GARANTA Versicherungs-AG with its registered office in Nuremberg, Germany, intends to transfer the portfolio of its Austrian branch establishment (“GARANTA Versicherungs-AG Österreich”) to Donau Versicherung AG Vienna Insurance Group with its registered office in Vienna.
Pursuant to Article 31 para. 3 second case of the Insurance Supervision Act 2016 (VAG 2016; Versicherungsaufsichtsgesetz 2016), the termination right for insurance contracts in respect of risks situated in Austria pursuant to Article 20 para. 5 in conjunction with Article 31 para. 2 VAG 2016 was excluded.