Notification of qualifying holdings

(1) Every person must notify the supervisory authority without delay of an intention to 1. acquire a qualifying holding in an insurance undertaking, directly or indirectly, alone or in concert with other persons or undertakings (interested acquirer); in the notification, the interested acquirer must state or submit the facts and documents material to the size of the holding and to the establishment of the significant influence, to the assessment of his or her reliability, and to the examination of the further grounds for prohibition under section 18(1), and must state the persons and undertakings from whom he or she intends to acquire the corresponding interests; where the interested acquirer is a legal person or commercial partnership, he or she must state in the notification the facts material to assessing the reliability of its statutory or constitutional representatives or partners with unlimited liability; 2. increase, alone or in concert with other persons or undertakings, the amount of the qualifying holding such that the threshold of 20 percent, 30 percent, or 50 percent of the voting rights or of the nominal capital is reached or exceeded, or such that control within the meaning of section 7, point 16, is exercised over the insurance undertaking; or 3. relinquish a qualifying holding in an insurance undertaking, or reduce the amount of the qualifying holding below the threshold of 20 percent, 30 percent, or 50 percent of the voting rights or of the capital, or change the holding such that control is no longer exercised over the insurance undertaking; in doing so, the remaining amount of the holding must be stated; the supervisory authority may set a time limit within which the person or commercial partnership that made the notification must notify it of the completion or non-completion of the intended reduction or change. Every person must notify the supervisory authority where he or she unintentionally 1. acquires a qualifying holding in an insurance undertaking, or increases it such that the threshold of 20 percent, 30 percent, or 50 percent of the voting rights or of the capital is reached or exceeded, or such that control is exercised over the insurance undertaking; this also applies where he or she intends to reduce the holding such that it again falls below the threshold value, unless the holding is reduced without delay upon becoming aware of the acquisition or increase; or 2. relinquishes his or her qualifying holding in an insurance undertaking, or reduces the amount of his or her qualifying holding below the thresholds of 20 percent, 30 percent, or 50 percent of the voting rights or of the capital, or changes the holding such that control is no longer exercised over the insurance undertaking. The notifications under the second sentence must be made without delay once the person subject to the notification duty becomes aware of the circumstances giving rise to that duty.
(2) The holder of a qualifying holding must notify the supervisory authority without delay of each newly appointed statutory or constitutional representative and each new partner with unlimited liability, together with the facts material to assessing that person's reliability.
(3) The supervisory authority must confirm receipt of a complete notification under subsection (1), first sentence, points 1 or 2, or second sentence, point 1, in writing or electronically to the person subject to the notification duty without delay, but no later than within two working days of its receipt.
(4) The supervisory authority must assess the notification under subsection (1), first sentence, points 1 or 2, or second sentence, point 1, within 60 working days from the date of the letter by which it confirmed receipt of the complete notification in writing or electronically (assessment period). In the confirmation under subsection (3), the supervisory authority must inform the person subject to the notification duty of the day on which the assessment period ends. Up to the 50th working day within the assessment period, the supervisory authority may request further information necessary to complete the assessment. The request is made in writing or electronically, stating the additional information required. The supervisory authority must confirm receipt of the further information in writing or electronically to the person subject to the notification duty within two working days of its receipt. The assessment period is suspended from the time the further information is requested until it is received by the supervisory authority. The assessment period is, in the case of suspension under the sixth sentence, no more than 80 working days. The supervisory authority may request supplements or clarifications to that information; this does not result in a further suspension of the assessment period. By way of derogation from the seventh sentence, the assessment period may, in the case of a suspension, be extended to no more than 90 working days where the person subject to the notification duty 1. is resident or supervised outside the European Economic Area, or 2. is a natural person or an undertaking not subject to supervision under one of the following directives: a) 2009/65/EC of the European Parliament and of the Council of 13 July 2009 on the coordination of laws, regulations and administrative provisions relating to undertakings for collective investment in transferable securities (UCITS) (OJ L 302, 17.11.2009, p. 32; L 269, 13.10.2010, p. 27), as last amended by Directive (EU) 2019/2162 (OJ L 328, 18.12.2019, p. 29), b) 2014/65/EU of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments and amending Directive 2002/92/EC and Directive 2011/61/EU (OJ L 173, 12.6.2014, p. 349; L 74, 18.3.2015, p. 38; L 188, 13.7.2016, p. 28; L 273, 8.10.2016, p. 35; L 64, 10.3.2017, p. 116; L 278, 27.10.2017, p. 56), as last amended by Regulation (EU) 2019/2115 (OJ L 320, 11.12.2019, p. 1), c) 2013/36/EU of the European Parliament and of the Council of 26 June 2013 on access to the activity of credit institutions and the prudential supervision of credit institutions and investment firms, amending Directive 2002/87/EC and repealing Directives 2006/48/EC and 2006/49/EC (OJ L 176, 27.6.2013, p. 338; L 208, 2.8.2013, p. 73; L 20, 25.1.2017, p. 1; L 203, 26.6.2020, p. 95), as last amended by Directive (EU) 2019/2034 (OJ L 314, 5.12.2019, p. 64), or d) 2009/138/EC.