Regulatory Alerts2015-12-17
Instruction No. 2015-I-28 of December 17, 2015, regarding the ACPR authorization procedure for simultaneous group and subsidiary Internal Risk and Solvency Assessment (Single ORSA)
The French Prudential Supervision and Resolution Authority (ACPR) establishes the procedure for insurance and reinsurance groups to obtain authorization to conduct a single Internal Risk and Solvency Assessment (ORSA) covering both the group and its subsidiaries. The regulation mandates that applicants submit a written request accompanied by a detailed dossier specifying the coverage perimeter, governance involvement, and justification for the chosen structure. This instruction, effective January 1, 2016, and modified in 2024, ensures that the single ORSA report adequately addresses the risk profiles of all included entities while maintaining distinct identification of individual assessments.
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