Discontinuation of business operations

(1) Without prejudice to section 165(1), for insurance undertakings that cease concluding new insurance contracts by 1 January 2016 and manage their insurance portfolio exclusively with the aim of discontinuing their activity, the provisions of this Act applicable to small insurance undertakings within the meaning of section 211 apply, on application, up to the points in time named in subsection (2), where 1. the undertaking has been able to demonstrate to the supervisory authority that it will discontinue its activity before 1 January 2019, or 2. the undertaking undergoes recovery measures under sections 312 and 313 and an administrator has been appointed.
(2) For insurance undertakings that fall 1. under subsection (1), point 1, subsection (1) no longer applies as of 1 January 2019, 2. under subsection (1), point 2, subsection (1) no longer applies as of 1 January 2021. In the cases of the first sentence, the supervisory authority may determine an earlier point in time, where the insurance undertaking's activity is not expected to have been discontinued by the points in time named in the first sentence.
(3) Insurance undertakings are subject to subsections (1) and (2) only under the following conditions: 1. the undertaking does not belong to a group, or it belongs to a group all of whose undertakings cease concluding new insurance contracts, and 2. the undertaking submits to the competent supervisory authority, annually, a report on the progress made towards discontinuing its activity.
(4) The supervisory authority must transmit a list of the insurance undertakings concerned to the supervisory authorities of all member or contracting states.