French Insurance Code
In forceThe Autorité de contrôle prudentiel et de résolution shall provide the European Insurance and Occupational Pensions Authority with the following information on an annual basis until 1 January 2021:
a) The availability of long-term guarantees for insurance products on the French market and the practices of insurance and reinsurance undertakings as long-term investors;
b) The number of insurance and reinsurance undertakings that apply the equalisation adjustment, the volatility adjustment, the extension of the recovery period in accordance with Article L. 352-7, the duration-based equity risk sub-module and the transitional measures set out in Articles L. 351-4 and L. 351-5; c) The anonymised effects of the equalisation adjustment, the volatility adjustment, the extension of the recovery period in accordance with Article L. 352-7, the duration-based equity risk sub-module and the transitional measures set out in Articles L. 351-4 and L. 351-5. 352-7, the duration-based equity risk sub-module and the transitional measures set out in Articles L. 351-4 and L. 351-5 ;
c) By anonymising them, the effects at national level on the financial position of insurance and reinsurance undertakings of the equalisation adjustment, the volatility correction, the symmetric adjustment mechanism of the equity capital requirement, the duration-based equity risk sub-module and the transitional measures mentioned in Articles L. 351-4 and L. 351-5;
d) The effect on the investment practices of insurance and reinsurance undertakings of the equalisation adjustment, the volatility adjustment, the symmetric adjustment mechanism of the equity capital requirement and the duration-based equity risk sub-module, and whether or not they provide these undertakings with undue capital relief;
e) The effect of any extension of the recovery period in accordance with Article L. 352-7 on the efforts made by insurance and reinsurance undertakings to restore the level of eligible own funds covering the Solvency Capital Requirement or to reduce the risk profile in order to ensure compliance with the Solvency Capital Requirement;
f) Where insurance and reinsurance undertakings apply the transitional measures referred to in Articles L. 351-4 and L. 351-5, compliance by those undertakings with the phasing-in plans referred to in Article L. 352-9 and the prospects for a reduction in reliance on those transitional measures, including measures which have been taken or are expected to be taken by the undertakings and the Autorité de contrôle prudentiel et de résolution.
