Ordinance On The Investment Of Restricted Assets Of Insurance Companies

Original Language Title: Verordnung über die Anlage des gebundenen Vermögens von Versicherungsunternehmen

Subscribe to a Global-Regulation Premium Membership Today!

Key Benefits:

Subscribe Now

Read the untranslated law here: http://www.gesetze-im-internet.de/anlv/BJNR391300001.html

Ordinance on the investment of restricted assets of insurance companies (plant Decree - IO) IO Ausfertigung date: 20.12.2001 full quotation: "plant Decree of 20 December 2001 (BGBl. I S. 3913), most recently by article 1 of the Decree of March 3, 2015 (BGBl. I p. 188) has been changed" stand: last amended by art. 1 V v. 3.3.2015 I 188 V go up. by art 3 para 2 No. 4 V v 1.4.2015 I 434 mWv 1.1.2015 menu see remarks footnote for details, refer to the stand number (+++ text detection from: 1.1.2002 +++) (+++ official note of the standard authority on EC law: implementation of EGRL 41/2003 (CELEX Nr: 303 L 0041) cf. V v. 12.8.2004 I 2176 +++) input formula on the basis of § 54 para 3 of the insurance supervision law, last amended by the Act of 21 December 2000 (BGBl. I S. 1857) , the Federal Government enacted: § 1 investment principles and plant management (1) for the investment of restricted assets are the following special provisions of this regulation. The provisions of § 54 para 1 of the insurance supervision Act remain unaffected.
(2) the system of tied assets has to be carried out with due skill and care. Compliance with the General investment principles of § 54 para 1 of the insurance supervision Act and the following special provisions of this regulation are to ensure by a qualified investment management, appropriate internal capital investment principles and control procedures, a strategic and tactical investment policy more organisational measures. These include in particular the observation of all risks of the asset and liabilities side of the balance sheet and of the relationship of the two sides to each other, as well as an assessment of the elasticity of the investment portfolio to specific capital market scenarios and investment conditions.
(3) the insurance companies have to make sure that they at any time, can respond appropriately to changing economic and legal circumstances, in particular changes in the financial and housing markets disaster events with large scale damage cases or other unusual market conditions. If the system of tied assets in a State which is not a State of the European economic area (EEA) or full Member State of the Organization for economic cooperation and development (OECD), above all, the legal risks associated with the system to consider comprehensively and carefully.
(4) the supervisory authority through a circular determines the details to paragraphs 2 and 3 includes further requirements to the special provisions this regulation and the burden and the reporting obligations of insurance companies.

Article 2 forms of investment (1) tied assets can be created in 1.
Claims for which a mortgage on one in a State of the EEA or a full Member State of the OECD is, located plot or plot-same rights if the mortgages meet the requirements of article 14 and article 16 par. 1 to 3 of the Pfandbrief law, hereditary building rights in addition that § 13 para 2 of the Pfandbrief Act, or the corresponding provisions of the other State;
2. claims, a) sufficiently by payment of money secured or for credit or securities according to § 200 paragraph 1 to 3 of the investment law or equivalent provisions of another State of the EEA or of a full Member State of the OECD pledged or transferred to the backup are (security loan), b) of the notes referred to in point 6 or 7 are, pledged or transferred to the backup c) from cash accounts receivable of the primary insurer to a reinsurer , minus any payroll liabilities consist of premium receivables of re against the insurers.
3. loan a) to the Federal Republic of Germany, countries, municipalities and municipal associations, b) to another State of the EEA or a full Member State of the OECD, c) to regional Governments and local authorities of another State of the EEA or of a full Member State of the OECD, d) to an international organization, of which even the Federal Republic of Germany as a full member, e) for their interest and repayment one referred to under a , b or places referred to in d, a suitable credit institution within the meaning of point 18 letter b, a public credit institution within the meaning of point 18 letter c, is a multilateral development Bank as defined in paragraph 18 letter d the full warranty given or an insurance undertaking within the meaning of article 6 of Directive 73/239/EEC (OJ L 228 of the 16.8.1973, p. 3) or in article 4 of Directive 2002/83/EC (OJ OJ L 345 of 19.12.2002, p. 1) or a reinsurance undertaking within the meaning of article 3 of Directive 2005/68/EC (OJ OJ L 323 of 9.12.2005, p. 1) the risk assured, f) on agencies in the sense of § 8a, clause 1 of the financial market stabilisation fund law, as far as a point for this settlement institution referred to in letter a, b, or d the loss compensation obligation pursuant to section 8a, paragraph 4 number 1 sentence 1 and 1a of the financial market stabilisation fund law number; took over
4. loan a) company headquartered in a State of the EEA or a full Member State of the OECD with the exception of credit institutions, provided the contractually agreed interest and repayment appear guaranteed due to the current and expected future development of earnings and financial position of the company and the loan enough aa) bb by first liens) pledged or transferred to secure receivables or trade approved approved or another organized market according to § 2 paragraph 5 of the securities trading act or in These included securities or cc) are secured in the same way; a declaration of commitment of the borrower to the insurance companies (negative declaration) can only replace a fuse of the loan, if and as long as the borrower already provides the warranty due to his status for the interest and repayment of the loan;
(b) to companies within the meaning of point 14, letter a, in which the insurance company as a partner involved is (shareholder loans), if the loan the requirements of in article 240, paragraph 1 and paragraph 2 meet number 1 of the investment code;
(c) to other companies headquartered in one State of the EEA or a full Member State of the OECD with the exception of credit institutions, provided that these loans are sufficiently concrete or unconditionally secured.
5. advance payments or loans granted by an insurance company on the own insurance receipts, up to the amount of the surrender value (policy loan);
6 mortgage bonds, municipal bonds and other debt securities issued by credit institutions incorporated in a State of the EEA or a full Member State of the OECD, if the banks due to legal provisions for the protection of holders of these bonds of special public supervision are subject to and applied the funds raised with the issuance of the bonds by the statutory provisions in assets which, during the entire term of the notes, sufficient to cover the liabilities arising from them, and that in case of failure of the issuer as a priority for the due increasing repayments and the payment of interest are determined (power law existing special cover stock);
7 bonds, a) to trading licensed or admitted to another organised market or included in these are (organized market) or b) whose involvement in an organized market to apply for is after the conditions of issuance, unless this debt securities accounted for within one year after its issue, or c) on a stock exchange in a State outside the EEA to trading admitted there on any other organised market approved or included in these are or.
8-other debt securities;
9 claims from subordinated liabilities against companies or participatory rights at company a) headquartered in a State of the EEA or a full Member State of the OECD or b) to trading admitted or admitted to another organised market or included in this or admitted to trading admitted or there on any other organised market on a stock exchange in a State outside the EEA or included in these are;
10 asset-backed securities (structured financial instruments collateralized with debt securities are) and credit-linked notes (financial instruments associated with credit risks), as well as other systems be transferred credit risk of third parties according to § 2 para 1, which yield or repayment of credit risks are bound, or by means of which, a) against companies based in a State of the EEA or a full Member State of the OECD or b) which admitted to trading or admitted to another organised market or included in this or on a stock exchange in a State outside the EEA to trading admitted or there are approved or included in these other organized market;
11 claims, which are registered in the debt register of the Federal Republic of Germany, one of its members or in an appropriate directory of another State of the EEA or of a full Member State of the OECD or its registered as debt register claim is made within one year after its issue, as well as in liquidity securities (§ 42 paragraph 1 of the law on the Deutsche Bundesbank);
12.
fully paid-up shares which are admitted or admitted to another organised market or included in these or admitted to trading admitted or there on any other organised market on a stock exchange in a State outside the EEA or included in this trade;
13 participations in the form of a) other fully paid-up shares, shares in a company with limited liability, Kommanditanteilen and participations as a silent partner in the sense of the commercial code, if the company has a business model and takes entrepreneurial risks and aa) has its headquarters in a State of the EEA or a full Member State of the OECD, bb) the insurance company provides the last annual financial statements , which is set up and tested in appropriate application of the rules for corporations, and cc) are bound to continue at each balance sheet date such annual accounts to submit;
b) shares and shares on domestic closed alternative investment funds (AIF) in the sense of § 1 paragraph 3 of the investment code, aa) directly or indirectly in assets according to section 261 subsection 1 invest number 4 of the investment law, equity-related instruments and other instruments of corporate financing and bb) that are managed by a management company, which an authorisation according to article 20, paragraph 1, of the investment law or registered according to § 44 of the investment code is , or by a management company headquartered in a State of the EEA or a full Member State of the OECD, which is subject to, and has a permit or a registration, which is comparable with the permission according to § 20 paragraph 1 of the investment law or the registration according to § 44 of the investment code to protect of the investors of public oversight, as well as shares and shares of closed foreign investment assets which are subject to the law of State of the EEA or of a full Member State of the OECD , fulfil the requirement referred to in double aa in a comparable way and by a company within the meaning of the double letter bb managed;
14 real estate in the form of a) cultivated in buildings located in an EEA State or a full Member State of the OECD or for the timely development, land there receives land equal rights as well as shares in a company, the sole purpose of which is the acquisition, development and management of land located in such a State or land rights. The insurance company has the adequacy of the purchase price on the basis of a sworn expert report or in a comparable way to check. From the property lifts, par. 3a are sentence 4 of the insurance supervision law to settle the liens on them without prejudice to the provisions of § 66;
b) shares in a REIT stock corporation or shares of a comparable capital company headquartered in a State of the EEA or a full Member State of the OECD, which comply with the conditions of the g-REIT Act, or the comparable requirements of the other State;
(c) shares and shares in domestic special AIF in the sense of § 1 paragraph 6 of the investment code or shares and shares on domestic closed audience AIF within the meaning of § 1 paragraph 3 in connection with paragraph 6 of the investment code, aa) that directly or indirectly invest number 1 to 6 and article 235, paragraph 1 of the investment code in assets according to article 231, paragraph 1 and bb) that are managed by a management company , that a permit according to § 20 paragraph 1 has the investment code, or by a management company headquartered in a State of the EEA, which is subject to and has a permit, which is comparable, with the permission in accordance with article 20, paragraph 1, of the investment code to protect of the investors of public oversight, as well as shares and shares in EU-investment asset pools within the meaning of article 1 paragraph 8 of the investment code in the form of special AIF and closed public AIF , which meet the requirement referred to in double aa in a comparable way and by a company within the meaning of the double letter bb managed;
15 shares and investment shares on domestic open public investment asset pools within the meaning of article 1(2) of the investment code (UCITS), as well as shares and shares of comparable EU-investment asset pools within the meaning of article 1 paragraph 8 of the investment code, unless it administered by a UCITS management company headquartered in a State of the EEA;
16 shares and investment shares on domestic open special AIF within the meaning of § 1 paragraph 6 of the investment code, a) which meet the requirements according to section 284 of the investment code and are not covered by number 14 letter c and b) that are managed by a management company, which has a permit according to article 20, paragraph 1, of the investment code, or by a management company headquartered in a State of the EEA , to protect of the investors of public oversight shall be subject to and has a permit, which is comparable with the permission in accordance with article 20, paragraph 1, of the investment law, as well as manage shares and shares at EU-investment asset pools within the meaning of article 1 paragraph 8 of the investment code in the form of open special AIF which meet the requirement referred to in a similar way and by a company within the meaning of point (b);
17 shares and shares in domestic investment asset pools within the meaning of § 1, clause 1 of the investment code, a) which are not public investment funds in the form of real estate funds according to sections 230 to 260 of the investment code, b) which are not covered by paragraph 13 letter b, point 14 letter c, number 15 and 16 and c) that are managed by a management company, which has a permit according to article 20, paragraph 1, of the investment code , or by a management company headquartered in a State of the EEA, which is subject to and has a permit, which is comparable, with the permission in accordance with article 20, paragraph 1, of the investment code to protect of the investors of public oversight, as well as shares and shares on EU-investment asset pools within the meaning of article 1 paragraph 8 of the investment code, that meet the requirement referred to in a similarly , are not covered by the instruments referred to in point (b), and managed by a company within the meaning of letter c;
18 installations in a) the European Central Bank or the Central Bank of a country of the EEA or of a full Member State of the OECD, b) a credit institution established in a State of the EEA, the requirements of Directive 2013/36/EC of the European Parliament and of the Council of 26 June 2013 over the access to the activity of credit institutions and the supervision of credit institutions and investment firms , amending Directive 2002/87/EC and repealing directives 2006/48/EC and 2006/49/EC (OJ L 176 of the 27.6.2013, p. 338) is subject to, if the credit institution confirmed the insurer in writing, that it keeps the regulations at its equity capital and the liquidity of credit institutions (appropriate credit Institute), c) public credit institutions which are exempt pursuant to article 2 (5) of the directive referred to in point (b) from the scope of this directive, d) multilateral development banks, which according to article 117 (2) of Regulation (EU) No. 575 / 2013 of the European Parliament and of the Council of 26 June 2013 about Supervisory requirements for credit institutions and investment firms and for amending the Regulation (EU) No. 646 / 2012 (OJ L 176 of the 27.6.2013, s 1) a risk weight of 0 per cent receive.
Also current balances are considered plants.
(2) in accordance with article 3, paragraph 2, point 4 can the tied assets are also invested in equipment, which are not mentioned in paragraph 1, whose Voraussetzungen do not meet or number 1 to 3, 3 to 5 exceed the limits of in article 3 paragraph 2 (clause).
(3) the supervisory authority can insurance companies also have investments in assets, which are not mentioned in the preceding paragraphs, or whose Voraussetzungen do not meet, as well as the excess of the above limits permit number 1 to 3, 3 to 5 and § 4 par. 1 to 4 in section 3, subsection 2 If the interests of the insured as a result are not affected and if the Member States these derogations pursuant to article 21 or article 22 of the third directive non-life insurance and article 23 or article 24 of Directive can admit about life insurance.
(4) direct and indirect investments 1 in consumer loans, working capital loans, movable property or claims on movable property does not include as well as in intangible assets, 2. that non-life insurance and article 23 or article 24 of the directive on life insurance are not permitted pursuant to article 21 or article 22 of the third directive, 3rd in participations in subsidiaries of the insurance undertaking within the meaning of section 18 of the companies Act, with the exception of companies , where the insurance undertaking is only passively involved, without surgically on the business impact to take or maintain ongoing project development, 4.
companies on which the insurance company or its affiliates within the meaning of section 18 of the companies act business wholly or partly in the way of the function separation (§ 5 paragraph 3 number 4 of the insurance supervision Act) have transferred, or that perform related activities of the insurance undertaking or its affiliates within the meaning of section 18 of the companies act in direct connection with the operation of insurance businesses when at these companies the scope of business activities from the subject of the spin-off of the function or the service activity is determined.
(5) the European economic area within the meaning of this regulation includes the States of the European communities, as well as the States of the agreement on the European economic area.

§ 3 quantitative restrictions (blend) (1) direct and indirect investments to § 2 para 1 No. 2 are 2(a) and no. 8, as well as facilities for debtors domiciled in countries outside of the EEA, where it is not guaranteed that the privilege of § 77 extends a of the insurance supervision Act on them, to restrict to a prudent level.
(2) the investment in various forms of investment is as follows: 1 direct and indirect investments according to § 2 para 1 No. 10 may respectively 7.5 per cent of securing assets and of other tied assets not exceed;
2. direct and indirect investments pursuant to section 2 paragraph 1 associated with number 17, assets which number 16 will be held on article 2, paragraph 1, and not the numbers the system catalog of article 2, paragraph 1 can be as well as other direct and indirect investments according to § 2 para 1, which yield or reimbursement to hedge funds or commodity risks is bound, may each 7.5 per cent of the assets of the assurance and not exceed the other tied assets;
3. direct and indirect investments pursuant to section 2 paragraph 1 number 4 letter c 5 percent of securing assets and the other restricted assets may not exceed each;
4. plants arranged within the framework of the opening clause provided for in article 2, paragraph 2 are limited to 5 per cent of securing assets and of other tied assets; in safeguarding the interests of the insured, this investment limit, with the approval of the supervisory authority can be increased to each 10 per cent of securing assets and of other tied assets; the limit of 1 per cent of tied assets in section 4, paragraph 4 shall remain unaffected.
(3) direct and indirect investments pursuant to section 2 para 1 No. 9, 12 and 13 may with equipment which does not exceed 35 per cent of securing assets and of other tied assets total each number 2 and 3 are subject to the rates of in paragraph 2. Against this quota, even plants are no. 2 according to § 2 para 1 credit letter a as far as plants are subject of the security loan pursuant to section 2 para 1 No. 12. Within the quota pursuant to sentence 1 may the proportion of approved not to trade and not on another market organised permitted or in these financial statements and not admitted to a stock exchange in a State outside the EEA to the trade or on another market organised permitted or in these financial statements assets according to § 2 para 1 No. 9 letter a and number 13 each, not exceed 15 per cent of securing assets and the other restricted assets.
(4) in the case of investments in shares and shares in investment funds according to § 2 para 1, number 15 and 16, which have more than the simple of the potential of market risk through the use of derivatives according to section 197, subsection 2 of the investment code, or the corresponding provisions of another State of the European economic area, is to offset the increased potential of market risk on the rate pursuant to paragraph 3 sentence 1. As far as the increased market risk potential can be determined not timely, the maximum amount is set.
(5) direct and indirect investments in loans after § 2 paragraph 1 number 4 point (b), in real estate after § 2 paragraph 1 number 14 a, b and c and in real estate, which number 16 be held investment assets according to § 2 para 1 and number 14 letter c meet the requirements of article 2, paragraph 1, 25 per cent of securing assets and the other restricted assets may not exceed respectively.
(6) the supervision authority may direct and indirect investments pursuant to section 2 paragraph 1 number 2 letter a, number 9, 12, 13 and the facilities which number 2 and 3 are subject to the rates of in paragraph 2, to each 10 per cent of securing assets and of other tied assets minimize, if it is necessary to safeguard the interests of insured persons. The same authority is the supervisory authority in the cases of § 81 para 2 sentence 1 of the insurance supervision Act.

§ 4 debtor-related limitations (scatter) (1) subject to paragraph 2 all on one and the same issuer (debtor) attributable plants 5 per cent of tied assets not to exceed. On this quota and the quota referred to in paragraph 2, 3 and 4 the plants of the ten largest issuer (debtor) in one is number 15 open investment funds according to § 2 paragraph 1, 16 and 17. An exhibitor compared with the liabilities of a third party insurance company took over the full warranty, also the warranty liability on the rate is so pursuant to sentence 1 credit. According to § 2 para 1 number 15, 16 and 17 are not considered investments in shares or shares in an investment asset pools open systems at one and the same issuer (debtor), if the investment asset pool in itself is sufficiently diversified.
(2) plants at one and the same in § 2 paragraph 1 number 3 letter a, b or d mentioned issuer (debtor) applies by way of derogation from paragraph 1 a quota of 30 per cent of the restricted assets.
For plants, 1 in bonds from the same credit institution with seat in a State of the EEA or a full Member State of the OECD in transport, if secured by an existing law special cover stock, 2 with the same suitable credit institution according to § 2 para 1 No. 18 letter b, if and as far as the facilities through a comprehensive Institute protection of the credit institution, or by a deposit-guarantee scheme are actually covered. the statutory exclusion of a legal claim on power of the deposit protection equipment includes not from an actual hedge, number 18 letter for 3rd at the same public credit institution pursuant to section 2, paragraph 1 c and 4. one multilateral development bank according to § 2 paragraph 1 point 18 shall be by way of derogation from paragraph 1 a rate of 15 per cent of the restricted assets.
(3) in the calculation of the quotas referred to in paragraph 1, 2, and 4 systems when the issuer (debtor) and his are to comprise group companies within the meaning of section 18 of the companies act. By way of derogation from article 4, paragraph 1, sentence 1's applies to investments in Group companies, as far as claims arising from reinsurance relationships according to § 2 para 1 number 2 point (b) is not, a reduced dispersion rate of 3.0 per cent of the restricted assets.
(4) according to § 2 para 1 1 per cent of tied assets do not exceed number 9, 12 and 13 at the same company as well as shares and shares of a closed investment funds according to § 2 para 1 may number 17 by way of derogation from paragraph 1, a total installations. For shares in a company, the sole purpose of which is keeping the plants to other companies referred to in sentence 1, sentence 1 the calculated by installations of the insurance undertaking for the other companies refers.
(5) up to 10 per cent of securing assets and of other tied assets can be created number 14 letter c in a single plot or plot-same rights or shares in a company, the sole purpose of which is the acquisition, development and management in a State of the EEA or a full Member State of the OECD located land or property rights, or in units or shares in an investment asset according to § 2 para 1. Same limit applies collectively to several legally independent plots, when economically, they form a unit.
(6) units of a pension fund in a carrier undertaking within the meaning of § 7 para 1 sentence 2 No. 2 of the Act to improve the occupational retirement provision and its group companies shall not exceed 5 per cent of the total assets. A pension fund is supported by more than two companies, investments in these companies on a total of 15 per cent of the total assets are limited; Sentence 1 shall remain unaffected.

§ 5 congruence is tied assets to create C of the insurance supervision law in assets in accordance with the plant part, have denominated in the same currency, of the insurance are met (matching rules). This apply land and leasehold rights as laid out in the currency of the country in which they are situated, stocks and shares as laid out in the currency in which they are included in an organised market. not in an organized market for stocks and shares are considered in the currency of the country created, established by the issuer of the securities or shares.

Section 6 transitional arrangements
(1) compliance with the quotas according to § 4 paragraph 1 sentence 2, paragraph 2 set 2, paragraphs 3 and 4 as amended by the Decree of June 29, 2010 (Federal Law Gazette I p. 841) is to consider each to be completed after June 30, 2010 new facilities. Already, equipment properly made under the previous limits, set 2, paragraphs 3 and 4 exceed the revised limits of § 4 paragraph 1 sentence 2, paragraph 2, may remain until their maturity in the backup capacity and other linked assets.
(2) shares of public investment funds in the form of real estate funds according to the sections 230 to 260 of the investment code, which have been acquired prior to April 8, 2011, as well as shares of comparable foreign investment assets that have been acquired prior to April 8, 2011, can remain in the backup capacity and other linked assets and facilities number 14 are assigned letter c according to § 2 para 1.
(3) the requirements of article 2, paragraph 1 number 13 point (b), as amended by the Decree of March 3, 2015 (Federal Law Gazette I p. 188) can be observed to be newly after March 7, 2015 plants. Even under the preceding provisions properly made equipment can number 13, that do not meet the revised requirements, according to § 2 para 1 until their maturity in the backup capacity and other linked assets remain and plants number 13 are assigned letter b according to § 2 para 1.

Article 7 entry into force this regulation enters into force on 1 January 2002.

Concluding formula the Federal Council has approved.