Unauthorised insurance business

(1) Where insurance business is conducted without the authorisation required under section 8(1), where business activity is commenced contrary to section 61(1) or section 67(1), or continued contrary to section 62(3), second or third sentence, or section 169(3), second sentence (unauthorised insurance business), the supervisory authority may order the undertaking to cease business operations immediately and to wind up this business without delay. It may issue instructions for the winding-up and appoint a suitable person as liquidator.
(2) The supervisory authority may publish its measures under subsection (1), provided they are unappealable or immediately enforceable; personal data may be published only insofar as this is necessary to avert danger.
(2a) Where the Federal Institute orders the cessation of business operations or the winding-up of the unauthorised business, it has, in respect of legal persons and commercial partnerships, the rights named in section 38(1) and (2) of the Banking Act correspondingly. Subsection (2) applies correspondingly.
(3) Subsections (1) and (2) apply correspondingly to measures against the members of the governing bodies and the shareholders of the undertaking.
(4) The powers of the supervisory authority under subsections (1) to (3) also exist against the undertaking and the persons named in subsection (3) where it is established, or facts justify the assumption, that the undertaking or the persons are involved in the initiation, conclusion, or conduct of this business; this applies in particular against
1. undertakings that conclude or broker contracts for an undertaking within the meaning of subsection (1), and
2. undertakings that perform functions or activities for such an undertaking.
(5) The liquidator is entitled to apply for the opening of insolvency proceedings over the assets of the undertaking. The prior activity as liquidator, and the filing of the insolvency application by the liquidator, do not constitute prior involvement excluding the independence of the insolvency administrator. Where the liquidator is not to be appointed as insolvency administrator, the competent insolvency court must give the Federal Institute the opportunity to comment.
(6) The liquidator appointed by the Federal Institute receives appropriate remuneration and reimbursement of his or her expenses from it. The amounts paid must be separately reimbursed to the Federal Institute by the undertaking concerned, and advanced on the Federal Institute's request. The Federal Institute may instruct the undertaking concerned to make the amount determined by the Federal Institute directly to the liquidator in the name of the Federal Institute, where this gives no cause for concern that the liquidator's independence will be influenced.
(7) Insofar and as long as facts justify the assumption, or it is established, that an undertaking conducts unauthorised insurance business, the supervisory authority may inform the public of this suspicion or finding, naming the name or the business name of the undertaking. The first sentence applies correspondingly where an undertaking does not conduct unauthorised insurance business but creates a corresponding impression in public. The undertaking must be heard before the decision on publishing the information. Where the information published by the supervisory authority turns out to be false, or the underlying circumstances are found to have been inaccurately represented, the supervisory authority informs the public of this in the same manner in which it previously published the information in question.