Insurance companies: Clarity on the use of the infrastructure quota under the Investment Regulation

The FAQ on the collective ruling of 19.03.2025 of the Federal Financial Supervisory Authority (BaFin) regarding the reporting obligations of insurance companies on their investments was now published on 14.07.2025. Specifically, it is about the question of how it can be reported within the framework of the above-mentioned collective decree if an insurance company uses the new infrastructure quota pursuant to Section 3 (7) AnlV. This technical question has arisen because in the "Mixture" annex to the above-mentioned collective decree (including the calculation of the blending quotas), which results from Form F.670.01 , the new infrastructure quota according to § 3 para. 7 AnlV not yet included had been.

More clarity with regard to technical reporting follows from the clear stage directions of the BaFin insurance supervisory authority:

• The insurance company should use the qualitative part of the form F.670.01.
• This qualitative part of the form must be submitted in PDF format (see section A.IV.2 of the above-mentioned collective decision).
• In doing so, the insurance undertaking should state which infrastructure investments are involved in each case within the framework of the investment catalogue of section 2 (1) AnlV, how high the book value of the respective investments is and which mix quotas pursuant to section 3 (1) to (6) AnlV may be "relieved" thereby and to what extent.

Note from practice outside the FAQ of 14.07.2025: In practice , it has become established that insurance companies develop their own reporting forms that show the permissible infrastructure facilities. In this way, numerous insurance companies document the individual forms of investment within the allocation decision.

Rather not technically, but rather once again clarifying the content , the BaFin Insurance Supervisory Authority basically clarifies the infrastructure ratio that:

• the infrastructure quota did not create a new asset class within the catalogue of assets, which is why the infrastructure investments are permissible under section 2 (1) AnlV and must serve to finance infrastructure facilities and infrastructure companies,
• even if the infrastructure quota is used, the installations must be suitable for the guarantee assets in accordance with section 2 (1) AnlV and must be assigned to a number of the investment catalogue,
• Investments for the financing of infrastructure within the meaning of Section 3 (7) AnlV, which are added to an open-ended special AIF, can be offset against the new infrastructure quota .

• The FAQ of 14.07.2025 concerns a rather little-lit administrative topic of the day-to-day business of numerous institutional investment collection agencies.
• Investors subject to the AnlV represent one of the relevant institutional client groups in Germany.
• The clarifications provided by the BaFin insurance supervisory authority are therefore doubly welcome: for the AnlV investors themselves as well as for the product providers, who can only sell products sustainably if the insurance companies can meet their reporting obligations in a meaningful way.