French Insurance Code

I.-For the purposes of calculating the solvency of the group of an undertaking referred to in the first paragraph of Article R. 356-8 which holds, through a société de groupe d’assurance, a union mutualiste de groupe, a société de groupe assurantiel de protection sociale or a mixed financial holding company, a participation in a related insurance or reinsurance undertaking or in a third-country insurance or reinsurance undertaking, the situation of…

In order to calculate the group solvency of an undertaking mentioned in the first paragraph of Article R. 356-8 which is a participating undertaking in a credit institution, investment firm or financial institution, this undertaking applies one of the two methods defined by order of the Minister responsible for the economy. The method chosen is applied consistently over time. However, the Autorité de contrôle prudentiel et de résolution, as group…

Where the Autorité de contrôle prudentiel et de résolution in its capacity as group supervisor does not have the information necessary to calculate the group solvency of an undertaking mentioned in the first paragraph of Article R. 356-8 in relation to an affiliated undertaking having its registered office in a Member State or in a third country, the book value of that undertaking in the undertaking mentioned in the first…

I.-The group solvency of the undertaking referred to in the first paragraph of Article R. 356-8 is calculated on the basis of consolidated data. The group solvency is equal to the difference between the own funds eligible to cover the Solvency Capital Requirement, calculated on the basis of consolidated data, and the Solvency Capital Requirement at group level, calculated on the basis of consolidated data. The rules laid down in…

I.-The undertakings referred to in the first paragraph of Article R. 356-8 may apply on behalf of the group and the related undertakings concerned to the Autorité de contrôle prudentiel et de résolution in its capacity as group supervisor for authorisation to calculate, on the basis of an internal model, the consolidated Solvency Capital Requirement of the group and the Solvency Capital Requirement of insurance and reinsurance undertakings in the…

I.-Where the Autorité de contrôle prudentiel et de résolution is informed by the group supervisor, in the case of a supervisory authority of another Member State, of a request for authorisation to calculate, on the basis of an internal model, the consolidated group Solvency Capital Requirement and the Solvency Capital Requirement of insurance and reinsurance undertakings with their head office in France, it shall cooperate with the group supervisor and…

Where the Autorité de contrôle prudentiel et de résolution considers that the risk profile of an insurance or reinsurance undertaking subject to its supervision deviates significantly from the assumptions underlying the internal model approved at group level, it may impose on that undertaking, in accordance with Article L. 352-3 and for as long as the undertaking does not satisfactorily meet the requirements of the Autorité de contrôle prudentiel et de…

The procedures for the application for authorisation and its examination by the group controller referred to in Articles R. 356-20 and R. 356-20-1 are specified in Articles 347, 348 and 349 of Commission Delegated Regulation (EU) No 2015/35 of 10 October 2014. In order to be able to use an internal model in accordance with Articles R. 356-20 and R. 356-20-1, group undertakings must meet the criteria set out in…

In order to determine whether the group Solvency Capital Requirement calculated on the basis of consolidated data in accordance with Article R. 356-19 appropriately reflects the risk profile of the group, the Autorité de contrôle prudentiel et de résolution, in its capacity as group supervisor, shall pay particular attention to all cases where the circumstances referred to in I of Article L. 352-3, are likely to arise at group level…

I.-The group solvency of the undertaking referred to in the first paragraph of Article R. 356-8 calculated using the deduction and aggregation method is equal to the difference between: a) The group’s eligible own funds on an aggregated basis, as defined in II of this Article; b) And the sum of the value of the insurance or reinsurance undertakings linked in the undertaking referred to in the first paragraph of…