French Insurance Code
In forceThe Autorité de contrôle prudentiel et de résolution may decide to enter into an agreement with the supervisory authorities of other Member States in which there is a ultimate parent undertaking at national level which is a related undertaking or a participating undertaking in a ultimate parent undertaking in France, with a view to exercising group supervision at the level of a sub-group covering several Member States.
The agreement referred to in the previous paragraph must specify which undertaking is the parent undertaking at the level of the sub-group covering several Member States. Where this undertaking has its registered office in France, the Autorité de contrôle prudentiel et de résolution shall apply the provisions of Article L. 356-4 to it.
The Autorité de contrôle prudentiel et de résolution and the other supervisory authorities which decide to enter into the agreement referred to in the first paragraph shall notify this agreement to the group supervisor and to the ultimate parent undertaking at EU level.
Where the Autorité de contrôle prudentiel et de résolution has entered into the agreement referred to in the first paragraph and where the parent undertaking at sub-group level does not have its registered office in France, no group supervision may in addition be carried out at the level of the ultimate parent undertaking in France pursuant to Article L. 356-4.
When, in its capacity as group supervisor, the Autorité de contrôle prudentiel et de résolution is notified by the supervisory authorities of other Member States of the agreement they have entered into with a view to exercising group supervision at the level of a sub-group covering several Member States, the Autorité shall inform the college of supervisors.
