Book III: Companies

Insurance and reinsurance undertakings shall review the written policies referred to in Article L. 354-1 at least once a year. These policies shall be subject to the prior approval of the Board of Directors or the Supervisory Board, as the case may be. They shall be adapted to take account of any significant change affecting the system or the area concerned. For each of the attributions of the administrative, management…

I.-The risk management system referred to in Article L. 354-2 comprises the strategies, processes and information procedures needed to identify, measure, monitor, manage and report, on an ongoing basis, the risks, at individual and aggregate levels, to which undertakings are or could be exposed, as well as the interdependencies between these risks. This system shall be integrated into the organisational structure and decision-making procedures of the undertaking and duly taken…

I.-As regards asset and liability management, insurance and reinsurance undertakings regularly assess the sensitivity of their prudential technical provisions and own funds to the assumptions underlying the extrapolation of the relevant risk-free interest rate curve mentioned in Article R. 351-3. II – Where the equalisation adjustment referred to in Article R. 351-4 is applied, undertakings shall regularly assess the sensitivity of their prudential technical provisions and eligible own funds to…

As regards investment risk, insurance and reinsurance undertakings must be able to demonstrate that they comply with the provisions of Chapter III of this Title.

Insurance and reinsurance undertakings shall structure the risk management function referred to in Article L. 354-1 in such a way as to facilitate the implementation of the risk management system.