French Insurance Code
In forceI.-The equivalence of group supervision exercised by a supervisory authority of a third country to that mentioned in Article L. 356-11 may be determined by a delegated act of the Commission adopted pursuant to paragraphs 3 and 5 of Article 260 of Directive 2009/138/EC of the European Parliament and of the Council of 25 November 2009 (Solvency II).
II - Where no delegated act has been adopted by the Commission, the Autorité de contrôle prudentiel et de résolution, if it were to be designated as group supervisor pursuant to the criteria set out in I of Article L. 356-6, shall verify, at the request of the parent undertaking or of one of the insurance or reinsurance subsidiaries authorised in the European Union, or on its own initiative, whether group supervision in the third country is equivalent.
To this end, the Autorité de contrôle prudentiel et de résolution, assisted by the European Insurance and Occupational Pensions Authority, shall consult the other supervisory authorities concerned before reaching a decision on equivalence, in accordance with the criteria set out in Article 380 of Commission Delegated Regulation (EU) No 2015/35 of 10 October 2014. That decision may not contradict a decision previously taken in respect of the third country concerned, unless it is necessary to take into account significant changes to the group supervision of the third country and to that established by the provisions of Subsection 1 of this Section.
The decision taken by the Autorité de contrôle prudentiel et de résolution pursuant to the previous paragraph may, within three months of its notification, in the event of disagreement, be referred by another supervisory authority 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.
Where the Autorité de contrôle prudentiel et de résolution disagrees with the decision taken by another supervisory authority on the equivalence of group supervision in a third country, it may, in accordance with Article 19 of Regulation (EU) No 1094/2010 of the European Parliament and of the Council of 24 November 2010, refer the matter to the European Insurance and Occupational Pensions Authority within three months of notification of that decision.
III - The Autorité de contrôle prudentiel et de résolution may decide, in the absence of equivalent supervision in the third country of the ultimate parent undertaking, to carry out a new verification of the existence of equivalent supervision at a lower level where a parent undertaking exists in another third country, whether it be an insurance group company, a mixed financial holding company, an insurance undertaking or a reinsurance undertaking. In such cases, the AMF will explain its decision to the insurance and reinsurance undertakings in the group.
