Bundesaufsichtsamt für das versicherungswesen. BVSV Bundesverband der Sachverständigen für das Versicherungswesen e.V. , Gewerbezentrum

Versicherungsaufsicht

bundesaufsichtsamt für das versicherungswesen

Subsection 3 above, second sentence, shall apply accordingly. Moreover, the possibility to opt for the standard tariff shall be indicated. If a member of the board of directors or a liquidator has committed the offence the supervisory board shall be entitled to make the request, if a member of the supervisory board has committed the offence the board of directors or the liquidator shall be entitled to make the request. The supervisory authority may determine if and how these undertakings shall be audited. The establishment of new banks in Germany are subject to a compulsory license subject to law, BaFin, as the competent authority, approves such licenses. Land vehicles other than railway rolling stock All damage to or loss of a land motor vehicles b land vehicles other than motor vehicles 4. BaFin supervises insurance companies including and burial funds , holding companies, security and pension funds.

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Bundesaufsichtsamt für das Versicherungswesen

bundesaufsichtsamt für das versicherungswesen

This shall not be applicable to kleinere Vereine section 53 above unless otherwise provided by the supervisory authority. They may taken together with investments pursuant to subsection 2 5a above, in so far as they are securities, not exceed 10 per cent each of the assets of the Deckungsstock and the other restricted assets. Approval by an independent trustee shall not be required if changes in accordance with the first sentence have to be approved by the supervisory authority. German firms are also subject to a number of other non-financial-services-specific pieces of legislation, notably the General Data Protection Regulation and the Federal Data Protection Act Bundesdatenschutzgesetz or and provisions in the Money Laundering Act Geldwäschegesetz or. Other than in the case of a kleinerer Verein mutual society with limited activity section 53 1 below, first sentence he shall certify at the end of the balance sheet that the mathematical provision has been established in accordance with section 341f of the Handelsgesetzbuch and the ordinances issued in accordance with section 65 1 below actuarial certification ; section 341k of the Handelsgesetzbuch relating to auditing shall not be affected.

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137797101

bundesaufsichtsamt für das versicherungswesen

In the case of large risks pursuant to article 10 1 of the Einführungsgesetz zu dem Gesetz über den Versicherungsvertrag it shall be sufficient to mention the applicable law and the competent supervisory authority. Section 77 1 In addition to the funds required for investments or changes in investments only such amounts may be withdrawn from the Deckungsstock which are released in the case of the occurrence of an insured event, a surrender or any other termination of an insurance contract or changes to the operating plan. Such deferral or limitation shall not exceed three months from the date on which such decision was taken. If the holder is a legal person or partnership it shall during the entire period it holds such qualifying participation immediately give notice of any newly appointed legal or statutory representative or new personally liable partner including all the facts necessary to judge his good repute. For this purpose a plan to be approved by the supervisory authority shall be submitted together with the application for authorisation to carry on business. This shall also apply to any other persons who get access to the information mentioned in the first sentence by way of official reporting.

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137797101

bundesaufsichtsamt für das versicherungswesen

The supervisory authority shall be authorised to extend this period to six months where this is justified by circumstances. Section 53a repealed Section 53b The supervisory authority may permit that kleinere Vereine intending to operate life insurance need not establish members funds if security is otherwise provided by the particular nature of the business or by special arrangements. Die ist dem Bundesministerium für Finanzen unterstellt. In respect of each tariff, the premium which would have to be paid for the insured person if they opted for this tariff shall be indicated. Section 12 1 To the extent that health insurance is appropriate to be a substitute for compulsory health insurance substitutive health insurance wholly or partly it shall be treated in the same way as life insurance within the country, whereby 1. The levy amounts depend on the scope and authorization of total assets. The refund rate shall correspond to the relation, expressed as a percentage, between the amount made up of the technical interests, directly credited bonuses and allocations to the provision for premium refunds and the amount made up of the normal mortality gain and normal interest earnings.

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BVSV Bundesverband der Sachverständigen für das Versicherungswesen e.V. , Gewerbezentrum

bundesaufsichtsamt für das versicherungswesen

If securities are issued for the subordinated loans reference shall be made to the legal consequences in sentences 2 and 3 in the terms of issue and subscription. The Treasury prints and mints all paper currency and coins in circulation through the Bureau of Engraving and Printing and the United States Mint. The amounts destined for profit participation of the insured shall, provided they have not been directly distributed among the insured, be allocated to a provision for premium refunds. Section 10a 1 The insurance undertakings shall ensure that the policyholder, if he is a natural person, is informed by way of information given to the consumer about the essential facts and rights under the insurance contract before the insurance contract is concluded and during the term of the contract in accordance with part D of the annex. Section 35 1 The supervisory board shall consist of three members.

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» Law on the Supervision of Insurance Undertakings (Versicherungsaufsichtsgesetz

bundesaufsichtsamt für das versicherungswesen

BaFin also monitors in general compliance with all laws applicable to the operation of insurance businesses. If in the cases mentioned in the second and third sentences also the designated or the freshly appointed trustee does not meet the requirements or if no fresh appointment is made, the supervisory authority itself may appoint a trustee. Section 48 1 The members funds may not be repaid unless the claims of all the other creditors, in particular the claims of the members under insurance contracts have been met or security has been furnished. For the purpose of pension funds which were granted authorisation to carry on business before 28th July, 1994, the supervisory authority may postpone application of the requirements of the first to fourth sentences until 31st December, 1999. If a kleinere Verein does not have a supervisory board the trustee shall be appointed by the board of directors.

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Financial Services Germany

bundesaufsichtsamt für das versicherungswesen

This shall also apply to ordinances in accordance with subsection 1 above, second sentence, if they serve to transfer the power to issue ordinances in accordance with subsection 1, first sentence, paragraph 1 above. Authorisation may also be refused if contrary to section 5 5 above no sufficient information or documents have been submitted with the application. Supervision of the holders of qualifying participations in insurance undertakings Section 104 1 Any person who intends to hold a qualifying participation section 7a 2 above, third sentence in an insurance undertaking shall notify to the supervisory authority the amount of the intended participation without delay. If the latter is not the case, the investment may be permitted only in exceptional cases and for a limited period of time. Table of Contents Introductory provisions. The supervisory authority shall be informed about the values used in compliance with the reporting requirement under section 54d above. Der obliegen die und laufende der betreffenden Un­ternehmen.

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