Subsection 2: Provisions relating to reinsurance undertakings.

The general representative of branches of undertakings referred to in 3° of III of Article L. 310-1-1 duly established in France must be vested by the undertaking concerned with sufficient powers to bind the latter vis-à-vis third parties and to represent it vis-à-vis the French authorities and courts.

For three financial years following the issue of the authorisation referred to in Article L. 321-1-1, the undertaking must submit an annual report to the Autorité de contrôle on the implementation of the programme of operations referred to in Article L. 321-10-1. If the undertaking’s activities do not comply with the programme of operations, the Autorité de contrôle takes appropriate measures to protect the interests of reinsured undertakings. Without prejudice…

All documents accompanying applications for approval must be written in or translated into French.

Administrative approval is granted by a decision published in the Official Journal.