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Regulation on the investment in the tied assets of insurance undertakings

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

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Regulation on the investment in the tied assets of insurance undertakings (investment regulation-AnlV)

Unofficial table of contents

AnlV

Date of completion: 20.12.2001

Full quote:

" Investment Regulation of 20 December 2001 (BGBl. 3913), as last amended by Article 1 of the Regulation of 3 March 2015 (BGBl I). I p. 188)

Status: Last amended by Art. 1 V v. 3.3.2015 I 188
V up. by Art 3 para. 2 No. 4 V v. 1.4.2015 I 434 mWv 1.1.2015

For more details, please refer to the menu under Notes

Footnote

(+ + + Text evidence from: 1.1.2002 + + +) 
(+ + + Official note from the norm-provider on EC law:
Implementation of the
ERL 41/2003 (CELEX Nr: 303L0041) V v. 12.8.2004 I 2176 + + +)

Unofficial table of contents

Input formula

Pursuant to Section 54 (3) of the Insurance Supervision Act, as last amended by the Law of 21 December 2000 (BGBl. I p. 1857), the Federal Government decrees: Unofficial table of contents

§ 1 Investment principles and investment management

(1) The following special provisions of this Regulation shall apply to the installation of the tied assets. The provisions of Section 54 (1) of the Insurance Supervision Act remain unaffected. (2) The investment of the tied assets must be carried out with the necessary expertise and care. Compliance with the general investment principles of Section 54 (1) of the Insurance Supervision Act and the following special provisions of this Regulation are by means of a qualified investment management, appropriate internal capital investment principles and control procedures, strategic and tactical investment policy, and other organisational measures. These include, in particular, the monitoring of all risks of the active and passive side of the balance sheet and of the relationship between the two sides, as well as an assessment of the elasticity of the investment stock against certain capital market scenarios and Investment conditions. (3) The insurance undertakings shall ensure that they are at any time on a changing economic and legal basis, in particular changes in the financial and real estate markets, on catastrophic events. with major damage cases or other unusual Market situations can react appropriately. In the case of the investment of tied assets in a State which is not the State of the European Economic Area (EEA) or the full member state of the Organisation for Economic Cooperation and Development (OECD), above all those with the annex (4) The detailed provisions of paragraphs 2 and 3, including detailed rules on the specific provisions of this Regulation and the disclosure and disclosure requirements of Insurance undertakings shall determine the supervisory authority by means of a circular. Unofficial table of contents

§ 2 Investment forms

(1) The tied assets may be invested in
1.
Claims for which there is a fundamental right to land in a land of the EEA or a full member state of the OECD, or the same right, if the fundamental right of property law is subject to the requirements of § 14 and § 16 (1) to (3) of the Pfandbrief Act, inheritance rights in addition to the provisions of § 13 (2) of the Pfandbrief Act, or the corresponding provisions of the other State;
2.
claims,
a)
which is secured sufficiently by cash payment or for the assets or securities in accordance with § 200 (1) to (3) of the capital investment code or equivalent provisions of another State of the EEA or of a full Member State of the OECD are pledged or transferred for security (investment loans);
b)
for the debt securities referred to in point 6 or 7, or to be transferred for security,
c)
consist of liquid accounting claims of the primary insurer against a reinsurer, minus any accounting liabilities arising from premium claims of the return against the first insurer;
3.
Loans
a)
to the Federal Republic of Germany, its countries, municipalities and community associations,
b)
to another State of the EEA or to 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, which also belongs to the Federal Republic of Germany as a full member,
e)
for their return and repayment, one of the bodies referred to in (a), (b) or (d), a suitable credit institution within the meaning of point 18 (b), a public-law credit institution within the meaning of point 18 (c), a multilateral Development bank as defined in point 18 (d) shall be the full guarantee or an insurance undertaking within the meaning of Article 6 of Directive 73 /239/EEC (OJ L 73, 27.3.73, p. 3) or to Article 4 of Directive 2002 /83/EC (OJ L 327, 22.12.2002, p. 1), or a reinsurance undertaking within the meaning of Article 3 of Directive 2005 /68/EC (OJ L 327, 30.12.2005, p. 1), has insured the default risk,
f)
to settlement institutions within the meaning of Article 8a (1) of the Financial Market Stabilisation Fund Act, to the extent that one of the bodies referred to in point (a), (b) or (d) for this settlement institution is responsible for the loss-sharing obligation pursuant to Article 8a (4) (1) sentence 1 and Point 1a of the Financial Market Stabilisation Fund Act;
4.
Loans
a)
to undertakings established in a Member State of the EEA or a full Member State of the OECD, with the exception of credit institutions, provided that, on the basis of the previous and expected future developments in the company's income and financial situation, the Contractually agreed interest and repayment are guaranteed and the loans are sufficient
aa)
by first-tier land-use rights,
bb)
or securities admitted to trading or admitted to trading in accordance with section 2 (5) of the Securities Trading Act, admitted or admitted to trading, or admitted to trading in another organised market, or
cc)
in a comparable manner; a declaration of commitment by the borrower to the insurance undertaking (the negative transfiguration) can only replace a loan guarantee if and as long as the borrower is already on the basis of: its status as a guarantee for the interest and repayment of the loan;
b)
to undertakings within the meaning of point 14 (a), in which the insurance undertaking is a shareholder (shareholder loan), where the loans are in accordance with the requirements of Section 240 (1) and (2) (1) of the capital investment code meet;
c)
to other undertakings established in a Member State of the EEA or a full Member State of the OECD, with the exception of credit institutions, provided that such loans are sufficiently dingy or compulsory for debt purposes;
5.
advance payments or loans granted by an insurance undertaking to its own insurance certificates, up to the level of the value of the repurchase (policy loans);
6.
" Pfandbriefe, local bonds and other debt securities issued by credit institutions having their registered office in a State of the EEA or a full member state of the OECD, if the credit institutions are protected under statutory provisions for the protection of the holders of such institutions. Debt securities are subject to special public supervision and the funds raised in the issue of debt securities are applied in accordance with the statutory provisions in assets which during the entire duration of the period of validity of the debt securities are subject to the Debt securities arising from the liabilities arising from them sufficient cover and, in the event of a failure of the exhibitor, are intended as a priority for the repayments due and the payment of the interest (the special coverage of the law existing in force);
7.
Debt securities,
a)
which are admitted to trading or are admitted to or included in another organised market (organised market); or
b)
to be included in an organised market in accordance with the conditions of issue, provided that such debt securities are included within one year of the date of issue; or
c)
which are admitted to trading on a stock exchange in a country outside the EEA or are admitted to or included in another organised market;
8.
other debt securities;
9.
Receivables from subordinated liabilities to companies or to companies ' rights to enjoyment
a)
with its registered office in a State of the EEA or a full Member State of the OECD, or
b)
Admitted to trading or admitted to or included in another organised market or admitted to trading on a stock exchange in a State outside the EEA or admitted to or registered in another organised market in that State are involved;
10.
Asset Backed Securities (structured financial instruments secured with receivables rights) and Credit Linked Notes (financial instruments linked to credit risks) as well as other assets pursuant to § 2 (1), their income or repayment to Credit risks are linked or are transferred to a third party by means of credit risks;
a)
against undertakings established in a Member State of the EEA or a full Member State of the OECD, or
b)
Admitted to trading or admitted to or included in another organised market or admitted to trading on a stock exchange in a State outside the EEA or admitted to or registered in another organised market in that State are involved;
11.
Claims entered in the debtor of the Federal Republic of Germany, one of its countries or in a corresponding register of another State of the EEA or of a full member state of the OECD, or the registration thereof as the debtor's claim is made within one year of its issuance, as well as in liquidity documents (Section 42 (1) of the Act on the Deutsche Bundesbank);
12.
Fully paid shares admitted to trading or admitted to or included in another organised market or admitted to trading on a stock exchange in a State outside the EEA or held there in another organised market be approved or included in these;
13.
participations in the form of
a)
other fully paid-up shares, business shares in a limited liability company, share shares and shareholdings as a stiller partner within the meaning of the Commercial Code, if the company has a business model and entrepreneurial risks, and
aa)
has its registered office in a State of the EEA or a full Member State of the OECD,
bb)
provide the assurance undertaking with the last annual financial statements drawn up and audited in the appropriate application of the rules in force for capital companies; and
cc)
undertakes to continue to submit such annual accounts at each balance sheet date;
b)
shares and shares in domestic closed-end alternative investment funds (AIF) within the meaning of Section 1 (3) of the Capital Investment Code;
aa)
who invest directly or indirectly in assets under Article 261 (1) (4) of the Capital Investment Code, equity-related instruments and other instruments of corporate finance; and
bb)
managed by a capital management company which has a permit pursuant to Article 20 (1) of the capital investment code or which is registered under section 44 of the capital investment code, or by a management company established in a State of the EEA or a full member state of the OECD which is subject to the protection of investors under public supervision and has a permit or registration which is subject to the authorization provided for in Article 20 (1) of the Capital Investment Code or the registration in accordance with section 44 of the capital investment code,
, as well as shares and shares in closed foreign investment assets governed by the law of a State of the EEA or of a full member state of the OECD, fulfil the requirement of double letter aa in a comparable manner and from a company within the meaning of double letter bb;
14.
Real estate in the form of
a)
built-up land in a State of the EEA or a full member state of the OECD, situated on the territory of the EEA or a full member state of the OECD, in the territory of the EEA or in a Member State of the EEA, and in shares in a company whose territory is situated in the territory of the the sole purpose of the acquisition, the building and administration of land situated in such a state or the same rights as the land of the land. The insurance undertaking shall examine the appropriateness of the purchase price on the basis of the expert opinion of a sworn expert or in a comparable manner. Without prejudice to the provisions of Section 66 (3a) sentence 4 of the Insurance Supervision Act, the basic rights of the land are to be deducted from the land-use property rights;
b)
Shares of a REIT-stock company or shares in a comparable capital company based in a State of the EEA or a full member state of the OECD, which are subject to the conditions of the REIT Act or to the comparable provisions of the other States;
c)
shares and shares in domestic special AIF within the meaning of section 1 (6) of the capital investment code or shares and shares in domestic closed audience-AIF within the meaning of Section 1 (3) in conjunction with paragraph 6 of the Capital Investment Code,
aa)
who invest directly or indirectly in property in accordance with Article 231 (1) (1) to (6) and Article 235 (1) of the Capital Investment Code; and
bb)
managed by a capital management company which has a permit pursuant to Article 20 (1) of the Capital Investment Code, or by a management company established in a State of the EEA which is responsible for the protection of investors of a capital investment code; is subject to public supervision and is subject to a permit similar to that provided for in Article 20 (1) of the capital investment code;
as well as shares and shares in EU investment assets within the meaning of Article 1 (8) of the Capital Investment Code, in the form of special AIF and closed audience AIF, which fulfil the requirement of a double letter aa in a comparable manner and from a company within the meaning of double letter bb;
15.
Shares and investment shares in domestic open public investment assets within the meaning of Article 1 (2) of the Capital Investment Code (UCITS) as well as shares and shares in comparable EU investment assets within the meaning of Article 1 (8) of the German Capital Investment Code (UCITS) the capital investment code, provided that they are managed by a UCITS management company established in a State of the EEA;
16.
shares and investment shares in domestic open special AIF within the meaning of Section 1 (6) of the Capital Investment Code,
a)
which meet the requirements of Section 284 of the Capital Requirements Code and are not covered by point 14 (c); and
b)
managed by a capital management company which has a permit pursuant to Article 20 (1) of the Capital Investment Code, or by a management company established in a State of the EEA which is responsible for the protection of investors of a capital investment code; is subject to public supervision and is subject to a permit similar to that provided for in Article 20 (1) of the capital investment code;
as well as shares and shares in EU investment assets within the meaning of Article 1 (8) of the Capital Investment Code, in the form of open special AIF, which satisfy the requirement referred to in point (a) in a comparable manner and by a company within the meaning of point (b);
17.
Shares and shares in domestic investment assets within the meaning of Article 1 (1) of the Capital Investment Code,
a)
the non-public investment assets in the form of real estate special assets in accordance with § § 230 to 260 of the capital investment code,
b)
which are not covered by point 13 (b), point 14 (c), points 15 and 16; and
c)
managed by a capital management company which has a permit pursuant to Article 20 (1) of the Capital Investment Code, or by a management company established in a State of the EEA which is responsible for the protection of investors of a capital investment code; is subject to public supervision and is subject to a permit similar to that provided for in Article 20 (1) of the capital investment code;
, as well as shares and shares in EU investment assets within the meaning of Article 1 (8) of the Capital Investment Code, which satisfy the requirement referred to in point (a) in a comparable manner, are not covered by the investment forms referred to in point (b) and by of a company within the meaning of point (c);
18.
Assets at
a)
the European Central Bank or the Central Bank of a State of the EEA or of a full Member State of the OECD,
b)
a credit institution having its registered office in a State of the EEA which meets the requirements of Directive 2013 /36/EU of the European Parliament and of the Council of 26 June 2013 on access to the business of credit institutions and the supervision of credit institutions Credit institutions and investment firms, amending Directive 2002/87/EC and repealing Directives 2006 /48/EC and 2006 /49/EC (OJ L 136, 31.5.2006, p. 338), where the credit institution confirms in writing to the insurance undertaking that it complies with the rules governing its own capital and the liquidity of credit institutions in its seat (appropriate credit institution),
c)
public credit institutions which are excluded from the scope of this Directive in accordance with Article 2 (5) of the Directive referred to in point (b);
d)
multilateral development banks, as defined in Article 117 (2) of Regulation (EU) No 575/2013 of the European Parliament and of the Council of 26 June 2013 on prudential requirements for credit institutions and investment firms and amending the Regulation (EU) No 646/2012 (OJ L 327, 28.4.2012 1), a risk weight of 0 of the hundred is obtained.
Current assets are also considered to be assets.
(2) In accordance with Section 3 (2) (4), the tied assets may also be invested in installations which are not mentioned in paragraph 1, the conditions of which do not meet or the limits of § 3 (2) (1) to (3), (3) to (3). (3) The supervisory authority may also have assets in assets which are not mentioned in the preceding paragraphs or which do not fulfil the conditions of the preceding paragraphs, as well as the exceeding of the conditions laid down in § 3. , paragraph 2 (1) to (3), (3) to (5) and (4) (1) to (4), if: the interests of insured persons shall not be affected and if the Member States are to take account of such derogations in accordance with Article 21 or 22 of the Third Non-Life Directive and Article 23 or Article 24 of the Directive on (4) Exclusivefrom direct and indirect installations
1.
in consumer loans, operating resources loans, movable property or claims on movable property and in intangible assets,
2.
which are not permitted under Article 21 or Article 22 of the Third Non-Life Directive and Article 23 or Article 24 of the Directive on life insurance,
3.
in participations in Group companies of the insurance undertaking within the meaning of Section 18 of the German Stock Corporation Act, with the exception of companies in which the insurance undertaking is only involved in a passive manner without having any operational influence on the business, or to conduct ongoing project development,
4.
in the case of undertakings to which the insurance undertaking or its group undertakings, within the meaning of Article 18 of the German Stock Corporation Act, wholly or in part, by way of a functional breakdown (Article 5 (3) (4) of the ) or the activities directly related to the operation of insurance transactions for the insurance undertaking or its group companies within the meaning of Section 18 of the German Stock Corporation Act (AktG) if, in the case of such undertakings, the extent of the business operation is substantially the subject of the Functional breakdown or service activity is determined.
5. The European Economic Area, as defined in this Regulation, shall comprise the States of the European Communities and the States of the Agreement on the European Economic Area. Unofficial table of contents

§ 3 Quantitative restrictions (mixture)

(1) Direct and indirect installations in accordance with Article 2 (1) (2) (a) and (8) and in the case of debtors with registered offices in non-EEA countries where it is not ensured that the preroe of Section 77a of the Insurance Supervision Act is not it shall be limited to a prudent measure. (2) The investment in individual forms of investment shall be limited as follows:
1.
direct and indirect installations in accordance with Article 2 (1) (10) shall not exceed 7.5 in each case of the hundred of the assets and of the other tied assets;
2.
direct and indirect installations in accordance with Article 2 (1) (17), assets held in accordance with Article 2 (1) point 16 and which cannot be attributed to the numbers of the installation catalogue in Section 2 (1), and other direct and indirect installations in accordance with Article 2 (1), the income or repayment of which is tied to hedge fund or raw material risks shall not exceed 7.5% of the assets and the other tied assets;
3.
direct and indirect installations in accordance with Article 2 (1) (4) (c) may not exceed 5% of the assets and the other tied assets;
4.
in the context of the opening clause in accordance with Article 2 (2), investments shall be limited to 5 per cent of the hedging assets and other tied assets; whereas, while respecting the interests of the insured, this investment limit may be subject to approval; the supervisory authority shall be increased up to 10 in each case from the hundred of the hedging assets and other tied assets; the limitation to 1 of the hundred of the tied assets in Section 4 (4) shall remain unaffected.
(3) Direct and indirect installations in accordance with Article 2 (1) (9), (12) and (13) may not, together with installations subject to the quotas referred to in paragraph 2 (2) and (3), not be subject to a total of 35 per cent of the hedging assets and of other tied assets. . This quota shall also be set off in accordance with Article 2 (1) (2) (a), in so far as the assets under Section 2 (1) (12) are the subject of the investment loans. Within the quota referred to in the first sentence, the proportion of the market not admitted to trading and not admitted to trading on another organised market and not admitted to trading on a stock exchange in a State outside the EEA may be admitted to the market. or 15 of the hundred of the hedging assets and of the other tied assets held in another organised market or assets covered by them in accordance with Article 2 (1) (9) (a) and (13). (4) In the case of investments in shares and shares in investment assets in accordance with § 2 (1) number 15 and 16, which, through the use of derivatives according to § 197 (2) of the capital investment code or the corresponding provisions of any other State of the EEA, have more than the simple of the market trisikopotential, the increased Market trisikopotential to the rate referred to in the first sentence of paragraph 3. In so far as the increased market risk potential cannot be determined in a timely manner, the maximum permissible amount shall be set. (5) Direct and indirect investments in loans pursuant to Article 2 (1) (4) (b), in real estate pursuant to § 2 (1) (14) Points (a), (b) and (c) and in real estate which are held by investment assets in accordance with Article 2 (1) (16) and which meet the requirements of Article 2 (1) (14) (c), shall each be 25 of the hundred of the assets and of the other property. (6) The supervisory authority may take the direct and indirect Installations in accordance with Article 2 (1) (2) (a), (9), (12), (12) and (13) and subject to the quotas referred to in points 2 and 3 of paragraph 2, shall reduce up to 10 of the hundred of the assets and the other tied assets in each case if: in order to safeguard the interests of insured persons. The same power shall be conferred on the supervisory authority in the cases of Section 81b (2) sentence 1 of the Insurance Supervision Act. Unofficial table of contents

§ 4 Debtor-related limitations (scatter)

(1) Subject to the provisions of paragraph 2, all assets falling on the same issuer (debtor) may not exceed 5 per cent of the tied assets. This quota and the quotas referred to in paragraphs 2, 3 and 4 shall be set out in the installations of the ten largest exhibitors (debtors) in an open investment capacity in accordance with Article 2 (1) (15), (16) and (17). If an exhibitor has accepted the full warranty in respect of the insurance company for liabilities of a third party, then this warranty obligation shall also be credited to the quota as set out in the first sentence. Investments in shares or shares in an open investment fund according to Article 2 (1) (15), (16) and (17) do not apply to the same exhibitor (debtor), if the investment property is sufficiently dispersed. (2) For installations in the case of the same issuer (debtor) referred to in Article 2 (1) (3) (a), (b) or (d), and by way of derogation from paragraph 1, a quota of 30 of the hundred of the tied assets shall apply.
For installations,
1.
Debt securities placed on the market in the same credit institution established in a State of the EEA or a full Member State of the OECD, where such debt securities are secured by a special covering mass of a force of law,
2.
in the case of the same credit institution, in accordance with Article 2 (1) (18) (b), if and in so far as the installations are effectively secured by a comprehensive institution of the institution of the credit institution or by a Deposit Guarantee Scheme; the the exclusion of a legal claim on the performance of the Deposit Guarantee Scheme does not preclude effective protection,
3.
in the case of the same public credit institution as defined in Article 2 (1) (18) (c) and
4.
in the case of one and the same multilateral development bank pursuant to Article 2 (1) (18) (d)
by way of derogation from paragraph 1, a quota of 15 per cent of the tied assets shall apply. (3) In the calculation of the quotas referred to in paragraphs 1, 2 and 4, assets shall be the issuer (debtor) and its group undertakings within the meaning of Section 18 of the German Stock Corporation Act (AktG) to be combined. By way of derogation from the first sentence of Article 4 (1), for investments in group undertakings, in so far as they are not claims arising out of reinsurance relationships in accordance with Article 2 (1) (2) (b), a reduced dispersion rate of 3.0 of the hundred of the (4) In accordance with Article 2 (1) (9), (12) and (13) for the same company as well as shares and shares in a closed investment property in accordance with Article 2 (1) (17) may, by way of derogation from paragraph 1, 1 of the hundred of the tied assets. In the case of shares in an undertaking for which the sole purpose of holding the installations referred to in the first sentence is to be found in other undertakings, the first sentence shall relate to the undertakings in the insurance undertaking which have been committed by the other undertakings. (5) To 10 out of each hundred of the security assets and other tied assets may be in a single piece of land or the same right or in shares in a company whose sole purpose is the acquisition, the building and the Administration of documents in a Member State of the EEA or of a full member state of the OECD or shares or shares shall be invested in an investment property in accordance with Article 2 (1) (14) (c) of the Regulation. The same limit applies to several legally independent plots if they form a unit economically. (6) Assets of a pension fund in a sponsoring company within the meaning of § 7 (1) sentence 2 no. 2 of the law on improvement the occupational retirement provision and its group companies may not exceed 5 of the hundred of the total assets. If a pension fund is borne by more than two companies, investments in these companies shall be limited to a total of 15 per cent of the total assets; the first sentence shall remain unaffected. Unofficial table of contents

§ 5 Congruence

In accordance with the provisions of Part C of the Insurance Supervision Act, the tied assets shall be invested in assets denominated in the same currency in which insurance is to be fulfilled (rules of congruency). In so doing, land and the same rights shall be deemed to have been applied in the currency of the country in which they are situated, shares and shares as being invested in the currency in which they are included in an organised market; not in an organised market. Market-related shares and shares shall be deemed to have been invested in the currency of the country in which the issuer of the securities or shares has its registered office. Unofficial table of contents

§ 6 Transitional Regulation

(1) Compliance with the quotas referred to in Article 4 (1), second sentence, second sentence, second sentence, (3) and (4), as amended by the Regulation of 29 June 2010 (BGBl. I p. 841) must be observed in the case of installations to be concluded after 30 June 2010. Installations which have already been properly carried out under the previous limits and which exceed the amended limits set out in the second sentence of Article 4 (1), second sentence, second sentence, (3) and (4), may, up to the time of their maturity, in the security and other (2) shares in public investment assets in the form of real estate assets in accordance with § § 230 to 260 of the capital investment code acquired prior to April 8, 2011, as well as shares in comparable foreign investment assets acquired prior to 8 April 2011 may be The requirements of § 2 (1) (13) (b) in the version of the Regulation of 3 March 2015 (BGBl. 188) should be taken into consideration in the case of installations to be concluded after 7 March 2015. Installations which have already been properly carried out under the preceding provisions in accordance with Article 2 (1) (13), which do not meet the amended requirements, may remain in the securing assets and other tied assets up to their due date. and installations according to Article 2 (1) (13) (b). Unofficial table of contents

Section 7 Entry into force

This Regulation shall enter into force on 1 January 2002. Unofficial table of contents

Final formula

The Federal Council has agreed.