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Not only financial guarantees are to be included in S.03.01. The guarantees included can have various legal forms, such as financial guarantees, letters of credit, credit default contracts and they should require the issuer to make specified payments to reimburse the holder for a loss it incurs if a specified debtor fails to make payment when due under the original or modified terms of a debt instrument. These items shall not include guarantees stemming from insurance contracts, which are recognised in technical provisions. Regarding letters of credit that could qualify for AOF undertakings should carefully assess whether to recognise the corresponding contingent liability as a liability in compliance with Article 11 of Delegated Regulation (EU) 2015/35 (see Guieline 8 of EIOPA Guidelines on recognition and valuation of assets and liabilities other than technical provisions). If it is recognised as a contingent liability then it should be reported in S.03.01 but only in R0330.