French Insurance Code
In forceIn this Code :
1° "Home Member State" means :
a) in the case of non-life insurance, the Member State of the European Union in which the head office of the insurance undertaking covering the risk is situated ;
b) in the case of life insurance, the Member State of the European Union in which the head office of the insurance undertaking making the commitment is situated;
c) in the case of reinsurance, the Member State of the European Union in which the head office of the reinsurance undertaking is situated;
2° "Host Member State" means the Member State of the European Union, other than the home Member State, in which an undertaking referred to in Article L. 310-1 or in 1° of III of Article L. 310-1-1 has a branch or provides services. For life insurance and non-life insurance, the Member State in which services are provided means, respectively, the Member State of the European Union of the commitment or the Member State of the European Union where the risk is located, when this commitment or risk is covered by an undertaking mentioned in Article L. 310-1 or a branch located in another Member State of the European Union;
3° "State of the branch" means a State in which the branch of an insurance undertaking is located;
4° "Establishment regime" means the regime under which an insurance undertaking covers a risk or undertakes a commitment situated in a Member State from a branch established in that State;
5° "freedom to provide services" means the operation whereby an undertaking in a Member State covers or undertakes, from its head office or from a branch situated in a Member State, a risk or commitment situated in another of those States, itself referred to as the "State of freedom to provide services";
6° "Foreign undertaking" means an undertaking whose registered office is not located in the territory of the French Republic;
7° "Branch" means any agency or branch of an insurance or reinsurance undertaking which is situated in the territory of a Member State other than the home Member State;
8° "Establishment" of an insurance or reinsurance undertaking means its head office or one of its branches;
9° "close links" means a situation in which two or more natural or legal persons are linked by a control relationship or a participating interest, or a situation in which two or more natural or legal persons are permanently linked to the same person by a control relationship;
10° "Shareholding" means the ownership, direct or by way of control, of at least 20% of the voting rights or capital of an undertaking. The Autorité de contrôle prudentiel et de résolution also considers as a participation the holding, directly or indirectly, of voting rights or capital in an undertaking over which a significant influence is effectively exercised;
11° "Regulated market" means one of the following markets:
a) in the case of a market located in a Member State, a regulated market as defined inArticle L. 421-1 of the Monetary and Financial Code ;
b) In the case of a market located in a third country, a financial market that meets both of the following conditions:
i) It is recognised by the home Member State of the insurance undertaking and meets requirements comparable to those laid down in Chapter I of Title II of Book IV of the Monetary and Financial Code ;
ii) the financial instruments dealt in are of a quality comparable to that of instruments dealt in on the regulated market or markets of the home Member State;
12° "Financial undertaking" means one of the following entities:
a) Credit institutions mentioned in 1° of Article L. 511-1 of the Monetary and Financial Code, financial institutions mentioned in 4° of Article L. 511-21 of the Monetary and Financial Code or an ancillary services undertaking within the meaning of Article 4, point 18 of Regulation 575/2013 of the European Parliament and of the Council of 26 June 2013 ;
b) Insurance and reinsurance undertakings referred to in Articles L. 310-1 and L. 310-1-1 of the French Insurance Code, mutual insurance companies and unions governed by Book II of the French Mutual Insurance Code, provident institutions and unions governed by Title 3 of Book 9 of the French Social Security Code;
c) The investment companies mentioned inarticle L. 531-4 of the Monetary and Financial Code;
d) The mixed financial holding companies referred to inArticle L. 517-4 of the Monetary and Financial Code;
13° "Outsourcing" means an agreement, in whatever form, between a company and a service provider, whether or not subject to supervision, under which the service provider performs, either directly or by outsourcing itself, a procedure, service or activity that would otherwise be performed by the company itself.
