Regulatory Alerts2019-03-15
Instruction No. 2019-I-06 of March 15, 2019, regarding prior information to the ACPR in case of outsourcing of important or critical activities or functions and significant changes thereto, as amended by Instruction No. 2024-I-11 of October 21, 2024
The Autorité de Contrôle Prudentiel et de Résolution (ACPR) mandates that insurance, reinsurance, mutual, and pension entities must notify the regulator before outsourcing important or critical functions. This notification must be submitted using the prescribed form at least six weeks prior to the outsourcing taking effect, with a possible reduction to four weeks in exceptional cases. The instruction, originally issued in March 2019 and amended in October 2024, establishes the legal framework for these prior information requirements under various French codes.
PRUDENTIAL CONTROL AND RESOLUTION AUTHORITY
Instruction No. 2019-I-06 regarding prior information to the ACPR in case of outsourcing of important or critical activities or functions and significant evolutions concerning them, amended by Instruction No. 2024-I-11 of October 21, 2024
The Prudential Control and Resolution Authority (ACPR), Having regard to the Insurance Code, particularly Articles L. 310-3-1, L. 354-3, L. 356-19, L. 381-1, L. 385-5 and R. 354-7; Having regard to the Monetary and Financial Code, particularly Article L. 612-24; Having regard to the Mutual Insurance Code, particularly Articles L. 211-10, L. 212-1, L. 214-1, L. 214-12 and R. 211-14; Having regard to the Social Security Code, particularly Articles L. 931-6, L. 931-9, L. 942-1 and R. 931-3-45-2; Having regard to the opinion of the Prudential Affairs Consultative Committee of February 20, 2019; DECIDES
Article 1 The following are hereinafter referred to as "subject entities":
- insurance and reinsurance entities subject to the so-called "Solvency II" regime mentioned in Articles L. 310-3-1 of the Insurance Code, L. 211-10 of the Mutual Insurance Code and L. 931-6 of the Social Security Code;
- participating and parent companies mentioned respectively in the second and third paragraphs of Article L. 356-2 of the Insurance Code;
- additional professional pension entities mentioned in Articles L. 381-1 of the Insurance Code, L. 214-1 of the Mutual Insurance Code and L. 942-1 of the Social Security Code.
Article 2 Subject entities must inform the ACPR of their intention to outsource important or critical activities or functions, as well as of any subsequent significant evolution concerning these functions or activities.
The information mentioned in the preceding paragraph is carried out using the notification form attached to this instruction.
Article 3 Subject entities must transmit the notification form no later than 6 weeks before the subcontracting takes effect. In exceptional cases, and upon a duly justified request submitted to the supervisory service, this deadline may be reduced with the agreement of the service to 4 weeks before the subcontracting takes effect or any subsequent significant evolution concerning these functions or activities, via electronic means at the following address: https://acpr-portail.banque-france.fr
Article 4 This instruction enters into application on the day of its publication.
Paris, March 15, 2019
For the Insurance Sectoral Sub-Committee The President, [Bernard DELAS]