Exclusion

(1) Where an insurance undertaking fails to fulfil the contribution or cooperation duties under section 226 or section 228, or fulfils them incorrectly, incompletely, or not in time, the protection fund must inform the Federal Institute. Where the Federal Institute is not the competent supervisory authority, it informs that authority without delay. Where the insurance undertaking also fails to fulfil its obligations within one month of being called upon to do so by the Federal Institute, the protection fund may give the insurance undertaking twelve months' notice of exclusion from the protection fund. After that period expires, the protection fund may, with the consent of the Federal Institute, exclude the insurance undertaking from the protection fund, where the undertaking continues to fail to fulfil its obligations. After the exclusion, the protection fund remains liable only for liabilities of the insurance undertaking established before that period expired.
(2) The protection fund is not liable for liabilities of an insurance undertaking arising after its authorisation to conduct business has lapsed.