Regulatory Alerts2021-06-18
Instruction No. 2021-I-07 of June 18, 2021 amending Instruction No. 2016-I-16 of June 27, 2016 on annual prudential documents to be submitted by ACPR-supervised entities under the Solvency II regime
The Prudential Control and Resolution Authority (ACPR) issued Instruction No. 2021-I-07 to amend the annual prudential reporting requirements for entities subject to its supervision under the Solvency II regime. The amendment introduces a new exemption for captive reinsurance companies, relieving them from submitting specific financial statements including variations in fixed assets, provisions, and general expenses. This exemption applies to collections due for financial years ending on or after December 31, 2021.
PRUDENTIAL CONTROL AND RESOLUTION AUTHORITY
Instruction No. 2021-I-07 amending Instruction No. 2016-I-16 of June 27, 2016 on annual prudential documents to be submitted by entities subject to ACPR supervision under the so-called "Solvency II" regime
The Prudential Control and Resolution Authority, Having regard to the Monetary and Financial Code, in particular Articles L. 612-2 and L. 612-24; Having regard to Articles L. 310-1-1 and L. 350-2 of the Insurance Code; Having regard to Instruction No. 2016-I-16 of June 27, 2016 on annual prudential documents to be submitted by entities subject to ACPR supervision under the so-called "Solvency II" regime; Having regard to the opinion of the Prudential Affairs Consultative Committee of May 27, 2021, DECIDES
Article 1: Section IV is inserted into Article 2 of Instruction No. 2016-I-16, worded as follows:
"IV. – Captive reinsurance companies referred to in item 3° of Article L.350-2 of the Insurance Code are exempted from submitting a fraction of the statements mentioned in Section I of this Article. The following statements are concerned:
- FR.05.01 – Variation in fixed assets
- FR.06.01 – Breakdown of the amount of provisions (non-technical liabilities)
- FR.07.01 – Details of deferred charges and income
- FR.08.01 – Breakdown of general expenses by nature and by destination, Breakdown of personnel costs, Commitments towards members of the management bodies
- FR.09.01 – Income and expenses arising from voluntary contributions in kind
- FR.11.01 – Prospective evolution of the un-discounted capitalization reserve
- FR.12.01 – Breakdown of financial results by type of movement, by type of flow and by nature of securities
- FR.23.01 – Minimum guaranteed rate, monitoring of envelopes
Article 2: This Instruction applies to collections due for financial years ending on or after December 31, 2021. Done in Paris, June 18, 2021 For the Insurance Sectoral Sub-Committee The Vice-President, [Jean-Paul FAUGÈRE]