Instruction No. 2016-I-01 of January 14, 2016 Determining Thresholds for Quarterly Information Submission for Subject Entities, Amended by Instruction No. 2019-I-03 of March 15, 2019 (Consolidated Version)

PRUDENTIAL CONTROL AND RESOLUTION AUTHORITY

Instruction No. 2016-I-01 of January 14, 2016 Determining the thresholds for the application of quarterly information submissions for subject entities Amended by Instruction No. 2019-I-03 of March 15, 2019

The Prudential Control and Resolution Authority, Having regard to the Monetary and Financial Code, particularly Article L. 612-24; Having regard to the Insurance Code, particularly Articles L. 355-1, L. 356-21, R. 355-3, R. 355-5, R. 356-52 and R. 356-53-1; Having regard to the Mutual Code, particularly Article L. 212-1; Having regard to the Social Security Code, particularly Article L. 931-9; Having regard to Delegated Regulation (EU) No 2015/35 of the Commission of October 10, 2014 supplementing Directive 2009/138/EC of the European Parliament and of the Council on the taking-up and pursuit of the business of Insurance and Reinsurance (Solvency II); Having regard to Implementing Regulation (EU) 2015/2450 of the Commission of December 2, 2015 laying down implementing technical standards with regard to templates for reporting information to supervisory authorities pursuant to Directive 2009/138/EC of the European Parliament and of the Council; Having regard to the opinion of the Prudential Affairs Consultative Committee dated March 3, 2015.

DECIDES

Article 1 The entities referred to below as "subject individual entities" are the 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 Code and L. 931-6 of the Social Security Code.

The entities referred to below as "subject parent and participating undertakings" are the participating and parent undertakings mentioned respectively in the second and third paragraphs of Article L. 356-2 of the Insurance Code.

Article 2 Subject individual entities shall submit the quarterly statement s.28.01.01 or s.28.02.01 defined in Implementing Regulation (EU) 2015/2450 of the Commission of December 2, 2015, presenting the minimum capital requirement defined in Article L. 352-5 of the Insurance Code, in accordance with the procedures defined in Article R. 355-3 of the Insurance Code.

Article 3 Without prejudice to Article 2, subject individual entities shall submit all quarterly quantitative statements to the Prudential Control and Resolution Authority as soon as they meet one of the following conditions:

1. Their total balance sheet exceeds the thresholds defined in Article 5;
2. If they are subject to group supervision in application of the second and third paragraphs of Article L. 356-2 of the Insurance Code and their total balance sheet does not exceed the thresholds defined in Article 5 but the total balance sheet of the group to which they belong exceeds the thresholds defined in Article 5 and they have not obtained an exemption granted by the Prudential Control and Resolution Authority following a reasoned request made in accordance with the procedures described in Instruction 2016-I-02.

Article 4 Subject parent and participating undertakings shall submit quarterly quantitative statements at the group level to the Prudential Control and Resolution Authority for the entire perimeter defined in Article L. 356-2 of the Insurance Code, in accordance with the procedures defined in Article R. 356-52 of the Insurance Code, when the total balance sheet of the group exceeds the thresholds defined in Article 5.

In the case where the group's total balance sheet does not exceed the thresholds defined in Article 5, but at least one of the entities in the group, subject to the authority of another supervisory authority, is not exempt, then the subject parent or participating undertaking shall submit quarterly quantitative statements at the group level to the Prudential Control and Resolution Authority for the entire perimeter defined in Article L. 356-2 of the Insurance Code, in accordance with the procedures defined in Article R. 356-52 of the Insurance Code.

Article 5 The thresholds mentioned in Articles 3 and 4 are determined as follows:

1. For insurance entities mentioned in Articles L. 321-1 of the Insurance Code, L. 211-8 of the Mutual Code and L. 931-4 of the Social Security Code authorized solely for operations of branches 20 to 26 or groups composed exclusively of entities authorized solely for operations of branches 20 to 26, a total balance sheet of 8 billion euros;
2. For insurance entities mentioned in Articles L. 321-1 of the Insurance Code, L. 211-8 of the Mutual Code and L. 931-4 of the Social Security Code authorized solely for operations of branches 1 to 18 or groups composed exclusively of entities authorized solely for operations of branches 1 to 18, a total balance sheet of 500 million euros;
3. For reinsurance entities mentioned in Articles L. 321-1-1 of the Insurance Code, L. 211-8-1 of the Mutual Code and L. 931-4-1 of the Social Security Code or groups composed exclusively of reinsurance entities, a total balance sheet of 4 billion euros;
4. For insurance entities mentioned in Articles L. 321-1 of the Insurance Code, L. 211-8 of the Mutual Code and L. 931-4 of the Social Security Code authorized both for operations of at least one of branches 1 to 18 and for operations of at least one of branches 20 to 26, a total balance sheet of 8 billion euros, or, if the total balance sheet is less than 8 billion euros, an amount corresponding to the product of the total balance sheet by the ratio between the technical provisions related to branches 1 to 18 and the total technical provisions of 500 million euros;
5. For groups composed both of insurance entities mentioned in Articles L. 321-1 of the Insurance Code, L. 211-8 of the Mutual Code and L. 931-4 of the Social Security Code authorized for operations of at least one of branches 1 to 18 and of insurance entities mentioned in Articles L. 321-1 of the Insurance Code, L. 211-8 of the Mutual Code and L. 931-4 of the Social Security Code authorized for operations of at least one of branches 20 to 26 or of entities authorized for operations of at least one of branches 1 to 18 and for operations of at least one of branches 20 to 26, the same thresholds as in point 4.

Article 6 Subject individual entities and groups reaching the thresholds mentioned in Article 5 for three consecutive financial years as of January 1, 2014 shall submit quarterly quantitative statements.

By way of derogation from the first paragraph, for the submission of quarterly quantitative statements for the year 2016, the consecutive financial years to be taken into account are the financial years 2012, 2013 and 2014.

Subject individual entities and groups no longer reaching the thresholds mentioned in Article 5 for three consecutive financial years are exempt from submitting quarterly quantitative statements in the fourth year, provided that the data they contain are transmitted at least once a year.

Article 7 The balance sheet to be considered for the application of the thresholds mentioned in Articles 5 and 6 is the balance sheet established in accordance with Article L. 351-1 of the Insurance Code for individual entities and Article R. 356-14 of the Insurance Code for groups.

By way of derogation from the first paragraph, for the financial years 2012, 2013, 2014 and 2015, the balance sheet to be considered for the application of the thresholds mentioned in Articles 5 and 6 is that established in accordance with French accounting standards to which unrealized capital gains and unrealized capital losses not already subject to a provision are added.

Article 8 By way of derogation from Article 3, on a transitional basis, subject individual entities whose total balance sheet does not exceed the thresholds defined in Article 5 and which are part of a group whose total balance sheet exceeds the thresholds defined in Article 5 shall not submit quarterly quantitative statements for the year 2016.

Article 9 By way of derogation from Article 4, on a transitional basis, subject parent and participating undertakings, when the total balance sheet of their group exceeds the thresholds defined in Article 5 but none of their subsidiaries or affiliated undertakings exceeds the thresholds defined in Article 5, shall not submit quarterly quantitative statements at the group level for the year 2016.

Article 10 This Instruction shall enter into force as of its publication.

Done in Paris, January 14, 2016

For the Insurance Sectoral Sub-College The President, [Bernard DELAS]