I.-On the basis of the recovery plan referred to in Article R. 335-1 , or in the absence of communication of this plan within one month of the request, the Autorité de contrôle prudentiel et de résolution may require an insurance undertaking to provide a reinforced solvency margin in excess of the minimum margin requirement referred to in Article R. 334-5, Article R. 334-13 or Article R. 334-19, as the…
When the Autorité de contrôle prudentiel et de résolution considers that the results of the solvency test referred to in Article R. 336-7 indicate a solvency risk, it may deduct from the items making up the margin the deferred charges established pursuant to Article R. 343-6.
When the solvency margin of an undertaking referred to in article L. 310-3-2 does not reach the regulatory amount, the Autorité de contrôle prudentiel et de résolution, without prejudice to the implementation of the powers at its disposal under the terms of sections 6 and 7 of Chapter II of Title I of Book VI of the Monetary and Financial Code, requires a recovery plan, which must be submitted for…
When the solvency margin of an undertaking referred to in Article L. 310-3-2 does not reach the guarantee fund, or if the fund is not constituted in accordance with the regulations, the Autorité de contrôle prudentiel et de résolution, without prejudice to the implementation of the powers at its disposal under the terms of Sections 6 and 7 of Chapter II of Title 1 of Book VI of the Monetary…
When the Autorité de contrôle prudentiel et de résolution temporarily suspends, restricts or prohibits the free disposal of all or part of the assets of an insurance undertaking, pursuant toArticle L. 612-33 of the French Monetary and Financial Code, it may also register the mortgage referred to in Articles L. 327-3 of this Code, L. 212-24 of the French Mutual Code and L. 931-23 of the French Social Security Code…
The undertakings referred to in Article L. 310-3-2 are required to set up a permanent internal control system. At least once a year, the Board of Directors or the Supervisory Board approves a report on internal control, which is sent to the Autorité de contrôle prudentiel et de résolution. The first part of this report details the conditions under which the work of the Board of Directors or the Supervisory…
The Board of Directors or the Supervisory Board sets the investment policy guidelines at least once a year. In particular, it decides on the procedures for selecting financial intermediaries, on asset-liability management, on asset quality and on transactions in forward financial instruments. For this purpose, it relies on the solvency report referred to in article L. 336-1 which, in a separate section relating to investments, presents the results obtained for…
When an insurance undertaking uses financial futures instruments for the first time, it must inform the Autorité de contrôle prudentiel et de résolution in advance.
The company continuously monitors the transactions mentioned in articles R. 332-45 to R. 332-48. To this end, it keeps a daily record of positions taken for each category of underlying investment, maturity by maturity. The monitoring system must allow : a) An immediate assessment of realisable values ; b) Compliance at all times with the internal limits referred to in Article R. 336-2; c) Control at all times of managers’…
The Board of Directors or Supervisory Board approves the reinsurance policy guidelines at least once a year. A report on the reinsurance policy is submitted to the Board each year. This report describes a) the guidelines adopted by the undertaking in respect of reinsurance cessions, in particular as regards the nature and level of protection sought and the choice of cessionary undertakings ; b) The qualitative and quantitative criteria used…
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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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