French Insurance Code
In forceI.-The collège de résolution shall draw up individual or group preventive resolution plans only for persons required to draw up a preventive recovery plan pursuant to the provisions of I of Article L. 311-5. It draws up these plans after receiving the opinion of the supervisory board.
These plans provide for the resolution measures likely to be implemented, in application of section 6, when the conditions for triggering a resolution procedure mentioned in III of article L. 311-18 are met. These measures are based on a range of options and scenarios including, in particular, the possibility that the failure of the person concerned is limited and individual or that it occurs in the context of an exceptional unfavourable situation affecting a significant part of the insurance or reinsurance business. These plans do not take into account any possible public support.
Preventive group resolution plans cover the group as a whole. They shall provide for the resolution measures that may be taken, pursuant to Section 6, in respect of the ultimate parent undertaking established in France, its related undertakings established in the territory of the French Republic referred to in Article L. 311-1 and, subject to the provisions on cooperation with the resolution authorities of foreign countries, the entities of the group established in those countries.
II - The persons referred to in the first paragraph of I shall provide all necessary information and lend all useful assistance, taking into account the information already available to the Autorité de contrôle prudentiel et de résolution, in drawing up and updating these plans.
The content of these plans, their frequency, the information sent to the resolution college and the conditions for their preparation and regular updating are specified by order of the Minister responsible for the economy.
