Paragraph 3: Special provisions for securitisation undertakings or compartments of securitisation undertakings carrying insurance risks

This paragraph applies to securitisation undertakings or compartments of securitisation undertakings which bear insurance risks by entering into one or more contracts transferring these risks with an insurance or reinsurance undertaking or a securitisation undertaking covered by this paragraph or a foreign securitisation vehicle referred to in Article L. 310-1-2 of the French Insurance Code.

A decree shall determine the conditions under which an undertaking or, where applicable, a sub-fund covered by this paragraph shall enter into contracts transferring the insurance risks referred to in article L. 214-187 and the nature of the insurance risks covered by these contracts. Undertakings or sub-funds covered by this paragraph may sell or unwind contracts transferring the insurance risks mentioned in article L. 214-187 under conditions and within limits…

The creation of a securitisation undertaking or a compartment of a securitisation undertaking covered by this paragraph or the conversion of an existing undertaking or compartment into a securitisation undertaking covered by this paragraph is subject to authorisation by the Autorité de contrôle prudentiel et de résolution. In order to grant authorisation, the Autorité de contrôle prudentiel et de résolution verifies that : 1° The articles of association or by-laws…

In order to carry out its duties and within the limits of those duties, in particular those entrusted to it by Article L. 214-189, the Autorité de contrôle prudentiel et de résolution may conduct documentary and on-site investigations of the management company of a securitisation undertaking covered by this sub-section. It may request the management company of the securitisation undertaking to provide all the information and documents referred to in…