French Insurance Code
In forceI.-The rules set out in Articles R. 356-26 and R. 356-27 apply, in accordance with the procedures set out in Article R. 356-25, to any insurance or reinsurance undertaking having its registered office in France which is the subsidiary of an undertaking referred to in the first paragraph of Article R. 356-8, where all the following conditions are met:
a) The subsidiary is included in the group's supervision and the Autorité de contrôle prudentiel et de résolution, as group supervisor, has not taken the decision referred to in Article L. 356-2 in respect of it;
b) The risk management procedures and internal control mechanisms of the undertaking referred to in the first paragraph of Article R. 356-8 cover the subsidiary and the Autorité de contrôle prudentiel et de résolution considers that the prudent management of this subsidiary by the undertaking referred to in the first paragraph of Article R. 356-8 is satisfactory;
c) The undertaking referred to in the first paragraph of Article R. 356-8 has received the agreement referred to in Article L. 356-19 ;
d) The undertaking referred to in the first paragraph of Article R. 356-8 has received the agreement referred to in Article L. 356-25 ;
e) The undertaking referred to in the first paragraph of Article R. 356-8 has requested authorisation for its subsidiary to be subject to Articles R. 356-26 and R. 356-27 and its request has been the subject of a favourable decision taken in accordance with the procedure set out in Article R. 356-25.
II.The rules set out in Articles R. 356-26 and R. 356-27 apply, in accordance with the procedures set out in Article R. 356-25, to any insurance and reinsurance undertaking with its registered office in France which is the subsidiary of a participating undertaking with its registered office in another Member State, where all the following conditions are met:
a) The subsidiary is included in the group supervision and the supervisory authority of the Member State in which the participating undertaking is established, in its capacity as group supervisor, has not taken a decision with regard to it similar to that mentioned in Article L. 356-2;
b) The risk management procedures and internal control mechanisms of the participating undertaking cover the subsidiary and the Autorité de contrôle prudentiel et de résolution and the group supervisor consider that the prudent management of the subsidiary by the participating undertaking is satisfactory;
c) The participating undertaking has received from the group supervisor an agreement similar to that referred to in Article L. 356-19;
d) The participating undertaking has received from the group supervisor an agreement similar to that mentioned in Article L. 356-25;
e) The participating undertaking has requested authorisation from the group supervisor for the subsidiary to be subject to rules similar to those mentioned in Articles R. 356-26 and R. 356-27 and its request has been approved.
III -Where the Autorité de contrôle prudentiel et de résolution decides to apply the provisions of Section 3 of this Chapter to the parent undertaking which has its head office in France in accordance with Article L. 356-4, that undertaking is not authorised to request authorisation to make any of its subsidiaries subject to Articles R. 356-26 and R. 356-27.
The Autorité de contrôle prudentiel et de résolution may not take or maintain the decision referred to in I of Article L. 356-4 where the ultimate parent undertaking in France is a subsidiary of an ultimate parent undertaking in the European Union which has obtained authorisation to subject that subsidiary to Articles R. 356-26 and R. 356-27.
IV.-The conditions mentioned in I and II are specified by Article 351 of Commission Delegated Regulation (EU) No 2015/35 of 10 October 2014.
