Paragraph 1: Creation of the solvency margin.

I.-The solvency margin referred to in Article L. 334-1 is made up, after deduction of losses, the portion of acquisition costs not recognised as a representation of regulated commitments and other intangible items, of the following items: 1. However, preference shares as defined in article L. 228-11 of the French Commercial Code may be issued only if they meet the conditions laid down by order of the Minister for the…