Applicable provisions

(1) The provisions of this Act applicable to primary insurance undertakings that are not death benefit funds or pension funds apply to small insurance undertakings, insofar as this Chapter contains no derogating rules.
(2) The following do not apply to small insurance undertakings: 1. of the provisions on business organisation, section 23(1a) to (1c), section 26(3), (4), and (6) to (8), sections 27, 28(1), and section 29(2) to (4), and sections 30 and 31, 2. of the provisions on the statutory audit, section 35(2) and section 37(2), 3. the provisions on the solvency and financial condition report, sections 40 to 42, 3a. of the provisions on insurance distribution, section 48(2a), 4. of the provisions on the freedom to provide services and the freedom of establishment, sections 57 to 59, 5. of the provisions on financial resources, sections 74 to 124, section 125(1), second and third sentences, and sections 131 and 133, 6. (repealed), 7. of the provisions on tasks and general provisions, section 301, and 8. of the transitional and final provisions, sections 340 to 352.
(3) The following provisions apply with the general proviso that own funds take the place of eligible basic own funds, and with the following specific provisos: 1. section 9(2), point 4, with the proviso that particulars on the own-funds components representing the absolute floor of the Minimum Capital Requirement must be submitted as part of the scheme of operations, 2. (repealed), 3. section 9(4), point 1, letter a, with the proviso that particulars on the kind and scope of the business organisation need be given only for the managers, the members of the supervisory board, and, where one exists, the appointed actuary, 4. section 12(1) and (3), with the proviso that the rule applies to every extension of the business operation to a foreign territory, 5. section 15(1), third sentence, with the proviso that raising capital against the granting of participation rights, or by incurring subordinated liabilities meeting at least the requirements for Tier 2 under section 92(2), is not regarded as raising outside funds, 6. section 23(3), with the proviso that the guidelines need not contain requirements on internal audit, 7. section 24(1), first sentence, with the proviso that the rule relates only to managers and members of the supervisory board, 8. section 26(1), with the proviso that the risks to which the undertaking is actually or possibly exposed must be adequately documented on a regular basis, 9. section 29(1), with the proviso that no compliance function need be maintained, 10. section 47, points 1 and 2, with the proviso that only the intended appointment of a manager or the appointment of a supervisory board member, and the departure or withdrawal of the power to represent the insurance undertaking of one of these persons, need be notified, 11. section 141(5), with the proviso that the principles of the statutory instrument issued under section 217, first sentence, points 7 to 10, take the place of the principles of the statutory instrument issued under section 88(3), 12. section 303(1) and (2), point 1, with the proviso that the warning, removal, or prohibition is possible only in respect of a manager or a supervisory board member, and 13. section 304(1), point 2, with the proviso that the supervisory authority may revoke the authorisation where the undertaking fails to fulfil the approved financing plan within three months of the finding that the Minimum Capital Requirement is not covered, and the authorisation must be revoked where the undertaking fails to fulfil the approved financing plan within nine months of the finding that the Minimum Capital Requirement is not covered.