(1) A protection fund for life insurers and a protection fund for health insurers are established at the Kreditanstalt für Wiederaufbau, as special funds of the Federal Government without legal personality. The protection funds may act in legal transactions, and may sue and be sued.
(2) The task of the protection funds is to protect the claims of policyholders, insured persons, beneficiaries, and other persons benefiting under the insurance contract. For this purpose, the protection funds arrange for the continuation of the contracts of an affected insurance undertaking.
(3) The Kreditanstalt für Wiederaufbau administers the protection funds. It receives a cost-covering remuneration for the administration from the special funds.
(4) The Federal Institute decides on objections to administrative acts of a protection fund.
Part 3 · Protection funds › Section 223
Protection funds
←→ also move between sections