Section I: Assets backing regulated commitments.

The regulated commitments referred to in article R. 331-1 must, at all times, be represented by equivalent assets. These assets must be located within the territory of a Member State of the European Union. Commitments made in one currency must be covered by matching assets, i.e. denominated or realisable in that currency.

I – Notwithstanding the provisions of 2° of Article R. 332-1, insurance undertakings may not cover up to 20% of their liabilities with matching assets. II- Undertakings may also choose not to cover their technical provisions with matching assets if, in order to comply with the provisions of Article R. 332-1, they must hold assets in one currency in an amount not exceeding 7% of the assets existing in all…

Insurance undertakings must assess their financial risks on an ongoing basis, in particular by simulating the impact of changes in interest rates and stock market prices on their assets and liabilities and by making comparative estimates of the payability of their liabilities and the liquidity of their assets. The results of this valuation are determined and presented in accordance with general principles defined by the Autorité de contrôle prudentiel et…

Pursuant to the provisions of article R. 332-1 and subject to the exceptions provided for in that same article, in article R. 332-1-1 and in articles R. 332-3-3 to R. 332-10, the insurance undertakings referred to in article L. 310-3-2 represent their regulated commitments referred to in article R. 331-1 by the following assets: A.-Securities and similar securities : 1° Bonds and other securities issued or guaranteed by one of…

When an undertaking invests, directly or indirectly, in negotiable debt securities, bonds, units or shares mentioned in 2°, 2°c or 6° of A of article R. 332-2 as well as in negotiable debt securities mentioned in 2°a of A of the same article, issued by a securitisation vehicle mentioned in article L. 310-1-2, bearing insurance risks transferred by the same undertaking or an undertaking belonging to the same scope of…

In relation to the base of dispersion constituted by the difference between the total amount of the regulated commitments mentioned in Article R. 331-1, all currencies combined, and the total amount of the assets mentioned in Articles R. 332-3-4 to R. 332-10, all currencies combined, the value on the balance sheet of an insurance undertaking referred to in Article L. 310-3-2 of each of the categories of assets listed below…

In relation to the basis of dispersion defined in Article R. 332-3, the value on the balance sheet of an insurance undertaking referred to in Article L. 310-3-2 of the assets mentioned below admitted to represent regulated commitments may not exceed, unless an exemption is granted on a case-by-case basis by the Autorité de contrôle : 1° 5% for all securities issued, claims, loans obtained or guaranteed by the same…

1° The technical provisions of insurance undertakings referred to in Article L. 310-3-2 operating both on French and Monegasque territory must be represented under the conditions laid down by French regulations; however, the assets accepted to represent said provisions may include up to 5% of the amount thereof in Monegasque movable or immovable property investments, subject to authorisation given jointly, for each undertaking or for each case, by the Autorité…

Provisions relating to business ceded to an insurance or reinsurance undertaking whose head office is in France or in another Member State or other State party to the Agreement on the European Economic Area may be represented unconditionally by a claim on that undertaking. The technical provisions relating to business ceded by an insurance undertaking to an insurance or reinsurance undertaking whose head office is in a State which is…

Net claims on the Caisse centrale de réassurance relating to operations in which this institution intervenes with the guarantee of the State are admitted to represent regulated commitments. Net claims on the following funds are also recognised: -the guarantee fund provided for by legislation on accidents at work ; -the guarantee fund referred to in Article L. 421-1 ; -Fonds de compensation des risques de l’assurance de la construction (construction…