OBS_VALUE: Under Directive 2009/138/EC of 25 November 2009 Solvency II, Articles 162 - 166, undertakings whose head offices are situated outside the EEA must fulfil the following conditions: establishing a local agency or branch; designating a general representative approved by the competent authority; possessing in the host country assets covering at least one half of the minimum guarantee fund and depositing one-fourth of the minimum amount as security; keeping solvency margins similar to the ones required of domestic undertakings, with assets kept within the EU. § 10(2)(d) of Act No. 39/2015 Coll.: Foreign branches must possess assets in the territory of the Slovak Republic equal to at least one half of the guarantee fund and one quarter of the guarantee fund must be deposited on a separate account in a bank. This is not considered discriminatory under the jurisprudence of the OECD Codes of Liberalisation.