Article L351-7-1 of the French Insurance Code
November 8, 2023
A decree in the Conseil d’Etat shall specify the conditions of application of this section.
A decree in the Conseil d’Etat shall specify the conditions of application of this section.
I.- Insurance and reinsurance undertakings shall hold eligible own funds covering the Solvency Capital Requirement. The Solvency Capital Requirement shall be calculated either using the standard formula or using a full or partial internal model approved by the Autorité de contrôle prudentiel et de résolution. II – The Board of Directors or the Management Board of the undertaking shall give its approval to the application for approval of the internal…
Where the application of the standard formula proves inappropriate for calculating the Solvency Capital Requirement of an insurance or reinsurance undertaking whose risk profile deviates significantly from the assumptions underlying the calculation in accordance with that formula, the Autorité de contrôle prudentiel et de résolution may, in a reasoned decision, require the undertaking concerned to use an internal model to calculate its Solvency Capital Requirement or the relevant risk modules…
I.-The Autorité de contrôle prudentiel et de résolution may, by reasoned decision, impose an additional capital requirement on insurance and reinsurance undertakings in any of the following exceptional circumstances, where it concludes from its supervisory process that : 1° The risk profile of the undertaking deviates significantly from the assumptions underlying the calculation of the Solvency Capital Requirement using the standard formula referred to in Article L. 352-1 and the…
A decree in the Conseil d’Etat shall specify the conditions of application of this section.
Insurance and reinsurance undertakings shall hold eligible basic own funds covering the Minimum Capital Requirement, which may not be less than an absolute floor.
A decree in the Conseil d’Etat shall specify the conditions of application of this section.
Insurance and reinsurance undertakings shall put in place procedures enabling them to detect any deterioration in their financial situation and to inform the Autorité de contrôle prudentiel et de résolution immediately.
Insurance and reinsurance undertakings shall immediately inform the Autorité de contrôle prudentiel et de résolution if they become aware that the Solvency Capital Requirement no longer complies with the provisions of Article L. 352-1 or that there is a risk that it will no longer do so within the next three months. They submit a realistic recovery plan to the Autorité de contrôle prudentiel et de résolution for approval within…
Insurance and reinsurance undertakings shall immediately inform the Autorité de contrôle prudentiel et de résolution if they become aware that the Minimum Capital Requirement provided for in Article L. 352-5 is no longer covered or that there is a risk that it will no longer be covered within the next three months. Within one month of becoming aware that the Minimum Solvency Capital Requirement is not covered, the undertakings concerned…
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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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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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