Investment principles for tied assets

(1) The holdings of the tied assets under section 125 must be invested, having regard to the kind of insurance business conducted and the structure of the undertaking, so as to achieve the greatest possible security and profitability, with the insurance undertaking's liquidity assured at all times, while maintaining an appropriate mix and spread.
(2) The tied assets may be invested only in 1. loan receivables, debt securities, and participation rights, 2. registered debt claims, 3. shares, 4. participating interests, 5. land and rights equivalent to land, 6. units in undertakings for collective investment in transferable securities within the meaning of Directive 2009/65/EC and for other investments made on the principle of risk spreading, where the undertakings are subject to effective public supervision for the protection of unit holders, 7. current balances and deposits with credit institutions, and 8. other investments, insofar as they are permitted in the regulation issued under section 217, first sentence, point 6. Beyond this, the tied assets may be invested only insofar as the supervisory authority, in the presence of exceptional circumstances, permits this temporarily in an individual case on application.