General supervisory powers
(1) The supervisory authority may take all measures against primary insurance undertakings, the members of their management board, other managers, and the persons controlling the primary insurance undertakings, that are suitable and necessary to prevent or remedy irregularities. An irregularity is any conduct of an insurance undertaking that is contrary to the supervisory objectives of section 294(2). Weaknesses or deficiencies that the supervisory authority has identified within the supervisory review process are also irregularities.
(2) The supervisory authority may take all measures against reinsurance undertakings, the members of their management board, other managers, or the persons controlling the reinsurance undertakings, that are suitable and necessary to ensure that
1. the laws applicable to the conduct of reinsurance business, and the supervisory authority's orders, are complied with,
2. in particular, the reinsurance undertakings are at all times able to meet their obligations arising from the reinsurance relationships, and
3. weaknesses or deficiencies that the supervisory authority has identified within the supervisory review process are remedied.
(3) The supervisory authority may reject a reinsurance or retrocession contract concluded by an insurance undertaking with a reinsurance undertaking, or with a primary insurance undertaking authorised under Article 14 of Directive 2009/138/EC, only for reasons that do not directly relate to the financial soundness of the other undertaking.
(4) (repealed)