Section I: Assets backing regulated commitments.

I.-The guarantee or equivalent undertaking referred to in the third paragraph of article R. 332-17 must : -be governed by French law and, in the event of a dispute, be subject to the exclusive jurisdiction of the French courts; -constitute an irrevocable and unconditional first demand guarantee. II – The guarantor credit institution referred to in the third paragraph of article R. 332-17 must meet the following conditions: 1° The…

I.-The risk analysis and measurement system referred to in Article R. 332-13 is described in the internal control report referred to in Article R. 336-1 and comprises : 1° A written loan investment policy defining the insurance undertaking’s exposure limits by credit risk category; 2° A credit risk selection procedure comprising : a) The compilation of credit files designed to collect all qualitative and quantitative information on counterparties; b) A…

The liabilities of an economic loan fund referred to in article R. 332-14-2 may take one of the following forms: 1° Units, giving rise to identical rights to capital and interest, resulting either from one or more issues with a nominal value at issue of at least 30 million euros, or from an issue programme with a minimum value of at least 30 million euros; 2° Bonds, giving rise to…

When a securitisation undertaking or a specialised professional investment fund has several sub-funds, the application of the rules mentioned in articles R. 332-14-2 and A. 332-3 of the Insurance Code is assessed on a sub-fund-by-sub-fund basis. An undertaking may, at any time, have one or more sub-funds which meet the characteristics of economic loan funds and one or more sub-funds which do not.