Portfolio transfers

(1) A contract by which a direct insurance undertaking with its registered office in another member state or contracting state intends to transfer, wholly or in part, a portfolio of insurance contracts concluded under section 61(1) through a branch or under freedom to provide services, to an undertaking with its registered office in a member state or contracting state, requires, for its approval by the supervisory authority of the home member state responsible for the transferring undertaking, the consent of the Federal Institute. Consent must be given where the interests of the insured are safeguarded and the obligations under the insurance policies are shown to be permanently capable of being met; section 13(4), (5), and (7), first sentence, applies correspondingly.
(2) Where the insurance portfolio of a branch does not concern risks situated domestically, the Federal Institute merely gives an opinion on the contract.
(3) Where the Federal Institute does not respond within three months to the request for consent or an opinion, this is deemed to be tacit consent or a positive opinion.
(4) Where the supervisory authority responsible for approval under subsection (1), first sentence, requests from the Federal Institute the certificate named in section 13(2), second sentence, point 1, section 58(2), fourth sentence, and section 59(2), fifth sentence, apply correspondingly.