Opening of insolvency proceedings

(1) The application for the opening of insolvency proceedings over the assets of an insurance undertaking may be made only by the supervisory authority. The rights to apply under section 3a(1), section 3d(2), and section 269d(2) of the Insolvency Code belong exclusively to the supervisory authority. The initiation of a coordination procedure (sections 269d to 269i of the Insolvency Code) takes effect for the group's insurance undertakings only where the supervisory authority has applied for it or consented to it.
(2) The respective authorities of the home state alone have jurisdiction, within the European Economic Area, for the opening of insolvency proceedings over the assets of an insurance undertaking. Where insolvency proceedings are opened over the assets of an insurance undertaking in a member or contracting state, the proceedings are recognised without regard to the conditions of section 343(1) of the Insolvency Code.
(3) Secondary insolvency proceedings or other particular proceedings concerning insurance undertakings that have their registered office in another member or contracting state are not permissible. This does not apply in the cases of section 65, and not in respect of branches of third-country insurance undertakings under section 68.
(4) The insolvency court must transmit the opening order to the supervisory authority without delay, which informs the supervisory authorities of the other member or contracting states without delay. Where the supervisory authority receives a corresponding notification from the supervisory authorities of a member or contracting state, it may make this decision known. Without prejudice to the publication provided for in section 30 of the Insolvency Code, the insolvency court must publish an extract of the opening order in the Official Journal of the European Union. The competent court, the applicable law, and the appointed insolvency administrator must be stated in the publications under section 30 of the Insolvency Code and in the publication in the Official Journal of the European Union.
(5) The supervisory authority may at any time require information on the state of the proceedings from the insolvency court and the insolvency administrator. The supervisory authority is obliged to inform the supervisory authority of another member or contracting state, on its request, of the state of the insolvency proceedings.
(6) Where the supervisory authority files the application for the opening of insolvency proceedings over the assets of the branch of a third-country insurance undertaking, it informs the supervisory authorities of the member or contracting states in which the insurance undertaking also has a branch, without delay. The persons and bodies involved endeavour to act in a coordinated manner.