Notification by the auditor to the supervisory authority; audit engagement

(1) The management board must notify the supervisory authority without delay of the auditor chosen by the insurance undertaking. The supervisory authority may, within two months of receiving the notification, require the appointment of a different auditor, where this is necessary to achieve the purpose of the audit. The appointment of a different auditor is generally necessary to achieve the purpose of the audit where the management board of an insurance undertaking that is not a public-interest entity under section 316a, second sentence, points 1 or 3, of the Commercial Code has notified the supervisory authority of the same auditor for at least eleven consecutive financial years.
(1a) The court at the seat of the insurance undertaking must, upon the application of the supervisory authority, appoint an auditor where 1. the notification under subsection (1), first sentence, is not made without delay after the end of the financial year; 2. the insurance undertaking does not comply without delay with a request for the appointment of a different auditor under subsection (1), second sentence; 3. the chosen auditor has declined to accept the audit engagement, has ceased to be available, or is prevented from completing the audit in good time, and the insurance undertaking has not appointed a different auditor without delay. The appointment by the court is final. Section 318(5) of the Commercial Code applies correspondingly. The court may, upon the application of the supervisory authority, remove an auditor appointed under the first sentence.
(2) Subsections (1) and (1a) do not apply to insurance undertakings that are exempt, under section 330(1), (3), and (4) of the Commercial Code and the statutory instrument issued under that authorisation, from the obligation to have the annual financial statements audited.