Subsection 1: General provisions

Undertakings whose head office is in France and which are part of a group within the meaning of Article L. 356-1 are subject to group supervision. Group supervision applies to insurance undertakings or reinsurance undertakings which are participating undertakings in at least one insurance undertaking, reinsurance undertaking, non-member-country insurance undertaking or non-member-country reinsurance undertaking, in accordance with the provisions of Sections II, III, IV, V and VI of this Chapter….

Where the participating insurance undertaking, reinsurance undertaking, insurance group company, mutual group association, social protection group company or mixed financial holding company referred to in Article L. 356-2 is itself a subsidiary undertaking of another insurance or reinsurance undertaking, another insurance group company, another mutual group association, another social protection insurance group company or another mixed financial holding company which has its head office in the European Union, the provisions…

I.-In the case provided for in Article L. 356-3, the Autorité de contrôle prudentiel et de résolution may decide, after consultation with the group supervisor and the ultimate parent undertaking at EU level, to also apply group supervision at the level of the ultimate parent undertaking in France. In this case, the Autorité de contrôle prudentiel et de résolution shall notify its decision to the group supervisor and the ultimate…

The Autorité de contrôle prudentiel et de résolution may decide to enter into an agreement with the supervisory authorities of other Member States in which there is a ultimate parent undertaking at national level which is a related undertaking or a participating undertaking in a ultimate parent undertaking in France, with a view to exercising group supervision at the level of a sub-group covering several Member States. The agreement referred…

I.-The Autorité de contrôle prudentiel et de résolution shall act as group supervisor within the meaning of 6° of Article L. 356-1: 1° When it is the competent supervisory authority for all insurance and reinsurance undertakings in the group ; 2° Subject to the application of the provisions of II: a) Where, in the case referred to in the second paragraph of Article L. 356-2, the participating undertaking is an…

When acting as group supervisor, the Autorité de contrôle prudentiel et de résolution : -coordinates the collection and dissemination of useful or essential information, both in day-to-day operations and in emergency situations, including the dissemination of information that is important for supervision by a supervisory authority; -ensures prudential control and assessment of the Group’s financial position assesses the Group’s compliance with the rules relating to solvency, risk concentration and intra-group…

I.-In order to facilitate the performance of the group supervision tasks referred to in Article L. 356-7, the Autorité de contrôle prudentiel et de résolution, as group supervisor, constitutes and chairs the college of supervisors referred to in 7° of Article L. 356-1. II – The Autorité de contrôle prudentiel et de résolution participates, when it is concerned, in colleges of supervisors chaired by another supervisory authority. III -The Autorité…

The Autorité de contrôle prudentiel et de résolution shall cooperate closely with the supervisory authorities of insurance or reinsurance undertakings belonging to a group in other Member States of the European Union, in particular in cases where an insurance or reinsurance undertaking belonging to a group is experiencing financial difficulties.

Where undertakings subject to group supervision pursuant to Article L. 356-2 do not comply with the requirements laid down in Article L. 356-15, or where these requirements are complied with but solvency may nevertheless be jeopardised, or where intra-group transactions or risk concentrations threaten the financial position of these undertakings, the Autorité de contrôle prudentiel et de résolution shall take the necessary measures to remedy the situation as soon as…

The Autorité de contrôle prudentiel et de résolution cooperates closely with the other supervisory authorities to ensure that the measures and sanctions taken against parent undertakings are effective.