Revocation of authorisation

(1) The authorisation to conduct business must be revoked 1. insofar as the insurance undertaking expressly waives it, 2. where the insurance undertaking does not meet the Minimum Capital Requirement and the supervisory authority is of the view that the finance scheme submitted is manifestly inadequate, or the undertaking fails to fulfil the approved finance scheme within three months of the finding that the Minimum Capital Requirement is not covered, 3. where the insurance undertaking has been excluded from the protection fund under section 229, or 4. where insolvency proceedings have been opened. The revocation of the authorisation does not preclude legal acts of the insurance undertaking that are necessary within the framework of the insolvency proceedings.
(2) The authorisation should be revoked where the insurance undertaking has not made use of it within twelve months of its being granted, or has discontinued business operations for more than six months.
(3) The supervisory authority may revoke the authorisation, wholly or in part, where 1. the undertaking no longer satisfies the conditions for granting the authorisation, 2. the undertaking seriously breaches obligations incumbent on it under the Act, with the exception of the provisions of Part 2, Chapter 1, Division 6, or under the scheme of operations, 3. the undertaking persistently breaches Article 4 or Article 15 of Regulation (EU) 2015/2365, or orders of the supervisory authority relating to these provisions, or 4. the undertaking seriously, repeatedly, or systematically breaches the provisions of Part 2, Chapter 1, Division 6, of this Act, or the Money Laundering Act, or the regulations or enforceable orders of the supervisory authority issued to implement these provisions.
(4) The supervisory authority informs the supervisory authorities of all other member or contracting states in which the undertaking carries on its business activity, and the European Insurance and Occupational Pensions Authority, of the revocation of the authorisation. Alone or together with these authorities, it takes all measures suitable for safeguarding the interests of the insured of a primary insurance undertaking, or the interests of the ceding insurers of a reinsurance undertaking. In particular, it may restrict or prohibit the free disposal of the undertaking's assets, and transfer the administration of the assets to suitable persons.
(5) After revocation of the authorisation, no new insurance contracts may be concluded, and previously concluded contracts may neither be increased nor extended.
(6) At mutual insurance associations, revocation of the authorisation for the entire business operations has the effect of a resolution of dissolution. Section 199(3) does not apply. On notification by the supervisory authority, the revocation is entered in the commercial register.
(7) Section 48(4), first sentence, and section 49(2), second sentence, of the Administrative Procedure Act, on the one-year period, do not apply.