(1) Independently of their size, insurance enterprises are to draw up consolidated financial statements and a consolidated management report even if they are not operated in the legal form of a share capital company. Additional requirements based on provisions that exist due to the legal form remain unaffected.
(2) Parent enterprises, the sole or main object of which is to acquire participating interests in subsidiary enterprises and to manage such participating interests and turn them to profit, also will be considered insurance enterprises within the meaning of this Title if all of said subsidiary enterprises or the majority of them are insurance enterprises.
(3) In derogation from section 290 (1), the legal representatives of a parent enterprise are to draw up the consolidated financial statements and the consolidated management report for the past financial year of the group within two months after the time limit stipulated for drawing up the last financial statements to be drawn up and included in the consolidated financial statements has lapsed, but are to do so no later than within twelve months following the cut-off date for the consolidated financial statements, and are to submit them to the statutory auditor of the consolidated financial statements; where the parent enterprise is a share capital company within the meaning of section 325 (4) sentence 1 and not concurrently within the meaning of section 327a, the time limit set of no longer than twelve months will be replaced by a time limit of no longer than four months. Section 299 (2) sentence 2 applies with the proviso that the cut-off date for the annual financial statements of an enterprise may not permissibly lie more than six months before the cut-off date for the consolidated financial statements.
(4) In derogation from section 175 (1) sentence 1 of the Stock Corporation Act, the consolidated financial statements and the consolidated management report are to be submitted no later than the next upcoming general meeting, to be convened after the time limit stipulated for drawing up the consolidated financial statements and consolidated management report has elapsed, that takes receipt of annual financial statements of the parent enterprise or that is to approve them.