Title II: Administrative regime.

The undertakings referred to in 1° of Article L. 310-2 may not commence their operations until they have obtained an administrative authorisation issued by the Autorité de contrôle prudentiel et de résolution referred to in Article L. 612-1 of the Monetary and Financial Code. However, this authorisation is not required for reinsurance acceptance operations. Approval is granted at the request of the undertaking, for operations in one or more classes…

I.-The undertakings referred to in 1° of III of Article L. 310-1-1 may not commence their operations until they have obtained an administrative authorisation issued by the Autorité de contrôle prudentiel et de résolution. They may only carry out the operations for which they have been authorised. Approval is granted, at the request of the undertaking, for the reinsurance of operations covered either by 1° of Article L. 310-1, or…

The Autorité de contrôle prudentiel et de résolution shall consult the authority responsible for the supervision of credit institutions or investment firms in the Member State concerned, when deciding on an application for authorisation submitted by a subsidiary of a credit institution or investment firm authorised in a Member State or in another State party to the Agreement on the European Economic Area or by a subsidiary of the parent…

The Autorité de contrôle prudentiel et de résolution shall inform the European Commission, the European Insurance and Occupational Pensions Authority and the supervisory authorities of the other Member States of any decision to authorise an insurance or reinsurance undertaking controlled by a parent undertaking within the meaning of Article L. 356-1, the head office of which is established in a State which is not a party to the Agreement on…

The Autorité de contrôle prudentiel et de résolution informs the European Commission of any difficulties encountered by reinsurance undertakings whose head office is in France in establishing themselves and operating in a State which is not a party to the Agreement on the European Economic Area or in carrying on business there.