Section 3: Regulatory capital requirement for groups.

Articles in this section · 34

R356-8R356-9R356-10R356-11R356-12R356-13R356-14R356-15R356-16R356-17R356-18R356-19R356-20R356-20-1R356-20-2R356-20-3R356-21R356-22R356-23R356-24R356-25R356-25-1R356-25-2R356-26R356-26-1R356-27R356-27-1R356-28R356-28-1R356-28-2R356-29R356-30R356-30-1R356-31

Article R356-25

French Insurance CodeIn force
Ask for lawyer reviewed or certified translation

Updated 7 Nov 2023

I.-The undertaking referred to in Article R. 356-8 or the participating undertaking referred to in II of Article R. 356-24 shall submit to the Autorité de contrôle prudentiel et de résolution, on behalf of the subsidiary insurance or reinsurance undertaking with its head office in France referred to in Article R. 356-24, the application for authorisation to be subject to the rules set out in Articles R. 356-26 and R. 356-27. 356-24, the application for authorisation to be subject to the rules set out in Articles R. 356-26 and R. 356-27.

The Autorité de contrôle prudentiel et de résolution shall inform the other supervisory authorities which are members of the college of supervisors and shall forward the complete application to them without delay.

II. -In the case referred to in I of Article R. 356-24, the Autorité de contrôle prudentiel et de résolution will, within three months of the communication of the complete application to the college of supervisors, decide on the application for authorisation and, where applicable, define the conditions thereof.

In the case referred to in II of Article R. 356-24, the Autorité de contrôle prudentiel et de résolution shall cooperate closely with the group supervisor with a view to deciding whether or not to grant the authorisation requested and, where appropriate, to define the conditions thereof. It shall endeavour to reach, together with the group supervisor, a joint decision on the request within three months of the communication of the complete request to the college of supervisors. This joint decision shall be binding on the Autorité de contrôle prudentiel et de résolution.

When the Autorité de contrôle prudentiel et de résolution and, where applicable, the group supervisor have adopted the decision mentioned in the previous paragraph, it shall notify the requesting undertaking of this reasoned decision.

III.-In the case referred to in II of Article R. 356-24 and during the three-month period referred to in the second paragraph of II of this Article, 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. The final decision taken by the European Insurance and Occupational Pensions Authority or, if it does not take a decision, by the group supervisor, is binding on the Autorité de contrôle prudentiel et de résolution. The Autorité notifies the applicant company and applies the decision.

IV - In the case mentioned in II of Article R. 356-24 and in the absence of a joint decision by the Autorité de contrôle prudentiel et de résolution and the group supervisor within the three-month period mentioned in the first paragraph of II, the decision taken by the group supervisor is binding on the Autorité de contrôle prudentiel et de résolution. The latter shall notify the applicant undertaking of the decision and apply it.

Mariela Petrova

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A notary (notaire) is a public officer who authenticates specific deeds (mainly real-estate transfers and certain family-law acts). A corporate lawyer (avocat) advises on strategy, negotiates and drafts company documents, and represents you in disputes. The two roles complement rather than overlap.

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Mariela Petrova

Mariela Petrova

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15+ Years In Corporate Practice

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