Notifications to the European Commission

(1) The supervisory authority notifies the European Commission of 1. the grant of an authorisation under section 8(1) to an undertaking that is a subsidiary undertaking of a parent undertaking with its registered office in a third country; the structure of the group must be stated in the notification; 2. the acquisition of a participation in an insurance undertaking, through which the insurance undertaking becomes a subsidiary undertaking of a parent undertaking with its registered office in a third country; 3. the number and nature of the cases in which the establishment of a branch, or the conduct of primary insurance business under the freedom to provide services, in another member or contracting state did not come about because the supervisory authority did not forward the documents under section 58(1), second sentence, or section 59(1), second and third sentences, to the supervisory authority of the other member or contracting state; 4. the number and nature of the cases in which measures were taken under section 62(3), second and third sentences; 5. general difficulties that insurance undertakings encounter in establishing branches, forming subsidiary undertakings, or otherwise conducting insurance business in a third country; 6. on the Commission's request, the application for authorisation of an undertaking that is a subsidiary undertaking of a parent undertaking with its registered office in a third country; 7. on the Commission's request, an intention notified under section 17 to acquire a participation in an insurance undertaking, through which the insurance undertaking becomes a subsidiary undertaking of an undertaking with its registered office in a third country; 8. the approach chosen in the cases under section 288; 9. the persons and bodies named in section 309(5), points 3 and 4; 10. the provisions issued under section 170(1); 11. the provisions applicable to insurance special purpose entities within the meaning of section 168; and 12. a list of all reinsurance undertakings that have ceased concluding new reinsurance contracts by 10 December 2007 and that manage exclusively their portfolio with the aim of discontinuing their activity.
(2) The notification duties under subsection (1), points 6 and 7, exist only where the European Commission finds that, in the third country, insurance undertakings with their registered office in a member or contracting state are not granted effective market access comparable to that which the European Union grants to the undertakings of that state, or where the Commission finds that insurance undertakings with their registered office in a member or contracting state do not receive national treatment in that state. The notification duties under subsection (1), points 6 and 7, in conjunction with the first sentence, no longer exist where an agreement on effective market access and national treatment for insurance undertakings with their registered office in a member or contracting state has been concluded with that state.
(3) The notification duties under subsection (1), points 1, 2, and 10, also exist towards the competent authorities of the other member or contracting states.
(4) The notification duties under subsection (1), points 1, 2, 3, and 5, also exist towards the European Insurance and Occupational Pensions Authority.