Book III: Companies

Where the Autorité de contrôle prudentiel et de résolution considers that the risk profile of an insurance or reinsurance undertaking subject to its supervision deviates significantly from the assumptions underlying the internal model approved at group level, it may impose on that undertaking, in accordance with Article L. 352-3 and for as long as the undertaking does not satisfactorily meet the requirements of the Autorité de contrôle prudentiel et de…

The procedures for the application for authorisation and its examination by the group controller referred to in Articles R. 356-20 and R. 356-20-1 are specified in Articles 347, 348 and 349 of Commission Delegated Regulation (EU) No 2015/35 of 10 October 2014. In order to be able to use an internal model in accordance with Articles R. 356-20 and R. 356-20-1, group undertakings must meet the criteria set out in…

In order to determine whether the group Solvency Capital Requirement calculated on the basis of consolidated data in accordance with Article R. 356-19 appropriately reflects the risk profile of the group, the Autorité de contrôle prudentiel et de résolution, in its capacity as group supervisor, shall pay particular attention to all cases where the circumstances referred to in I of Article L. 352-3, are likely to arise at group level…

I.-The group solvency of the undertaking referred to in the first paragraph of Article R. 356-8 calculated using the deduction and aggregation method is equal to the difference between: a) The group’s eligible own funds on an aggregated basis, as defined in II of this Article; b) And the sum of the value of the insurance or reinsurance undertakings linked in the undertaking referred to in the first paragraph of…

I.-Where the third country in which a third-country insurance or reinsurance undertaking mentioned in VI of Article R. 356-22 has its head office makes that undertaking subject to an authorisation regime and imposes on it a solvency regime at least equivalent to that laid down in Chapters I, II and III of this Title, the calculation of group solvency shall take account, as far as that undertaking is concerned, of…

I.-The rules set out in Articles R. 356-26 and R. 356-27 apply, in accordance with the procedures set out in Article R. 356-25, to any insurance or reinsurance undertaking having its registered office in France which is the subsidiary of an undertaking referred to in the first paragraph of Article R. 356-8, where all the following conditions are met: a) The subsidiary is included in the group’s supervision and the…

I.-The undertaking referred to in Article R. 356-8 or the participating undertaking referred to in II of Article R. 356-24 shall submit to the Autorité de contrôle prudentiel et de résolution, on behalf of the subsidiary insurance or reinsurance undertaking with its head office in France referred to in Article R. 356-24, the application for authorisation to be subject to the rules set out in Articles R. 356-26 and R….

I.-When the Autorité de contrôle prudentiel et de résolution, in its capacity as group supervisor, is informed by a supervisory authority of another Member State of a request to subject a subsidiary having its registered office in that Member State to the rules set out in Articles R. 356-26 and R. 356-27, it shall consult with that supervisory authority with a view to deciding whether or not to grant the…

Where the Autorité de contrôle prudentiel et de résolution is not the group supervisor and where it is informed by a supervisory authority concerned in another Member State of a request to subject a subsidiary having its head office in that Member State to the rules set out in Articles R. 356-26 and R. 356-27, it may issue reservations to the group supervisor, in the absence of a joint decision…

I.-Without prejudice to Articles R. 356-20 to R. 356-20-3, the Solvency Capital Requirement of a subsidiary referred to in Article R. 356-24 is calculated in accordance with the provisions of this Article. II.When the Solvency Capital Requirement of a subsidiary mentioned in Article R. 356-24 is calculated on the basis of an internal model approved at group level and the Autorité de contrôle prudentiel et de résolution considers that the…