Chapter IX: Branches of insurance undertakings whose head office is situated in a State which is not a party to the Agreement on the European Economic Area

Under the conditions laid down in this chapter, the Autorité de contrôle prudentiel et de résolution authorises branches of undertakings referred to in 4° of Article L. 310-2 to transfer all or part of their portfolio of contracts to a transferee undertaking established on French territory, where the Autorité certifies that the transferee undertaking has, taking into account the transfer, sufficient eligible own funds to cover the Solvency Capital Requirement referred to in Article L. 352-1.

Under the conditions laid down in this chapter, the Autorité de contrôle prudentiel et de résolution authorises branches of undertakings referred to in 4° of Article L. 310-2 to transfer all or part of their portfolio of contracts to an insurance undertaking with its head office in another Member State, where the supervisory authorities of that Member State certify that the transferee undertaking has, taking into account the transfer, sufficient eligible own funds to cover the Solvency Capital Requirement referred to in Article L. 352-1.

Under the conditions laid down in this chapter, the Autorité de contrôle prudentiel et de résolution authorises branches of undertakings referred to in 4° of Article L. 310-2, to transfer all or part of their portfolio of contracts to a branch established in the territory of a Member State of an undertaking whose head office is located in a State which is not a party to the Agreement on the European Economic Area, the Autorité de contrôle prudentiel et de résolution certifies or ensures that the supervisory authorities of the Member State of the branch of the transferring undertaking, or where applicable those of the Member State referred to in the sixth paragraph of III of Article R. 329-4 certify:

a) That the branch of the accepting undertaking has sufficient eligible own funds to cover the Solvency Capital Requirement, taking into account the transfer; and

b) That the law of the Member State of the branch of the accepting undertaking permits such a transfer.

In the cases referred to in the previous paragraphs, where the transferring branch is located on French territory, the Autorité de contrôle prudentiel et de résolution shall authorise the transfer only after having received the agreement of the supervisory authorities of the Member State where the risk is located or of the Member State of the commitment, where this is not the Member State where the transferring branch is located.

Where the Autorité de contrôle prudentiel et de résolution is consulted on a portfolio transfer, it shall give its opinion or consent to the supervisory authorities of the home Member State of the transferring branch within three months of receipt of the request.

The transfer authorised by the Autorité de contrôle prudentiel et de résolution in accordance with the preceding paragraphs shall be publicised in accordance with the conditions set out in Article L. 324-1.

This transfer is enforceable by operation of law against policyholders, subscribers and beneficiaries of contracts, as well as any person with rights or obligations arising from the contracts transferred.