Subsection 1: Composition of the solvency margin

I. – The solvency margin referred to in article L. 385-2 is made up, after deduction of losses, the portion of deferred acquisition costs exceeding 25% of the amount of the provision for unearned premiums and other intangible items, by the following items: 1° Paid-up share capital or the formation fund. However, preference shares as defined in article L. 228-11 of the French Commercial Code may only be issued if…