French Insurance Code
In forceFor the purposes of this Chapter:
1° "parent undertaking" means an undertaking which exclusively controls an undertaking within the meaning of II of Article L. 233-16 of the Commercial Code. This second undertaking is referred to as a "subsidiary undertaking". Any subsidiary undertaking of a subsidiary undertaking is considered a subsidiary of the parent undertaking. The Autorité de contrôle prudentiel et de résolution also considers as a parent undertaking, for the purposes of this chapter, any undertaking which, in its opinion, effectively exercises a dominant influence over another undertaking. That other undertaking is a subsidiary undertaking;
2° "ultimate parent undertaking at European Union level" means a parent undertaking which is not a subsidiary of another undertaking which has its head office in the European Union, and "ultimate parent undertaking in France" means a parent undertaking which is not a subsidiary of another undertaking which has its head office in France;
3° "participating undertaking" means a parent undertaking within the meaning of 1° or another undertaking which holds a participation within the meaning of Article L. 310-3 or an entity linked to another entity by virtue of the fact that the majority of their administrative, management or supervisory bodies are made up of the same persons or that they are placed under a single management by virtue of a contract or clauses in their articles of association;
4° "affiliated undertaking" means a subsidiary undertaking within the meaning of 1° or another undertaking in which a participating interest within the meaning of Article L. 310-3 is held or an entity which is linked to another entity by virtue of the fact that the majority of their administrative, management or supervisory bodies consist of the same persons or that they are placed under a single management by virtue of a contract or clauses in their articles of association;
5° "Group" means :
a) a group of undertakings consisting of a participating undertaking, its subsidiaries and the entities in which the participating undertaking or its subsidiaries have holdings, as well as entities linked by virtue of the fact that a majority of their administrative, management or supervisory bodies consist of the same persons or that they are placed under a single management by virtue of a contract or clauses in their articles of association ;
b) or a group of undertakings based on the establishment of strong and lasting financial relationships between those undertakings, provided that:
-one of these undertakings effectively exercises, by means of centralised coordination, a dominant influence over the decisions, including the financial decisions, of the other undertakings forming part of the group ;
-and that the establishment and termination of such relationships are subject to the prior approval of the group controller.
The undertaking exercising centralised coordination in the case referred to in b shall be regarded as the parent undertaking and the other undertakings as subsidiaries;
6° "Group supervisor" means the single supervisory authority designated from among the supervisory authorities of the Member States concerned, where it is responsible for coordinating and exercising group supervision in accordance with Article L. 356-6 ;
7° "College of supervisors" means a permanent but flexible structure for cooperation and coordination designed to facilitate decision-making relating to the supervision of a group;
8° "Intra-group transaction" means any transaction whereby an undertaking has recourse, directly or indirectly, to other undertakings of the same group or to any natural or legal person linked to the undertakings of that group by close links, for the performance of an obligation, whether contractual or not, and whether or not for consideration.
