Regulatory Alerts2018-10-25
Instruction No. 2018-I-19 of October 25, 2018, repealing Instructions No. 2015-I-02 and 2017-I-10 regarding the nomination or renewal form for executives of insurance sector entities
The Prudential Control and Resolution Authority (ACPR) issued Instruction No. 2018-I-19 to repeal previous instructions and establish a new electronic declaration process for the appointment or renewal of senior executives in insurance entities. The instruction mandates that covered companies submit a specific form via the ACPR's online portal to declare changes in leadership roles such as board members, general managers, and equivalent positions. This directive entered into force upon the opening of the designated submission portal, simultaneously invalidating Instructions No. 2015-I-02 and 2017-I-10.
PRUDENTIAL CONTROL AND RESOLUTION AUTHORITY
Instruction No. 2018-I-19 repealing Instructions No. 2015-I-02 and 2017-I-10 regarding the nomination or renewal form for executives of entities in the insurance sector
The Prudential Control and Resolution Authority, Having regard to the Monetary and Financial Code, particularly Articles L. 612-23-1, R. 612-29-3 and R. 612-29-4; Having regard to the Insurance Code, particularly Article L. 322-2; Having regard to the Mutual Code, particularly Articles L. 114-18 and L. 114-21; Having regard to the Social Security Code, particularly Article L. 931-7-2; Having regard to the opinion of the Prudential Affairs Advisory Committee dated October 5, 2018; DECIDES
Article 1: The insurance entities referred to in the second paragraph of II of Article L612-23-1 of the Monetary and Financial Code are hereinafter referred to as "subject entities".
Article 2: The subject entities mentioned in Article 1 must declare to the Prudential Control and Resolution Authority any appointment or renewal of members of the executive board, general managers, delegated general managers, the sole general manager, the Chairman of the Board of Directors referred to in Article L. 114-18 of the Mutual Code, and any other person called upon to exercise equivalent functions.
The declaration mentioned in the preceding paragraph is made using the form attached to this instruction.
Article 3: This form, duly completed and signed, must be sent in electronic format to the ACPR by uploading it to the portal accessible via the pages of the "Authorization" section of the ACPR website: https://acpr.banque-france.fr/
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Article 4: This instruction shall enter into force on the day the submission portal mentioned in Article 3 is opened. The date of this opening will be announced on the ACPR website. Instructions No. 2015-I-02 and 2017-I-10 shall be repealed on the date of entry into force of this instruction.
Paris, October 25, 2018 For the Insurance Sector Sub-Collegium The President, [Bernard DELAS]