Authorisation; segregation of classes of insurance

(1) Insurance undertakings with their registered office in Germany require the authorisation of the supervisory authority to conduct business.
(2) Authorisation may be granted only to stock corporations, including the European Company, mutual insurance associations, and corporations and institutions under public law.
(3) The seat of the head office must be located in Germany.
(4) A reinsurance undertaking is authorised only to conduct reinsurance business. For direct insurance undertakings, authorisation to conduct life insurance business within the meaning of Annex 1, points 19 to 24, and authorisation to conduct other classes of insurance are mutually exclusive; the same applies to authorisation to conduct health insurance business within the meaning of section 146(1) and authorisation to conduct other classes of insurance.
(5) The supervisory authority publishes the grant and the revocation of the authorisation in the electronic information medium under section 318(3) and notifies the European Insurance and Occupational Pensions Authority. Where an insurance undertaking subject to the protection requirement under section 221 is affected, it also informs the protection fund.
(6) An insurance undertaking also requires authorisation under subsection (1) where, in the course of a conversion under section 305, section 320, or section 333 of the Transformation Act, it transfers its registered office from abroad to Germany.