Subsection 4: Withdrawal of approval

When it intends to withdraw an association’s authorisation, the Autorité de contrôle prudentiel et de résolution will inform the association. It will give the association the reasons for the withdrawal and specify the action required to ensure compliance. The association has a period of one month from receipt of this notification in which to make any observations it may have and bring itself into compliance.

When the Autorité de contrôle prudentiel et de résolution decides to withdraw an association’s authorisation, it shall notify the association of this decision by registered letter or electronic registered letter with acknowledgement of receipt. This decision shall specify the conditions for implementing the withdrawal of authorisation. Withdrawal of authorisation takes effect at the end of a period of three months from the date of notification.

The Autorité de contrôle prudentiel et de résolution shall immediately inform the public of the withdrawal of authorisation by means of a press release posted on its website. It will also inform the body referred to inarticle L. 512-1 of the Insurance Code, which will publish this information on its website. The association shall also inform its members of its withdrawal of authorisation by any means as soon as notification…