Branch; general representative

(1) The undertakings to which section 67(1) applies must establish a branch domestically and keep available there all business documents relating to the branch. Sections 13d to 13f of the Commercial Code on branch offices apply correspondingly. Separate accounts must be kept for the business activity of the branch. Section 37, section 38(1), and section 39, and section 43(1), apply with the proviso that
1. the annual financial statements and management report of the head office must also be sent, in German, to every insured person upon request, and
2. the internal report includes the annual financial statements and management report published in the undertaking's home country, in the language of the home country and in German, as well as the report submitted to the supervisory authority of the home country, in the language of the home country.
(2) A general representative must be appointed for the branch, who must have his or her domicile and permanent residence domestically. That person must satisfy the duties and personal requirements that this Act imposes on the management board of an undertaking with its registered office domestically. He or she is deemed authorised to bind the undertaking vis-à-vis third parties, in particular to conclude insurance contracts with policyholders domestically and covering land situated there, and to represent the undertaking before administrative authorities and courts. The general representative must be registered for entry in the commercial register.
(3) Insofar as security must be provided under the following provisions, the Federal Institute may reserve, in the conditions for its return, the right to dispose of the security in the interests of the insured.