Determination of the Minimum Capital Requirement; power to issue a statutory instrument

(1) The Minimum Capital Requirement corresponds to the amount of eligible basic own funds below which policyholders and beneficiaries would be exposed to an unacceptable level of risk if the insurance undertaking were allowed to continue its operations.
(2) The Federal Ministry of Finance is authorised to determine, by statutory instrument, the level of the Minimum Capital Requirement named in subsection (1); in doing so, Article 129(1) to (3) of Directive 2009/138/EC, delegated acts of the European Commission under Article 130 of Directive 2009/138/EC, and publications of the European Commission under Article 300 of Directive 2009/138/EC must be observed. The authorisation may be transferred to the Federal Institute by statutory instrument. Statutory instruments under the first and second sentences do not require the consent of the Bundesrat.