Authorisation; segregation of classes of insurance

(1) Insurance undertakings of a third country that intend to conduct direct insurance or reinsurance business domestically require authorisation from the supervisory authority to conduct business. The first sentence does not apply to insurance undertakings of a third country that conduct, from their registered office, exclusively reinsurance business domestically, where 1. the European Commission has decided, under Article 172(2) or (4) of Directive 2009/138/EC, that the solvency regimes for reinsurance activities of undertakings in that third country are equivalent to the regime described in that Directive, or 2. under an agreement of the European Union with a third country, insurance undertakings from the third country concerned may conduct reinsurance business domestically without the requirement of authorisation or a branch, and the conditions laid down in the agreement are met. In the case of the second sentence, point 1, reinsurance contracts with those undertakings are treated in the same way as reinsurance contracts with undertakings authorised in a member state or contracting state; in the case of the second sentence, point 2, treatment is in accordance with the agreement.
(2) The special provisions of this Subdivision apply to undertakings under subsection (1), first sentence, and, in addition, the remaining provisions of this Act and the delegated acts, regulatory technical standards, and implementing technical standards issued under Directive 2009/138/EC apply correspondingly. The provisions of Part 2, Chapter 2, Division 3, apply correspondingly to the insurance business concluded under subsection (1), first sentence.
(3) A direct insurance undertaking that conducts life insurance together with other classes of insurance may not be authorised to conduct business domestically for life insurance. A direct insurance undertaking that conducts health insurance together with other classes of insurance cannot obtain authorisation to conduct health insurance under section 146(1) domestically.
(4) The provisions of this Subdivision apply correspondingly to institutions for occupational retirement provision within the meaning of Article 6, point 1, of Directive (EU) 2016/2341 that have their registered office in a third country.