(1) Every conversion of a direct insurance undertaking under sections 1, 305, 320, and 333 of the Transformation Act requires the approval of the supervisory authority. Section 13(1), second sentence, and (2), (4), and (5) apply correspondingly. Where, in the course of a conversion under the first sentence, the insurance undertaking transfers its registered office abroad, the authorisation lapses.
(2) The supervisory authority may also refuse approval where the provisions governing the conversion have not been complied with.
Part 2 · Provisions for direct insurance and reinsurance › Division 1 · Authorisation and pursuit of business activity › Section 14
Conversions
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