Regulatory Alerts2017-12-19
Instruction No. 2017-I-22 of 19 December 2017 on the Frequency of Submitting the Regular Report to the Supervisor
The Prudential Supervision and Resolution Authority issued Instruction No. 2017-I-22 to establish the submission frequency for regular reports to the supervisor under Solvency II. Entities exceeding the thresholds for quarterly information submissions defined in Instruction No. 2016-I-01 are required to submit these reports annually, while those below the thresholds must submit them triennially. The Authority retains the right to demand annual submissions for entities below the thresholds, and the instruction applies to the first annual financial year ending on or before December 31, 2017.
PRUDENTIAL SUPERVISION AND RESOLUTION AUTHORITY
Instruction No. 2017-I-22 on the frequency of submitting the regular report to the supervisor
The Prudential Supervision and Resolution Authority,
Having regard to Delegated Regulation (EU) 2015/35 of the Commission of 10 October 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 EIOPA Guidelines 15/109 on the communication of information and information to the public;
Having regard to the Monetary and Financial Code, in particular Article L. 612-24;
Having regard to the Insurance Code, in particular Articles L. 355-1 and L. 356-21;
Having regard to the Mutual Code;
Having regard to the Social Security Code;
Having regard to Instruction No. 2016-I-01 determining the thresholds for the application of quarterly information submissions for subject entities;
Having regard to Instruction No. 2016-I-17, as amended, of the Prudential Supervision and Resolution Authority, as amended, relating to the transmission to the Prudential Supervision and Resolution Authority of prudential documents by insurance and reinsurance entities subject to the so-called "Solvency II" regime;
Having regard to the opinion of the Prudential Affairs Advisory Commission dated 11 December 2017,
DECIDES
Article 1:
Pursuant to Articles 312(2) and 373 of Delegated Regulation (EU) 2015/35 of the Commission of 10 October 2014, entities and groups subject to the communication of a regular report to the supervisor are required to transmit it annually if they exceed the thresholds for the application of quarterly information submissions defined respectively in Article 3 and Article 4 of Instruction No. 2016-I-01. For individual entities and groups that do not exceed the aforementioned thresholds, the frequency of transmission of the regular report to the supervisor is triennial.
The requirements defined in the preceding paragraphs also apply to French sub-groups designated pursuant to Article L. 356-4 of the Insurance Code.
By way of exception to point 2° of Article 3 of Instruction No. 2016-I-01, the fact that an individual entity subject to the requirement belongs to an insurance group subject to group supervision does not modify the frequency of communication of the regular report to the supervisor defined in this Article.
Article 2:
The provisions of Article 1 of this Instruction are without prejudice to the possibility for the Prudential Supervision and Resolution Authority to require, pursuant to Articles 312(2) and 373 of Delegated Regulation (EU) 2015/35 of the Commission of 10 October 2014, an annual transmission for entities and groups that do not exceed the thresholds for the application of quarterly information submissions defined respectively in Article 3 and Article 4 of Instruction No. 2016-I-01.
Article 3:
This Instruction is published in the official register of the Prudential Supervision and Resolution Authority.
It applies from the first annual financial year closed before 31 December 2017 inclusive.
Paris, 19 December 2017
For the Insurance Sector Sub-Collegium The President, [Bernard DELAS]