Section 3: Illegal businesses

Insurance and reinsurance undertakings shall put in place procedures enabling them to detect any deterioration in their financial situation and to inform the Autorité de contrôle prudentiel et de résolution immediately.

Insurance and reinsurance undertakings shall immediately inform the Autorité de contrôle prudentiel et de résolution if they become aware that the Solvency Capital Requirement no longer complies with the provisions of Article L. 352-1 or that there is a risk that it will no longer do so within the next three months. They submit a realistic recovery plan to the Autorité de contrôle prudentiel et de résolution for approval within…

Insurance and reinsurance undertakings shall immediately inform the Autorité de contrôle prudentiel et de résolution if they become aware that the Minimum Capital Requirement provided for in Article L. 352-5 is no longer covered or that there is a risk that it will no longer be covered within the next three months. Within one month of becoming aware that the Minimum Solvency Capital Requirement is not covered, the undertakings concerned…

Insurance and reinsurance undertakings which apply the transitional measures set out in Article L. 351-4 or Article L. 351-5 shall immediately inform the Autorité de contrôle prudentiel et de résolution as soon as they realise that they would not be able to cover the Solvency Capital Requirement referred to in Article L. 352-1 without the application of these transitional measures. The Autorité de contrôle prudentiel et de résolution then requires…

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