7.

Annex VIII, Part 2, is amended as follows: point 13 is replaced by the following: ‘13. For life insurance policies pledged to the lending credit institution to be recognised, all the following conditions shall be met: (a) the life insurance policy is openly pledged or assigned to the lending credit institution; (b) the company providing the life insurance is notified of the pledge or assignment and as a result may not pay amounts payable under the contract without the consent of the lending credit institution; (c) the lending credit institution has the right to cancel the policy and receive the surrender value in the event of the default of the borrower; (d) the lending credit institution is informed of any non-payments under the policy by the policy-holder; (e) the credit protection is provided for the maturity of the loan. Where this is not possible because the insurance relationship ends before the loan relationship expires, the credit institution must ensure that the amount deriving from the insurance contract serves the credit institution as security until the end of the duration of the credit agreement; (f) the pledge or assignment is legally effective and enforceable in all jurisdictions which are relevant at the time of the conclusion of the credit agreement; (g) the surrender value is declared by the company providing the life insurance and is non-reducible; (h) the surrender value is to be paid in a timely manner upon request; (i) the surrender value cannot be requested without the consent of the credit institution; (j) the company providing the life insurance is subject to Directive 2002/83/EC and Directive 2001/17/EC of the European Parliament and of the Council OJ L 110, 20.4.2001, p. 28.’ or is subject to supervision by a competent authority of a third country which applies supervisory and regulatory arrangements at least equivalent to those applied in the Community. in point 16, the introductory phrase is replaced by the following: ‘16. Where an exposure is protected by a guarantee which is counter-guaranteed by a central government or central bank, a regional government or local authority, a public sector entity, claims on which are treated as claims on the central government in whose jurisdiction they are established under Articles 78 to 83, a multi-lateral development bank or an international organisation, to which a 0 % risk weight is assigned under or by virtue of Articles 78 to 83, or a public sector entity, claims on which are treated as claims on credit institutions under Articles 78 to 83, the exposure may be treated as protected by a guarantee provided by the entity in question, provided the following conditions are satisfied:’;

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Source: EUR-Lex (Cellar) · retrieved 2026-10-21 · Text as adopted (Official Journal); later amendments are not incorporated in this text.