Trustee for the tied assets

(1) A trustee and a deputy for the trustee must be appointed to supervise the tied assets for 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. Public-law insurance undertakings need not appoint a trustee. Smaller associations within the meaning of section 210(1), first sentence, need appoint a trustee only where the supervisory authority orders it.
(2) The provisions on the trustee apply correspondingly to the deputy.
(3) The trustee is appointed by the supervisory board. Where a smaller association has no supervisory board, the management board appoints the trustee.
(4) The person proposed as trustee must be named to the supervisory authority before appointment. Where the supervisory authority has objections to the appointment, it may require that a different person be named within a reasonable period. Where this is not done, or where the supervisory authority also has objections to the appointment of the newly named person, it may itself appoint the trustee. The second and third sentences also apply where the supervisory authority has objections to an appointed trustee continuing to hold office.
(5) The trustee, without this duty affecting the responsibility of the bodies called upon to represent the undertaking, must confirm, in the annual financial statements below the balance sheet, that the tied assets have been invested and kept in accordance with the applicable provisions.
(6) Disputes between the trustee and the insurance undertaking concerning the trustee's duties are decided by the supervisory authority.