(1) Unless otherwise provided for, this Subdivision is to be applied to enterprises having as their object the operation of insurance business that are not authorities responsible for providing social security (insurance enterprises). This does not apply to those insurance enterprises that, by law, collective agreement or statutes, provide services exclusively to their members or that provide services to persons privileged by law or by statutes or that, as institutions not having legal capacity, cover their expenditures through compulsory contributions, unless they are stock corporations, mutual insurance companies or communal insurance enterprises having legal capacity.
(2) Insurance enterprises within the meaning of subsection (1) also qualify as establishments within the territorial scope of this statute where they have been established by insurance enterprises having their seat in some other state and where they require permission from the German insurance supervisory authority in order to pursue the business of direct insurance. Establishments of insurance enterprises having their seat in a Member State of the European Union or in some other state party to the Agreement creating the European Economic Area that do not require permission from the German insurance supervisory authority in order to pursue the business of direct insurance are to apply the provisions serving as a subsidiary source of law on the recognition and valuation of assets and debt obligations of Titles 1 to 4 of this Subdivision and of the Ordinance on Financial Reporting by Insurance Enterprises, as amended.
(3) Additional requirements based on provisions that exist due to the legal form or that govern establishments remain unaffected.
(4) The provisions of Titles 1 to 7 of this Subdivision, to the exception of subsection (1) sentence 2, are to be applied accordingly to pension funds (section 236 (1) of the Act on the Supervision of Insurance Enterprises). Section 341d applies with the proviso that capital investments for the account and at the risk of employees and employers are to be valued at fair value, while taking a prudential approach; insofar, sections 341b and 341c do not apply.