Diversification by counterparty

(1) Subject to subsection (2), all investments attributable to one and the same debtor may not exceed 5 per cent of the restricted assets. Investments of the ten largest debtors within an open-ended investment undertaking under section 2(1) numbers 15 to 17 are also counted towards this quota and towards the quotas under subsections (2), (3) and (4). Where a debtor has assumed full guarantee towards the insurance undertaking for the liabilities of a third party, that guarantee liability is also counted towards the quota under sentence 1. Investments in units or shares in an open-ended investment undertaking under section 2(1) numbers 15, 16 and 17 are not treated as investments with one and the same debtor if the investment undertaking is itself adequately diversified.
(2) For investments with one and the same debtor referred to in section 2(1) number 3 letter a, b or d, a quota of 30 per cent of the restricted assets applies, by way of derogation from subsection (1). For the following investments, a quota of 15 per cent of the restricted assets applies, by way of derogation from subsection (1): 1. investments in debt securities issued by one and the same credit institution having its seat in an EEA state or a full OECD member state, where those debt securities are secured by a special statutory cover pool, 2. investments with one and the same suitable credit institution under section 2(1) number 18 letter b, where and to the extent that the investments are, in fact, secured through a comprehensive institutional protection scheme of the credit institution or a deposit guarantee scheme; a statutory exclusion of a legal claim to a payment from the deposit guarantee scheme does not preclude actual protection, 3. investments with one and the same public-law credit institution under section 2(1) number 18 letter c, and 4. investments with one and the same multilateral development bank under section 2(1) number 18 letter d.
(3) In calculating the quotas under subsections (1), (2) and (4), investments with the debtor and with its group undertakings within the meaning of section 18 of the Stock Corporation Act must be aggregated. By way of derogation from subsection (1) sentence 1, a reduced diversification quota of 3 per cent of the restricted assets applies to investments with group undertakings, insofar as these are not receivables arising from reinsurance relationships under section 2(1) number 2 letter b.
(4) Investments under section 2(1) numbers 9, 12 and 13 with one and the same undertaking, together with units and shares in a closed-ended investment undertaking under section 2(1) number 17, may not, by way of derogation from subsection (1), exceed a total of 1 per cent of the restricted assets. For units in an undertaking whose sole purpose is holding the investments referred to in sentence 1 in other undertakings, sentence 1 refers to the insurance undertaking's look-through investments in the other undertakings.
(5) Up to 10 per cent of the restricted assets may be invested in a single parcel of land or right equivalent to land, or in shares in an undertaking whose sole purpose is the acquisition, development and management of land, or rights equivalent to land, located in an EEA state or a full OECD member state, or in units or shares in an investment undertaking under section 2(1) number 14 letter c. The same limit applies to several legally separate parcels of land taken together where they form an economic unit.
(6) Investments by a Pensionskasse in a sponsoring undertaking within the meaning of section 7(1) sentence 2 number 2 of the Company Pensions Act, and in its group undertakings, may not exceed 5 per cent of the Pensionskasse's total assets. Where a Pensionskasse is sponsored by more than two undertakings, investments in those undertakings are, in total, limited to 15 per cent of its total assets; sentence 1 remains unaffected.