French Insurance Code
In forceI.-Without prejudice to the provisions of Article L. 356-7, the Autorité de contrôle prudentiel et de résolution shall consult, within the college of supervisors, the supervisory authorities concerned on any decision of importance for the supervisory tasks of these authorities, relating to:
1° Changes to the shareholder structure, organisation or management of the insurance or reinsurance undertakings in a group, requiring the approval or authorisation of the supervisory authorities;
2° A decision relating to the extension of the recovery period referred to in Article L. 352-7 ;
3° The main sanctions and exceptional measures taken by the supervisory authorities, including the application of a capital add-on to the Solvency Capital Requirement in accordance with Article L. 352-3 and the application of any limitation on the use of an internal model for the calculation of the Solvency Capital Requirement in accordance with the provisions of Chapter II Section I.
In the cases of consultations provided for in 2° and 3°, the Autorité de contrôle prudentiel et de résolution, where it is not the group supervisor, shall always consult the group supervisor.
The Autorité shall also consult the other authorities concerned before taking any decision based on information received from other supervisory authorities.
II - Without prejudice to the provisions of Article L. 356-7, the Autorité de contrôle prudentiel et de résolution may decide not to consult the other supervisory authorities in urgent cases or where such consultation could compromise the effectiveness of its decisions. In such cases, it shall immediately inform the other authorities concerned.
