Asset register

(1) The insurance undertaking must ensure that the holdings of the tied assets are individually entered in an asset register. The provisions on the tied assets apply to all assets entered in the asset register. Claims to the benefits derived from assets belonging to the tied assets belong to the tied assets even without entry in the asset register. Claims arising from advance payments or loans against the undertaking's own policies, insofar as they belong to the holdings of the tied assets, need only be evidenced as a total sum. In the case of claims secured by an encumbrance on land and repayable in instalments, the asset register must be corrected in accordance with the detailed determination of the supervisory authority; the same applies to encumbrances on land that do not secure a personal claim.
(2) Three months after the end of the financial year, the insurance undertaking must transmit to the supervisory authority the entries made in the asset register during the financial year; the management board must certify the correctness of the entries.
(3) The shares of reinsurers, and the shares of special purpose vehicles authorised to conduct business within the meaning of Article 211 of Directive 2009/138/EC, in the gross technical provisions within the meaning of sections 341e to 341h of the Commercial Code for insurance business written directly, belong to the tied assets even without entry in the asset register. For claims against insurance special purpose vehicles with their registered office in a third country, this applies only where the insurance special purpose vehicle is authorised by the state and supervised in its home country in accordance with the requirements of section 168, and has a comparable level of capital investments.
(4) Subsection (3) applies to life insurance, health insurance of the kind named in section 146, private compulsory long-term care insurance under section 148, and accident insurance with premium refund under section 161, only in respect of the unearned premiums under section 341e(2), point 1, of the Commercial Code and the provision for claims not yet settled under section 341g of the Commercial Code. In the classes of insurance named, the undertaking must itself keep and manage the corresponding values of the tied assets, other than the unearned premiums under section 341e(2), point 1, of the Commercial Code and the provision for claims not yet settled under section 341g of the Commercial Code, also for the portion ceded in reinsurance.