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Part 2 · Provisions for direct insurance and reinsurance  ›  Division 4 · Reinsurance › Section 170

Power to issue a statutory instrument

The Federal Ministry of Finance is authorised to issue, by statutory instrument, provisions 1. on the design of the duties under section 167(2), insofar as the area is not governed by delegated acts of the Commission under Article 210(2) of Directive 2009/138/EC, and 2. for finite reinsurance within the meaning of section 167(1), for finite reinsurance contracts and contracts without sufficient risk transfer, on a) the conditions under which a risk transfer is to be regarded as sufficient, b) the minimum provisions that must be contained in every finite reinsurance contract, and c) how undertakings must determine, through appropriate internal procedures, the risk transfer under a contract. 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.

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