(1) Where the withdrawal of the United Kingdom of Great Britain and Northern Ireland from the European Union takes effect without a withdrawal agreement within the meaning of Article 50(2), second sentence, of the Treaty on European Union having entered into force by that time, the Federal Institute may, in order to protect policyholders and beneficiaries of insurance benefits, order that sections 61 to 66 and 169 apply correspondingly for a transitional period, for the purposes of winding up the insurance contracts concluded before the withdrawal, to insurance undertakings with their registered office in the United Kingdom of Great Britain and Northern Ireland that, at the time of the withdrawal of the United Kingdom of Great Britain and Northern Ireland from the European Union, were active domestically through a branch or by way of cross-border freedom to provide services under section 61(1), first sentence, and section 169(1), first sentence. The transitional period, beginning at the time of the withdrawal, may not exceed a duration of 21 months. The order may also be made by general decree without prior hearing and publicly announced.
(2) Subsection (1) applies to institutions for occupational retirement provision with their registered office in the United Kingdom of Great Britain and Northern Ireland that, at the time of the withdrawal of the United Kingdom of Great Britain and Northern Ireland from the European Union, are active domestically on a cross-border basis under section 243, with the proviso that sections 243 and 243a apply.
Subdivision 3
Undertakings with their registered office outside the European Economic Area