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Article L352-9 of the French Insurance Code

Insurance and reinsurance undertakings which apply the transitional measures set out in Article L. 351-4 or Article L. 351-5 shall immediately inform the Autorité de contrôle prudentiel et de résolution as soon as they realise that they would not be able to cover the Solvency Capital Requirement referred to in Article L. 352-1 without the application of these transitional measures. The Autorité de contrôle prudentiel et de résolution then requires…

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Article L354-1 of the French Insurance Code

Insurance and reinsurance undertakings shall have in place a system of governance which ensures the sound and prudent management of their business and which is subject to regular internal review. The system of governance shall be based on a clear segregation of responsibilities and shall include an effective system of reporting. It is proportionate to the nature, scale and complexity of the company’s operations. The governance system includes the following…

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Article L354-2 of the French Insurance Code

Insurance and reinsurance undertakings set up a risk management system. They shall carry out an internal assessment of risks and solvency. They shall have an internal control system. A decree of the Conseil d’Etat shall specify the conditions of application of this article.

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Article L354-3 of the French Insurance Code

Insurance and reinsurance undertakings shall remain fully responsible for compliance with their obligations when outsourcing insurance or reinsurance functions or activities. Insurance and reinsurance undertakings shall refrain from outsourcing significant or critical business activities or functions where such outsourcing could seriously impair the quality of the system of governance of the undertaking concerned, unduly increase operational risk, impair the ability of supervisory authorities to verify compliance with the obligations of…

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Article L355-1 of the French Insurance Code

Without prejudice to the information transmitted pursuant to Article L. 612-24 of the Monetary and Financial Code, insurance and reinsurance undertakings shall regularly transmit to the Autorité de contrôle prudentiel et de résolution the information necessary for the exercise of its supervision, including in particular: -the report on the solvency and financial situation referred to in Article L. 355-5 ; -the regular report to the supervisor -the annual and quarterly…

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Article L355-2 of the French Insurance Code

Without prejudice to the powers conferred on him byArticle L. 612-24 of the Monetary and Financial Code, the Secretary General of the Autorité de contrôle prudentiel et de résolution may ask insurance and reinsurance undertakings and the undertakings referred to in I of Article L. 356-21 to provide him with any information relating to contracts held by intermediaries or contracts entered into with third parties. It may also request information…

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Article L355-3 of the French Insurance Code

The Autorité de contrôle prudentiel et de résolution shall determine the nature, scope and format of the information it requires insurance and reinsurance undertakings and the undertakings referred to in I of Article L. 356-21 to disclose when predefined events occur, in accordance with the conditions laid down by order of the Minister responsible for the economy.

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Article L355-4 of the French Insurance Code

Insurance and reinsurance undertakings shall put in place appropriate structures and systems to meet the requirements set out in Articles L. 355-1, L. 355-2 and L. 355-3. Pursuant to the provisions of Article L. 354-1, they shall draw up written policies guaranteeing that the information which they communicate to the Autorité de contrôle prudentiel et de résolution is permanently consistent with the requirements of this Title.

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