French Insurance Code

In order to grant or refuse the administrative authorisations provided for in Articles L. 321-1, L. 321-7 and L. 329-1, the Autorité de contrôle prudentiel et de résolution verifies that the following conditions are met: -the technical and financial resources that the undertaking proposes to implement are sufficient and appropriate with regard to its programme of operations; -the persons responsible for managing or administering the undertaking and, in the case…

In order to grant a reinsurance undertaking the administrative authorisation provided for in Article L. 321-1-1, the Autorité de contrôle prudentiel et de résolution des entreprises d’assurance shall verify that the following conditions are met: 1° The undertaking limits its object to the business of reinsurance and related operations ; 2° The technical and financial resources which the undertaking proposes to implement are sufficient and appropriate in the light of…

Where an insurance or reinsurance undertaking expressly renounces one or more authorisations by undertaking not to underwrite any new contracts, does not make use of one or more authorisations within one year of the date of publication of the authorisation decision in the Journal officiel de la République française, or has ceased to carry on the business corresponding to one or more authorisations for two consecutive financial years, the undertaking…

An insurance undertaking whose authorisation has lapsed remains subject to supervision by the Autorité de contrôle prudentiel et de résolution until all the commitments arising from the contracts underwritten by the undertaking have been paid in full and definitively to the policyholders and third-party beneficiaries or its entire portfolio of contracts has been the subject of a transfer authorised under the conditions set out in Article L. 324-1. A reinsurance…