French Insurance Code

When acting as group supervisor, the Autorité de contrôle prudentiel et de résolution : -coordinates the collection and dissemination of useful or essential information, both in day-to-day operations and in emergency situations, including the dissemination of information that is important for supervision by a supervisory authority; -ensures prudential control and assessment of the Group’s financial position assesses the Group’s compliance with the rules relating to solvency, risk concentration and intra-group…

I.-In order to facilitate the performance of the group supervision tasks referred to in Article L. 356-7, the Autorité de contrôle prudentiel et de résolution, as group supervisor, constitutes and chairs the college of supervisors referred to in 7° of Article L. 356-1. II – The Autorité de contrôle prudentiel et de résolution participates, when it is concerned, in colleges of supervisors chaired by another supervisory authority. III -The Autorité…

The Autorité de contrôle prudentiel et de résolution shall cooperate closely with the supervisory authorities of insurance or reinsurance undertakings belonging to a group in other Member States of the European Union, in particular in cases where an insurance or reinsurance undertaking belonging to a group is experiencing financial difficulties.

Where undertakings subject to group supervision pursuant to Article L. 356-2 do not comply with the requirements laid down in Article L. 356-15, or where these requirements are complied with but solvency may nevertheless be jeopardised, or where intra-group transactions or risk concentrations threaten the financial position of these undertakings, the Autorité de contrôle prudentiel et de résolution shall take the necessary measures to remedy the situation as soon as…

The Autorité de contrôle prudentiel et de résolution cooperates closely with the other supervisory authorities to ensure that the measures and sanctions taken against parent undertakings are effective.

A decree of the Conseil d’Etat shall specify the conditions of application of this sub-section.