Notification of insolvency

(1) As soon as the insurance undertaking becomes insolvent, its management board must notify the supervisory authority of this. This applies correspondingly where the assets of the insurance undertaking no longer cover its debts. This duty of notification takes the place of the obligation imposed on the management board by other statutory provisions to apply for the opening of insolvency proceedings in the event of insolvency or over-indebtedness.
(2) Where, at mutual insurance associations and public-law insurance undertakings operating on the mutuality principle, at which additional contributions or levies are payable, assessed additional contributions or levies remain outstanding for five months after the due date, the management board must examine whether, disregarding the additional contributions or levies not received in cash, over-indebtedness results; if this is the case, it must notify the supervisory authority of this within one month of the expiry of the period specified. The liquidators are subject to the same duties.