Branch

(1) Insurance undertakings with their registered office in another member state or contracting state to which Directive 2009/138/EC does not apply, and which intend to conduct insurance business through a branch, require authorisation. The Federal Institute decides on the application.
(2) Section 67(2) and (3) and section 68(2) apply correspondingly to these undertakings, with the proviso that 1. the undertaking's articles of association, as well as the balance sheet and profit and loss account for each of the last three financial years, must additionally be submitted; where the undertaking has existed for less than three years, it need submit these documents only for the financial years already completed; 2. the members of the organ authorised to represent it by law must be named; 3. the business documents relating to the branch must be kept available there; and 4. section 13(2) does not apply.
(3) Subsections (1) and (2) also apply where the business is to be conducted under freedom to provide services; the provisions named in subsection (2), however, do not apply correspondingly insofar as they presuppose a branch.