Scope of application

(1) The following are subject to supervision under this Act: 1. insurance undertakings within the meaning of section 7, points 33 and 34, 2. insurance holding companies within the meaning of section 7, point 31, and undertakings within the meaning of section 293(4), 3. insurance special purpose vehicles within the meaning of section 168, 4. protection funds within the meaning of section 223, and 5. pension funds within the meaning of section 236(1).
(2) The business activities named in Annex 1, points 22 to 24, fall within the scope of this Act only where they are conducted by insurance undertakings that have been granted authorisation for one of the classes of insurance named in Annex 1, points 19 to 21; in that case, those business activities are treated as equivalent to life insurance business. Capitalisation transactions (Annex 1, point 23) are transactions in which, by applying a mathematical method, the predetermined single or recurring premiums and the liabilities assumed are fixed as to duration and amount. Business activities under Annex 1, point 24, consist in the administration of provident institutions that provide benefits in the event of death or survival, or upon cessation or reduction of working capacity; this also includes the investment and management of the assets. In connection with business activities under the third sentence, insurance undertakings may also, in connection with the administration, give guarantee undertakings for the preservation of the capital under management and for the attainment of a minimum rate of return.
(3) For public-law insurance undertakings of the public service or of the churches whose object is exclusively old-age, invalidity, or survivors' provision, only section 12(1), sections 13, 37(1), section 38(1), section 39, and sections 294 to 298, 300, 302, 305 to 307, sections 310 to 312, and 314 apply. For insurance undertakings established under Land law and subject to Land supervision, Land law may provide otherwise.
(4) For institutions of the kind referred to in section 140(1) of Book Seven of the Social Code, section 12(1), sections 13, 37(1), section 38(1), section 39, and sections 294 to 298, 300, 302, 305 to 307, 310, 312, and 314 apply correspondingly. Resolutions of the assembly of representatives concerning these institutions, and concerning their articles of association and schemes of operations, require the approval of the supervisory authority; section 8(1), section 9(1) to (4), and section 11 apply correspondingly to this.