OBS_VALUE: An amount equal to at least the minimum guarantee fund shall be invested in the territory of the Italian Republic. An amount in cash or bonds equal to at least one-half of the minimum guarantee fund shall be deposited as security with Cassa depositi e prestitior with the Bank of Italy. Under Directive 2009/138/EC  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.