:

1.

define the level and scope of group supervision in accordance with § § 245 to 249,

2.

to determine the group supervisor in accordance with § § 279 and 280,

3.

to use a colleges of supervisors in accordance with § 283.

(3) From 1 July 2015, the Supervisory Authority shall be entitled to:

1.

decide on the deduction of participation in accordance with Article 259 (2),

2.

select the method for calculating the solvency of the group in accordance with § 252,

3.

to decide on equivalence, in accordance with § § 258 and 288,

4.

to allow insurance companies to fall under § § 269 and 270 in accordance with § 268,

5.

to make the stipulations in accordance with § § 289 and 290,

6.

to decide that transitional measures shall be applied in accordance with § § 343 to 350.

(4) Decisions pursuant to paragraphs 1 to 3 shall take effect as of 1 January 2016 if no later date is mentioned in the decision. Unofficial table of contents

Annex 1 Division of risks by division

(Fundstelle: BGBl. I 2015, 555-556)

1.

Accident

a)

Total Insurance

b)

Cost Insurance

c)

combined services

d)

Passenger transport

2.

Disease

a)

Daily allowance

b)

Cost Insurance

c)

combined services

3.

Landvehicle casko (without rail vehicles) All damage to:

a)

Motor vehicles

b)

Land vehicles without their own drive

4.

Rail Vehicle KaskoAll damage to rail vehicles

5.

Aircraft-KaskoAll damage to aircraft

6.

Lake, inland waterway and river shipping KaskoAll 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 Elemental damages All property damage (as far as they are not covered by the numbers 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.

Hail, frost and other material damage All property damage (as far as it is not covered by points 3 to 7), caused by hail or frost caused by causes of all kinds (such as theft), insofar as these causes are not caused by recorded in paragraph 8

10.

Liability for land vehicles with their own drive

a)

Motor insurance

b)

Liability from land transport

c)

other

11.

Civil liability of all kinds (including that of the carrier) resulting from the use of aircraft

12.

Maritime, inland waterway and river navigation liability of all types (including the carrier) resulting from the use of river vessels, inland waterway vessels and sea vessels

13.

General liability All other liability cases other than those mentioned in points 10 to 12

14.

Credit

a)

general insolvency

b)

Export Credit

c)

Repayment transactions

d)

Mortgage loans

e)

Agricultural loans

15.

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

j)

non-commercial money losses

k)

other financial losses

17.

Legal protection

18.

Assistance to persons who are in difficulty

a)

on journeys or during the absence of their residence or permanent residence

b)

under other conditions, provided that the risks are not covered by other insurance policy

19.

Life (as far as not listed under points 20 to 24)

20.

Marriage and birth insurance

21.

Fund-linked life insurance

22.

Tontin stores

23.

Capitalization operations

24.

Management of supply services

25.

Pension fund transactions

Unofficial table of contents

Appendix 2 Name of the authorisation, which shall be granted simultaneously for several categories

(Fundstelle: BGBl. I 2015, 557)
Includes admission at the same time

1.

Point 1 (d), (3), (7) and (10) (a), shall be issued under the name of "Power Insurance";

2.

Point 1 (d), points 4, 6, 7 and 12, shall be given under the name 'Maritime and transport insurance';

3.

Point 1 (d), points 5, 7 and 11, shall be issued under the name 'Aeronautical insurance';

4.

Points 8 and 9 shall be issued under the name 'Fire and other property damage';

5.

points 10 to 13 shall be issued under the name of "liability";

6.

points 14 and 15, it shall be issued under the name "credit and deposit";

7.

points 1, 3 to 13 and 16 shall be issued under the name 'Accident Insurance and Accident Insurance'.

Unofficial table of contents

Appendix 3 Standard formula for the calculation of the Solvency Capital Requirement (SCR)

(Fundstelle: BGBl. I 2015, 558-559)

1.

Calculation of the base solvency capital requirement (BSCR) The basic solvency capital requirement as set out in § 100 is determined as follows: where SCRi denotes the risk module i and SCRj denotes the risk module j; "i, j" means that all possible combinations of i and j should be recorded in the sum. In the calculation step to the position of SCRi and SCRj: SCRnon-leben: Non-life insurance-oriented risk module; SCRLife: Life insurance technical risk module; SCRKranken: Health insurance technical risk module; SCRMarket: Risk module Market risks; SCRoutage: Risk module counterparty failure. The factor "Corr i, j" stands for the information in row i and column j of the following correlation matrix:




jMarktCounterparty- all-life- insured persons- Non-life insurance- Insurance I

Market	1	0.25	0.25	0.25	0.25
Counterparty failure	0.25	1	0.25	0.25	0.5
Life Insurance	0.25	0.25	1	0.25	0
Health insurance	0.25	0.25	0.25	1	0
Non-life insurance	0.25	0.5	0	0	1

2.

Calculation of the non-life insurance risk module The non-life insurance-related risk module referred to in § 101 is calculated as follows: where SCRi designates the submodule i and SCRj the submodule j; "i, j" means that all possible combinations of i and j should be recorded in the sum. In the calculation, SCRi and SCRj are replaced by: SCRNL premium/provision: submodule non-life insurance premium and reserve risk; SCRNL catastrophes: submodule non-life-risk.

3.

Calculation of the life insurance-related risk module The life insurance technical risk module referred to in § 102 is calculated as follows: where SCRi designates the submodule i and SCRj the submodule j; "i, j" means that all possible combinations of i and j should be recorded in the sum. In the calculation step to the position of SCRi and SCRj: SCRmortality: submodule mortality risk; SCRlongevity: submodule longevity risk; SCRInvalidity: submodule invalidity/morbidity risk; SCRLV cost: submodule Life insurance cost risk; SCRRevision: submodule revision risk; SCRStorno: submodule Stornorisiko; SCRLV disasters: submodule life insurance catastrophe risk.

4.

Calculation of the risk module MarktrisikenStructure of the risk module MarktrisikenThe market risk module referred to in § 104 is calculated as follows: where SCRi designates the submodule i and SCRj the submodule j; "i, j" means that all possible combinations of i and j should be recorded in the sum. In the calculation step to the position of SCRi and SCRj: SCRZins: submodule interest rate change risk; SCRshares: sub-module equity risk; SCRImmobilien: submodule real estate risk; SCRSpread: submodule spread risk; SCRconcentration: submodule Market risk concentrations; SCRexchange rate: submodule exchange rate risk.