French Insurance Code
In forceUndertakings whose head office is in France and which are part of a group within the meaning of Article L. 356-1 are subject to group supervision.
Group supervision applies to insurance undertakings or reinsurance undertakings which are participating undertakings in at least one insurance undertaking, reinsurance undertaking, non-member-country insurance undertaking or non-member-country reinsurance undertaking, in accordance with the provisions of Sections II, III, IV, V and VI of this Chapter.
Group supervision applies to insurance undertakings or reinsurance undertakings whose parent undertaking is a société de groupe d'assurance defined in Article L. 322-1-2 or a union mutualiste de groupe defined inArticle L. 111-4-2 of the Code de la mutualité or a société de groupe assurantiel de protection sociale defined inArticle L. 931-2-2 of the French Social Security Code or a mixed financial holding company referred to inarticle L. 517-4 of the French Monetary and Financial Code with its registered office in the European Union, in accordance with the provisions of sections II, III, IV, V and VI of this chapter.
Group supervision applies to insurance undertakings or reinsurance undertakings the parent undertaking of which is a group insurance company or a mixed financial holding company, having its head office outside the European Union or a non-EU insurance undertaking or non-EU reinsurance undertaking, in accordance with the provisions of Subsection 2 of Section II of this Chapter.
Group supervision applies to insurance or reinsurance undertakings whose parent undertaking is a société de groupe mixte d'assurance mentioned in 2° of Article L. 322-1-2 of the French Insurance Code.
The Autorité de contrôle prudentiel et de résolution, in its capacity as group supervisor, may decide, on a case-by-case basis, not to include an undertaking in the group supervision referred to in the first paragraph, in the following cases :
1° Where the undertaking is located in a State which is not a member of the European Union where legal obstacles prevent the transfer of the necessary information;
2° Where the company is of negligible interest with regard to the objectives of group supervision. Where, however, several undertakings in the same group, taken individually, may be excluded on this basis, they shall be included in the group supervision if, collectively, they are of non-negligible interest;
3° Where the inclusion of the undertaking is inappropriate or could be a source of confusion, having regard to the objectives of group control.
Where, pursuant to 2° or 3°, the Autorité de contrôle prudentiel et de résolution, as group supervisor, considers that an insurance or reinsurance undertaking should not be included in the group supervision, it shall consult the other authorities concerned before reaching its decision.
Where, pursuant to 2° or 3°, the Autorité de contrôle prudentiel et de résolution, as group supervisor, excludes from group supervision an insurance or reinsurance undertaking situated in another Member State, the participating undertaking shall provide the supervisory authority of that Member State with any information which that authority may require in order to facilitate the supervision of the undertaking excluded from group supervision.
Where, pursuant to 2° or 3°, the group supervisor excludes an insurance or reinsurance undertaking whose head office is situated in France from group supervision, the Autorité de contrôle prudentiel et de résolution may require the participating undertaking to provide it with any information likely to facilitate the supervision of the excluded undertaking.
