Section III: The solvency margin of life assurance undertakings

For the undertakings referred to in Article L. 310-3-2, the minimum required solvency margin is determined, depending on the classes of business carried on, in accordance with the following provisions: a) For classes 20 and 21 referred to in Articles R. 321-1 of this Code, R. 211-2 of the Mutual Code and R. 931-2-1 of the Social Security Code, with the exception of supplementary insurance or guarantees, the minimum margin…

Where a contract referred to in Article R. 342-1 provides that management expenses are not fixed for a period exceeding five years, and where the insurance undertaking does not assume an investment risk, the minimum required solvency margin is set at an amount equivalent to 25% of the net management expenses relating to these operations for the last financial year.

For the diversification provision referred to in Article R. 343-3, the requirement referred to in Article R. 334-13 is set at 1% of the said provision. For the application of article R. 334-13-1, management expenses are taken into account up to the amount of the share of the diversification provision in the provisions set aside for auxiliary accounting purposes. However, where the insurance undertaking guarantees a minimum value for the…