French Insurance Code
In forceThe undertakings referred to in 1° of Article L. 310-2 may not commence their operations until they have obtained an administrative authorisation issued by the Autorité de contrôle prudentiel et de résolution referred to in Article L. 612-1 of the Monetary and Financial Code. However, this authorisation is not required for reinsurance acceptance operations.
Approval is granted at the request of the undertaking, for operations in one or more classes of insurance. The undertaking may only carry out the operations for which it has been authorised.
No authorisation may be granted to the same undertaking for operations defined in 1° of article L. 310-1 and for operations defined in 3° of the same article.
No authorisation may be granted to the same undertaking for operations defined in the last paragraph of article L. 310-1 and for operations defined in 1°, 2° and 3° of the same article.
No authorisation may be granted to a tontines undertaking for operations other than tontines.
Before granting authorisation to an insurance undertaking which is :
a) either a subsidiary of an insurance or reinsurance undertaking authorised in another Member State or party to the Agreement on the European Economic Area ;
b) a subsidiary of the parent undertaking of an insurance or reinsurance undertaking authorised in another Member State or party to the Agreement on the European Economic Area; or
c) an undertaking controlled by a person, whether natural or legal, who also controls an insurance or reinsurance undertaking authorised in another Member State or party to the Agreement on the European Economic Area,
the competent authorities of the other Member State or State party to the Agreement on the European Economic Area concerned are consulted.
Before granting an authorisation to an insurance undertaking whose scheme of operations provides that part of its business will be based on the freedom to provide services or the freedom of establishment in another Member State, and where that scheme of operations shows that the activities in question are likely to have a significant effect on the market of the host Member State, the Autorité de contrôle prudentiel et de résolution shall inform the European Insurance and Occupational Pensions Authority and the supervisory authority of the host Member State concerned.
The information referred to in the penultimate paragraph of this Article shall be sufficiently detailed to enable a proper assessment of the situation by the European Insurance and Occupational Pensions Authority and the supervisory authority of the host Member State.
