This Ordinance enters into force on the day after its promulgation.
Annex
(to section 5, sentence 1)
1. Where the cover for an insurance contract is expressed in a particular currency, the obligations are treated as existing in that currency. 2. Where the cover for a contract is not expressed in a currency, the obligations are treated as existing in the currency of the country in which the risk is located. The currency in which the premium is expressed may be used as the basis where particular circumstances justify this, in particular where it is already probable at the time the contract is concluded that a claim will be settled in that currency. 3. The currency that an insurance undertaking, based on its experience, regards as the most probable for discharging its obligations or, in the absence of such experience, the currency of the country in which it is established, may — unless particular circumstances indicate otherwise — be used as the basis for the following risks: a) the classes of insurance listed in Annex 1 numbers 4 to 7 and 11 to 13 (product liability only) of the Insurance Supervision Act, b) other classes of insurance, where, given the nature of the risks, discharge must take place in a currency other than that which would result from applying the rules referred to above. 4. Where a claim is notified to an insurance undertaking and is to be settled in a currency other than that resulting from applying the preceding rules, the obligations are treated as existing in that other currency, in particular where it is the currency in which the performance owed by the insurance undertaking has been determined by a court decision or by an agreement between the insurance undertaking and the policyholder. 5. Where a claim is established in a currency previously known to the insurance undertaking, the obligation may be regarded as existing in that other currency, even where it is not the currency resulting from applying the preceding rules. 6. The restricted assets need not be invested in assets denominated in the same currency as that of the obligations where a) the currency concerned is not that of a Member State of the European Community or of another contracting state to the Agreement on the European Economic Area, and that currency is not suitable for investment, in particular because it is subject to transfer restrictions, b) the restricted assets to be invested account for no more than 20 per cent — for Pensionskassen, no more than 30 per cent — of the obligations in a particular currency, or c) applying the rules under numbers 1 to 5 in respect of a particular currency would require investment of assets accounting for no more than 7 per cent of the undertaking's assets held in other currencies. 7. Insofar as, under the preceding rules, the restricted assets are to be invested in assets denominated in the currency of a Member State of the European Community whose currency is not the euro, or in the currency of another contracting state to the Agreement on the European Economic Area, up to 50 per cent of the investment may instead be made in assets denominated in euro, insofar as this is justified by sound commercial judgement.