Section 3: Illegal businesses

Where the Autorité de contrôle prudentiel et de résolution temporarily suspends, restricts or prohibits the free disposal of all or part of the assets of an undertaking pursuant to Article L. 612-33 (4) of the Monetary and Financial Code, and where such measure is taken because the insurance or reinsurance undertaking does not comply with the provisions of Section 2 of Chapter I of this Title, it shall first inform…

The extension period referred to in the fourth paragraph of L. 352-7 shall be determined taking into account all the relevant factors specified in Article 289 of Commission Delegated Regulation (EU) No 2015/35 of 10 October 2014. This extension may not exceed seven years.

The application referred to in the fifth paragraph of Article L. 352-7 shall be made if the following conditions are met: a) It is unlikely that insurance or reinsurance undertakings representing a significant share of the market or of the lines of business affected will be able to meet the requirements referred to in the fourth paragraph of Article L. 352-7 ; b) The financial situation of insurance or reinsurance…

When the Autorité de contrôle prudentiel et de résolution requires an insurance or reinsurance undertaking to submit a recovery plan pursuant toArticle L. 612-32 of the Monetary and Financial Code, or a recovery plan pursuant to Article L. 352-7, or a short-term financing plan pursuant to Article L. 352-8, the plan must include, for the next three financial years, a detailed description of the following items and be accompanied by…

When the undertakings referred to in Article L. 310-3-1, which are authorised to conduct the operations referred to in 1° of Article L. 310-1, no longer hold sufficient eligible own funds to cover their Solvency Capital Requirement or their Minimum Capital Requirement, or when they have informed the Autorité de contrôle prudentiel et de résolution, in accordance with the provisions of Articles L. 352-7 and L. 352-8 that they are…

When the Autorité de contrôle prudentiel et de résolution temporarily suspends, restricts or prohibits the free disposal of all or part of the assets of an insurance undertaking, pursuant to 4° of Article L. 612-33 of the French Monetary and Financial Code, it may also register the mortgage referred to in Article L. 327-3 of this Code,Article L. 212-24 of the French Mutual Code orArticle L. 931-23 of the French…