Sub-paragraph 2: Special provisions for securitisation undertakings or sub-funds of securitisation undertakings carrying insurance risks

The insurance risks referred to in article L. 214-187 are those covered by classes 1 to 26 mentioned in article R. 321-1 of the French Insurance Code.

A securitisation undertaking covered by this subparagraph may enter into contracts transferring insurance risks under the conditions laid down in its articles of association or its regulations, subject to the following conditions: 1° These contracts are entered into with : a) An insurance or reinsurance undertaking governed by the Insurance Code, a mutual insurer or union governed by Book II of the Mutual Code, a provident institution or union governed…

A securitisation undertaking covered by this sub-paragraph may only sell or transfer, in one or more transactions, contracts transferring insurance risks and receivables held against insurance and reinsurance undertakings in the following cases: 1° When the securitisation undertaking is being wound up in the interests of the holders of units and debt securities previously issued; 2° When the securitisation undertaking’s commitment in respect of contracts transferring insurance risks is less…

In order to grant the authorisation referred to in Article L. 214-189, the Autorité de contrôle prudentiel et de résolution shall verify that the rules or articles of association of the undertaking, in particular with regard to the composition of assets and the risk coverage strategy, are compatible with the rule of financing its commitments in full, as defined in 5° of Article D. 214-237. The Authority also verifies that…

The Autorité de contrôle prudentiel et de résolution shall issue the authorisation referred to in Article L. 214-189 within thirty days of notification of receipt of the application. If no decision has been notified by the AMF by the end of this period, this shall be deemed to be an authorisation decision. If the Authority requests additional information, it will notify the applicant in writing, specifying that the requested information…