(1) If attachment is executed on the insurance claim, or compulsory execution has been carried out, or insolvency proceedings are opened against the assets of the policyholder, the designated beneficiary may, with the consent of the policyholder, subrogate to the contract of insurance. Where the beneficiary subrogates, he or she must satisfy the demands of the creditor initiating the proceedings, or of the insolvency estate, up to the amount of the payment which the policyholder could demand from the insurer in the event of the termination of the contract of insurance.
(2) Where no beneficiary is designated or named, the policyholder’s spouse or life partner, or children, are entitled to the same right.
(3) The subrogation is effected by giving notice thereof to the insurer. The notification may only be made within one month after the time when the person entitled to subrogate learns of the attachment, or after the insolvency proceedings have been opened.