Power to issue a statutory instrument

(1) For insurance undertakings not subject to supervision by the Länder supervisory authorities, the Federal Ministry of Finance may issue, by statutory instrument, more detailed provisions on the content of the general recovery plans under section 26(1). The authorisation may be transferred to the Federal Institute by statutory instrument. The Insurance Advisory Council must be consulted before issuance. Statutory instruments under the first to third sentences do not require the consent of the Bundesrat.
(2) The Federal Ministry of Finance is authorised to determine, by statutory instrument, more detailed particulars concerning the design, monitoring, further development, and transparency of the remuneration systems within the meaning of section 25, including the decision-making processes and responsibilities, the composition of remuneration, the positive and negative remuneration parameters, the performance periods, and the disclosure of the design of the remuneration systems and of the remuneration paid, the medium and frequency of disclosure, and the permissibility of other remuneration within the meaning of section 25(2). The rules must be geared, in particular, to the size and remuneration structure of the undertaking, and to the nature, scale, complexity, risk content, and international scope of the business activities as a whole. For undertakings belonging to an insurance group, the rules must additionally be geared to the size of the group and to the nature, scale, complexity, risk content, and international scope of the group's business activities. Within the framework of the provisions under the first sentence, the commercial-law provisions on the disclosure of remuneration under section 341a(1) and (2), in conjunction with section 341l(1), first sentence, of the Commercial Code, must remain unaffected. The authorisation may be transferred to the Federal Institute by statutory instrument. Statutory instruments under the first to fifth sentences do not require the consent of the Bundesrat.
(3) The Federal Ministry of Finance is authorised, for insurance undertakings not subject to supervision by the Länder supervisory authorities, to issue, by statutory instrument, more detailed provisions on the notifications of the outsourcing of functions and insurance activities provided for under this Act. The Federal Ministry of Finance may transfer the authorisation to the Federal Institute by statutory instrument. Statutory instruments under the first and second sentences do not require the consent of the Bundesrat.