Subsection 2: Provisions specific to groups with a parent undertaking whose registered office is outside the European Union

In the case referred to in the fourth paragraph of Article L. 356-2, the Autorité de contrôle prudentiel et de résolution shall verify whether the insurance and reinsurance undertakings are subject by the supervisory authority of the ultimate parent undertaking whose head office is outside the European Union to supervision equivalent to that to which those undertakings are subject at group level pursuant to the provisions of Sections II, III,…

In the case referred to in the fourth paragraph of Article L. 356-2, where it considers that the group supervision carried out by the supervisory authority of the parent undertaking whose head office is outside the European Union is not equivalent to that provided for in Sections II, III, IV, V and VI of this Chapter, the Autorité de contrôle prudentiel et de résolution shall exercise group supervision over the…

Notwithstanding the provisions of Article L. 356-11, where the prudential regime of a third country has been recognised as temporarily equivalent by a delegated act of the European Commission, the Autorité de contrôle prudentiel et de résolution nevertheless exercises the function of group supervisor in the event that a subsidiary of an insurance or reinsurance undertaking whose head office is in France has a balance sheet total greater than the…

A decree of the Conseil d’Etat shall specify the conditions of application of this sub-section.