[eu]cite

Home› Insurance› VAG (EN)

Part 5 · Groups  ›  Chapter 5 · Insurance holding companies and mixed financial holding companies › Section 293

Supervision

(1) In addition to subsection (3), sections 4, 16 to 26, 29, 30, 32, 47, points 1, 2, and 5 to 7, sections 303, 305, 306 to 306b, 310, and 333, and the provisions of a statutory instrument under section 310a, apply correspondingly to insurance holding companies and mixed financial holding companies; section 299 remains unaffected. Sections 17 and 18 do not apply where there is, at the same time, an intention to acquire, increase, relinquish, or reduce a significant participation in an insurance undertaking, or a significant participation in an insurance undertaking has been unintentionally acquired, increased, relinquished, or reduced. For undertakings that also conduct primary insurance or reinsurance business, only the provisions on the supervision of primary insurance or reinsurance undertakings apply, in addition to subsection (2).
(2) In the cases under section 287, the supervisory authority may also order the necessary measures against the respective insurance holding company or mixed financial holding company.
(3) The supervisory authority may appoint a special commissioner at insurance holding companies and mixed financial holding companies in accordance with section 307.
(4) Subsections (1) to (3) apply correspondingly to undertakings with their registered office domestically whose principal activity is the acquisition and holding of direct or indirect participations in primary insurance or reinsurance undertakings or Pensionsfonds, and that are not already subject to supervision under this Act.
(5) For insurance holding companies under section 7, point 31, and for undertakings under subsection (4), the requirements of Regulation (EU) 2022/2554 apply, together with the requirements of the acts issued on the basis of Regulation (EU) 2022/2554, and the provisions of this Act that refer to the requirements of Regulation (EU) 2022/2554. In place of Articles 5 to 15 of Regulation (EU) 2022/2554, the simplified information and communication technology risk management framework (ICT risk management framework) under Article 16 of Regulation (EU) 2022/2554 applies.

←→ also move between sections