Subsection 1: Provisions applicable to insurance undertakings.

In relation to the base of dispersion constituted by the difference between the total amount of the regulated commitments mentioned in Article R. 331-1, all currencies combined, and the total amount of the assets mentioned in Articles R. 332-3-4 to R. 332-10, all currencies combined, the value on the balance sheet of an insurance undertaking referred to in Article L. 310-3-2 of each of the categories of assets listed 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 et des mutuelles :

1° 65% for all the securities mentioned in 4° to 8° and 9° quinquies of Article R. 332-2 and the loans mentioned in the third paragraph of 1° of Article R. 332-13, including a maximum of 10% for the group formed by:

a) Shares in foreign insurance companies mentioned in 5° bis of article R. 332-2 ;

b) The shares and units referred to in 6°, 7° to 7°c and 9°d of article R. 332-2;

c) The bonds and negotiable debt securities mentioned in 6° of article R. 332-2 when they are issued by a financial institution or a commercial company;

d) The loans mentioned in the first paragraph of this 1°;

2° 40% for the real estate assets mentioned in 9° to 9° ter and 9° sexies of article R. 332-2 ;

3° 10% for all the securities mentioned in 10°, 11° and 12° of article R. 332-2, with the exception of the loans mentioned in the third and fourth paragraphs of 1° of article R. 332-13, and in 12° bis of article R. 332-2;

4° 5% for all securities consisting of :

a) The bonds, units or shares referred to in 2° of A of Article R. 332-2 as well as the negotiable debt securities referred to in 2° bis of A of the same article, issued by a securitisation vehicle referred to in Article L. 310-1-2;

b) The bonds, units or shares referred to in 2°c of A of Article R. 332-2;

c) The units or shares referred to in 7°d of Article R. 332-2;

d) The loans referred to in 12° ter of article R. 332-2;

e) The loans referred to in the fourth paragraph of 1° of article R. 332-13;

At the request of the company and with the agreement of the Autorité de contrôle prudentiel et de résolution, this limit may be raised. An order of the Minister responsible for the economy sets the maximum value of the increase that the Autorité de contrôle prudentiel et de résolution may grant;

5° 0.5% for the total amount of premiums or cash payments referred to in the second paragraph of section D of article R. 332-2.