Federal Financial Supervisory Authority

(1) The Federal Institute supervises 1. the private insurance undertakings and Pensionsfonds that have their registered office or a branch domestically, or otherwise conduct insurance business or Pensionsfonds business, 2. the insurance holding companies within the meaning of section 7, point 31, the undertakings within the meaning of section 293(4), the insurance special purpose entities within the meaning of section 168, and the protection funds within the meaning of section 223, and 3. the public-law competitive insurance undertakings that operate beyond the territory of one Land.
(2) Where a primary insurance undertaking under the supervision of a Land belongs to a financial conglomerate within the meaning of section 1(2) of the Financial Conglomerates Supervision Act, supervision of this primary insurance undertaking passes to the Federal Institute once the finding under section 11(1), first sentence, of the Financial Conglomerates Supervision Act, that the group of undertakings to which this primary insurance undertaking belongs is a financial conglomerate, becomes final; the competent Land authority must be informed of the finding in good time. Where the Federal Institute sets aside the finding, or the primary insurance undertaking concerned no longer belongs to the financial conglomerate, the Federal Institute may transfer supervision of this primary insurance undertaking back to the competent Land authority, with its consent.
(3) The Federal Institute exercises technical supervision over the institutions of the kind named in section 140(1) of Book Seven of the Social Code, where these institutions operate beyond the territory of one Land.