The extension period referred to in the fourth paragraph of L. 352-7 shall be determined taking into account all the relevant factors specified in Article 289 of Commission Delegated Regulation (EU) No 2015/35 of 10 October 2014. This extension may not exceed seven years.
The application referred to in the fifth paragraph of Article L. 352-7 shall be made if the following conditions are met: a) It is unlikely that insurance or reinsurance undertakings representing a significant share of the market or of the lines of business affected will be able to meet the requirements referred to in the fourth paragraph of Article L. 352-7 ; b) The financial situation of insurance or reinsurance…
When the Autorité de contrôle prudentiel et de résolution requires an insurance or reinsurance undertaking to submit a recovery plan pursuant toArticle L. 612-32 of the Monetary and Financial Code, or a recovery plan pursuant to Article L. 352-7, or a short-term financing plan pursuant to Article L. 352-8, the plan must include, for the next three financial years, a detailed description of the following items and be accompanied by…
When the undertakings referred to in Article L. 310-3-1, which are authorised to conduct the operations referred to in 1° of Article L. 310-1, no longer hold sufficient eligible own funds to cover their Solvency Capital Requirement or their Minimum Capital Requirement, or when they have informed the Autorité de contrôle prudentiel et de résolution, in accordance with the provisions of Articles L. 352-7 and L. 352-8 that they are…
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 to 4° of Article L. 612-33 of the French Monetary and Financial Code, it may also register the mortgage referred to in Article L. 327-3 of this Code,Article L. 212-24 of the French Mutual Code orArticle L. 931-23 of the French…
I.-Without prejudice to Articles L. 352-1 and L. 352-5, insurance undertakings undertaking both the risks referred to in 1° and 2° of Article L. 310-1 calculate: a) A notional amount of the life Minimum Capital Requirement, in respect of their life insurance or reinsurance activities, calculated as if the undertaking concerned carried on only those activities; and b) A notional amount of the non-life Minimum Capital Requirement, in respect of…
I.- For the entire portfolio of assets, insurance and reinsurance undertakings shall invest only in assets and instruments presenting risks which they can identify, measure, monitor, manage, control and report in an appropriate manner and which are taken into account in an appropriate manner in the assessment of their overall solvency requirements in accordance with Article R. 354-3. All assets are invested in such a way as to guarantee the…
In order to ensure consistency across sectors and to eliminate diverging interests between, on the one hand, companies which repackage loans into tradable securities and other financial instruments and, on the other hand, insurance or reinsurance undertakings which invest in such securities or instruments, the quantitative and qualitative requirements to be met by undertakings investing in such securities or instruments are referred to in Articles 254 to 257 of Commission…
For insurance and reinsurance undertakings investing in transferable securities or other financial instruments based on repackaged debt issued before 1 January 2011, the requirements set out in Article R. 353-2 shall apply only if the underlying exposures have been replaced or supplemented by new exposures after 31 December 2014.
Insurance undertakings may not grant rights in rem over their buildings, unless exceptionally authorised by the Autorité de contrôle prudentiel et de résolution.
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is a Registered Trademark of
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182, rue de Rivoli
75001, Paris France
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