French Insurance Code
In forceI.-The Autorité de contrôle prudentiel et de résolution shall act as group supervisor within the meaning of 6° of Article L. 356-1:
1° When it is the competent supervisory authority for all insurance and reinsurance undertakings in the group ;
2° Subject to the application of the provisions of II:
a) Where, in the case referred to in the second paragraph of Article L. 356-2, the participating undertaking is an insurance or reinsurance undertaking which it has authorised;
b) Where, in the case referred to in the third paragraph of Article L. 356-2, one of the following conditions is met:
i) The insurance or reinsurance undertaking is authorised by the Autorité de contrôle prudentiel de résolution ;
ii) The parent undertaking has its head office in France and an insurance or reinsurance undertaking is authorised by the Autorité de contrôle prudentiel et de résolution;
iii) there are several insurance group companies which have their head office in different Member States and an insurance or reinsurance undertaking in at least two of these Member States, and an insurance or reinsurance undertaking authorised by the Autorité de contrôle prudentiel et de résolution has the largest balance sheet total ;
iv) the parent undertaking does not have its head office in France, none of the insurance undertakings or reinsurance undertakings is authorised in the same Member State as that in which the parent undertaking has its head office, and an insurance undertaking or reinsurance undertaking authorised by the Autorité de contrôle prudentiel et de résolution has the largest balance sheet total;
c) In other cases, where the group has no parent undertaking and an insurance or reinsurance undertaking authorised by the Autorité de contrôle prudentiel et de résolution has the largest balance sheet total.
II - In specific cases, the Autorité de contrôle prudentiel et de résolution may, together with the other supervisory authorities concerned, decide to derogate from the criteria mentioned in I, where their application appears inappropriate taking into account the structure of the group and the relative importance of the activities of the insurance and reinsurance undertakings in the different Member States, and designate a supervisory authority other than the one designated as group supervisor pursuant to the criteria mentioned in I. To that end, any supervisory authority concerned may require a discussion as to whether the criteria mentioned in I are appropriate. This discussion shall take place no more than once a year.
The Autorité de contrôle prudentiel et de résolution shall consult with the other supervisory authorities concerned in order to reach a joint decision on the choice of group supervisor no later than three months after the request to open the discussion. Before taking their decision, the supervisory authorities shall give the group the opportunity to express its opinion.
During the three-month period referred to in the previous paragraph and before a joint decision is taken, the Autorité de contrôle prudentiel et de résolution may refer the matter to the European Insurance and Occupational Pensions Authority in accordance with Article 19 of Regulation (EU) No 1094/2010 of the European Parliament and of the Council of 24 November 2010. In this case, the Autorité de contrôle prudentiel et de résolution, in consultation with the other supervisory authorities concerned, shall defer the joint decision pending any decision by the European Insurance and Occupational Pensions Authority. The joint decision shall comply with the decision of the European Insurance and Occupational Pensions Authority. It is binding on the Autorité de contrôle prudentiel et de résolution.
The Autorité de contrôle prudentiel et de résolution, if it is appointed group supervisor, shall notify the group and the college of supervisors of the joint decision and the full reasons therefor.
If no joint decision has been taken, the function of group supervisor is exercised by the supervisory authority defined in accordance with the criteria mentioned in I.
