Subsection 1: Provisions applicable to insurance undertakings.

In relation to the basis of dispersion defined in Article R. 332-3, the value on the balance sheet of an insurance undertaking referred to in Article L. 310-3-2 of the assets mentioned below admitted to represent regulated commitments may not exceed, unless an exemption is granted on a case-by-case basis by the Autorité de contrôle :

1° 5% for all securities issued, claims, loans obtained or guaranteed by the same undertaking and deposits placed with that undertaking, with the exception of:

a) Securities issued or guaranteed by, or loans obtained from, an O. C. D. E. Member State and securities issued by the Caisse d'Amortissement de la Dette Sociale instituted by Article 1 of Order No. 96-50 of 24 January 1996 on the repayment of the social debt ;

b) Shares in sociétés d'investissement à capital variable (open-ended investment companies) and units in fonds communs de placement (mutual funds) referred to in 3° of article R. 332-2, whose portfolio is exclusively made up of the securities mentioned above.

The 5% ratio referred to in the second paragraph may be increased to 10%, provided that the total value of the securities issued, receivables and loans obtained or guaranteed by all the undertakings whose issues, loans or loan guarantees are admitted in excess of the 5% ratio does not exceed 40% of the dispersion base defined in article R. 332-3.

For the application of these provisions, insurance undertakings holding shares in open-ended investment companies and units in unit trusts must be able to demonstrate that they comply with this article as if they themselves held directly, in proportion to their holdings, the securities held by these undertakings;

2° 10% for a single property or for the securities mentioned in 9° bis to 9° ter and 9° sexies of article R. 332-2 ;

3° 1% for the securities mentioned in 2° quater, 6°, 7°, 7° bis, 7° ter, 7° quinquies, 9 quinquies, 12 bis and 12° ter of article R. 332-2 and the loans mentioned in the third and fourth paragraphs of 1° of article R. 332-13, respectively issued or obtained by the same company, the same body or the same sub-fund of a company or body.

A company may not allocate to the representation of its regulated commitments more than 50% of the shares issued by the same company mentioned in 5° of article R. 332-2.