In this Title : 1° “Captive insurance undertaking” means an undertaking referred to in Article L. 310-1 which is owned either by a financial undertaking, other than an undertaking referred to in Article L. 310-1 or in 1° of III of Article L. 310-1-1 or a participating undertaking within the meaning of 3° of Article L. 356-1, or by a non-financial undertaking, and the purpose of which is to provide…
Insurance and reinsurance undertakings value their prudential assets and liabilities as follows: 1° Prudential assets are valued at the amount for which they could be exchanged in an arm’s length transaction between knowledgeable, willing parties; 2° Prudential liabilities are valued at the amount for which they could be transferred or settled in an arm’s length transaction between informed and consenting parties. When valuing these prudential liabilities, no adjustment is made…
Insurance and reinsurance undertakings establish prudential technical provisions for all their commitments to policyholders, contract beneficiaries and reinsured undertakings. The value of prudential technical provisions, assessed in accordance with Article L. 351-1, corresponds to the current amount that undertakings would have to pay if they immediately transferred their commitments to another entity authorised to conduct insurance or reinsurance operations. Prudential technical provisions are calculated using information provided by the financial…
Insofar as the calculation of prudential technical provisions of insurance and reinsurance undertakings does not comply with the provisions of Article L. 351-1, the Autorité de contrôle prudentiel et de résolution may require such undertakings to increase the amount of such provisions to the level determined pursuant to those provisions.
A decree of the Conseil d’Etat shall specify the conditions of application of this sub-section.
Insurance and reinsurance undertakings may, subject to the prior approval of the Autorité de contrôle prudentiel et de résolution, apply a transitional measure to the risk-free interest rate curve relevant to eligible insurance and reinsurance liabilities.
Insurance and reinsurance undertakings may, subject to the prior approval of the Autorité de contrôle prudentiel et de résolution, apply a transitional deduction to technical provisions. This deduction may be applied at the level of homogeneous risk groups.
A decree of the Conseil d’Etat shall specify the conditions of application of this sub-section.
Prudential capital is the sum of core capital and ancillary capital.
When insurance and reinsurance undertakings, or the parent undertakings referred to in 3° of Article L. 356-15, no longer hold sufficient eligible own funds to cover their Solvency Capital Requirement or Minimum Capital Requirement, distributions relating to certain own funds items are subject to limitations. Depending on the own funds item concerned, these restrictions consist of either a prohibition or a deferral of such distributions. They also apply in the…
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is a Registered Trademark of
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182, rue de Rivoli
75001, Paris France
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is a Registered Trademark of
PETROFF LAW FIRM (SELARL LEGASTRAT)
182, rue de Rivoli
75001, Paris France
RCS Paris n°814433470
Paris Bar Registration n° (Toque) C2396
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