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Regulation implementing the Council Directive of 20 June 1991 on the application of the Agreement between the European Economic Community and the Swiss Confederation relating to direct insurance other than the L...

Original Language Title: Verordnung zur Durchführung der Richtlinie des Rates vom 20. Juni 1991 über die Anwendung des Abkommens zwischen der Europäischen Wirtschaftsgemeinschaft und der Schweizerischen Eidgenossenschaft betreffend die Direktversicherung mit Ausnahme der L...

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Regulation implementing the Council Directive of 20 June 1991 on the application of the Agreement between the European Economic Community and the Swiss Confederation relating to direct insurance other than those of Life assurance (91/371/EEC)

Unofficial table of contents

EWGRL371/91DV 1994

Date of completion: 26.10.1994

Full quote:

" Regulation implementing the Council Directive of 20 June 1991 on the application of the Agreement between the European Economic Community and the Swiss Confederation relating to direct insurance other than those of Life assurance (91/371/EEC) of 26 October 1994 (BGBl. 3202), as defined by Article 2 (45) of the Law of 1 April 2015 (BGBl. I p. 434).

Status: Amended by Art. 2 para. 45 G v. 1.4.2015 I 434

For more details, please refer to the menu under Notes

Footnote 

(+ + + Proof of text: 5.11.1994 + + +) 
(+ + + Official note from the norm-provider on EC law: 
 Implementation of the 
 EEC-GRL 371/91 (CELEX Nr: 391L0371) + + +)
Unofficial table of contents

Input formula

Pursuant to Section 111 (3) (2) of the Insurance Supervision Act, as amended by the Notice of 17 December 1992 (BGBl. 1993 I p. 2), as amended by Article 67 of the Law of 27 April 1993 (BGBl. 512, 2436), the Federal Ministry of Finance is responsible for: Unofficial table of contents

§ 1

For insurance undertakings which have their registered office in the Swiss Confederation and which have a domestic direct insurance other than life assurance (Annex A No 19 to 24 to the Insurance Supervision Act) by means of a Pursuant to Section 110d (1), (2), first sentence, no. 1 to 3, as well as § 106 (3), § 107 and § 110 (1) of the Insurance Supervision Act, the following measures shall apply mutas to the following:
1.
In addition, the application for a business permit shall be accompanied by:
a)
a certificate issued by the Swiss supervisory authority,
-
which insurance savings the company has the power to operate and what kind of risks it actually covers,
-
that the undertaking has, in the event of a higher level of solvency, the amount of the solvency margin and the minimum amount of the guarantee fund necessary for the insurance savings to be operated,
-
the amount of funds available for the Organizational Fund;
b)
the proof of the company's own resources.
2.
In so far as there are no grounds for failure pursuant to Section 8 (1), the permission of a company to have a legal form approved in the Swiss Confederation may only be refused if the conditions referred to in § 106 (2) sentences 2 to 4 and (3) are not required. Conditions are not met.
3.
The permission will be revoked if the company loses permission to operate in the Swiss Confederation; § 87 remains unaffected. The business activity may be provisionally prohibited until the hearing of the Swiss supervisory authority has been completed.
4.
The capital allocation requirements shall be for insurance undertakings which are not obliged under Swiss law to meet capital requirements in accordance with the guidelines of the Council of the European Communities in the field of In accordance with Section 8 (1), first sentence, no. 3.
5.
Within the framework of the authorisation procedure, the Federal Supervisory Authority shall send the business plan and the documents referred to in § 5 (4) sentences 3 and 4 as well as paragraph 5 above to the Swiss supervisory authority for its opinion. If the Swiss supervisory authority does not express its opinion within three months of receipt of the documents, the Federal Supervisory Authority shall submit a favourable opinion.
6.
The Swiss Supervisory Authority shall inform the Swiss Supervisory Authority before the Federal Supervisory Office, on the basis of Section 81b (4), issues a restriction on the disposal of a branch of a company established in the Swiss Confederation.
7.
Before revocation of permission for a company based in the Swiss Confederation and prior to the approval of an inventory transfer contract (§ 14), the Federal Supervisory Authority shall consult with the Swiss supervisory authority. If the business activity is provisionally prohibited, the Federal Supervisory Authority shall immediately inform the Swiss Supervisory Authority.
8.
If the Swiss supervisory authority has ordered restrictions on the assets of a company, because its own funds are insufficient, the Federal Supervisory Authority shall, at the request of the Swiss supervisory authority, appropriate measures for the assets situated in the Federal Republic of Germany. Section 81b (4) shall remain unaffected.
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§ 2

The Regulation implementing the Council Directive of 20 June 1991 on the application of the Agreement between the European Economic Community and the Swiss Confederation concerning direct insurance other than those of Life assurance (91/371/EEC) of 12 July 1993 (BGBl. I p. 1347) is repealed. Unofficial table of contents

§ 3

This Regulation shall enter into force on the day after the date of delivery.