French Insurance Code
In forceI.-If the Autorité de contrôle prudentiel et de résolution ascertains that an insurance or reinsurance intermediary or an insurance intermediary on an ancillary basis carrying on business in France under the freedom to provide services is in breach of any of the obligations laid down in Books I and V, it shall communicate this information to the competent authority of the home Member State.
If, despite the measures taken by the home Member State, or if such measures prove insufficient or are lacking, the insurance or reinsurance intermediary or the insurance intermediary acting on an ancillary basis persists in acting in a manner which is clearly prejudicial to the interests of policyholders or members in France or to the proper functioning of the insurance and reinsurance markets, the Autorité de contrôle prudentiel et de résolution may, after informing the competent authority of the home Member State, take appropriate measures to prevent further irregularities, including, insofar as is absolutely necessary, requesting the organisation which keeps the register referred to in I of Article L. 512-1, pursuant to I of Article L. 514-4, to take steps to prevent the intermediary concerned from distributing new contracts in France. In such cases, the Authority shall inform the European Insurance and Occupational Pensions Authority and may request the latter to provide assistance in accordance with Article 19 of Regulation (EU) No 1094/2010.
II.-Without prejudice to the provisions of I, the Autorité de contrôle prudentiel et de résolution may take appropriate measures to prevent or penalise irregularities committed in France where it deems it necessary to take immediate action to protect the rights of policyholders. These measures include, in particular, the possibility of preventing insurance or reinsurance intermediaries and insurance intermediaries acting in an ancillary capacity from distributing new contracts in France.
III.-Any measure adopted by the Autorité de contrôle prudentiel et de résolution and by the body that keeps the register referred to in I of Article L. 512-1 pursuant to this article shall be the subject of a reasoned decision that shall be communicated by the Autorité to the insurance or reinsurance intermediary or insurance intermediary acting in an ancillary capacity concerned. The Authority shall immediately communicate this decision to the competent authority of the home Member State, the European Insurance and Occupational Pensions Authority and the European Commission.
IV.Referral by the competent authority of another Member State of a failure to comply with the obligations laid down in Directive (EU) 2016/97 of the European Parliament and of the Council of 20 January 2016 in that State on the part of an insurance or reinsurance intermediary or an insurance intermediary on an ancillary basis registered in France carrying on business in that State under the freedom to provide services, the Autorité de contrôle prudentiel et de résolution shall, where necessary and as soon as possible after examining the information provided by its counterpart, take appropriate measures to remedy the situation. It will inform the competent authority that referred the matter to it of the measures taken.
