GIPE-PUNE-OIIOI2 - DSpace@GIPE

6 PRINCIPLES OF CONTROL OVER
Privatversicherung 5 (Imperial Office of Control for private
insurance) which makes such special statements on the
German bu~iness a pre~condition for the' Erlaubnis, per-'
mission or license, to open a branch in Germany.
Incidentally be it observed that the statements on German
business have tQ be prepared in accordance with the requirements'
of German commercial law and that the
, ,
language to be used is German. So far as the total
business is concerned, the foreign companies are 'required
to submit to the A ufs,jchtsamt a literal German translation
without modification of the original reports and accounts
placed by them with their own Government ,offices of
control ~ccording t9 the laws of their countries.
The legislation on private insurance in Germany
is ~ased on the Act (Gesetz ueber die privaten Versicherungsu~ternehmungen)
of May 1901. The Act was
modified and expanded several times and has
taken final shape in the Gesetz ueber die Beaufsichtigung
derprivaten Versicherungsunternehmungen und
Bauspark,assen (Act for the control, of private
Insurance enterprise and building savings banks)
of June 1931. Every legal c~ndition to which the
indigenous houses are subject is binding on the foreign
houses as well. In Chapter VI sec. 105-III of the Act
of 1931 are detailed separateiy th conditions under which
the foreign companies are authorized to carryon business.
On enquiry at some of the business offices it has been
ascertained' that a: thorough-goirig uniformity does not
obtain, in regard to the relatio~s~f the foreign houses with
5 Verof/entlichungen dee Reichaufsichtsamts fiir' PrilJatlJersicherunll
1927, No. 4 (Berlin, 1928), pp. 340-341.