Regulatory Alerts2018-07-11
Instruction No. 2018-I-09 of July 11, 2018, repealing Instruction No. 2017-I-08 regarding nomination forms for effective managers or key function holders in insurance and supplementary pension organizations
The Prudential Control and Resolution Authority (ACPR) issued Instruction No. 2018-I-09 to repeal Instruction No. 2017-I-08 and establish updated nomination procedures for effective managers and key function holders. The instruction mandates that covered insurance and supplementary pension entities declare all appointments or renewals using specific electronic forms available on the ACPR portal. These new requirements apply to entities subject to Solvency II and related regulations, replacing previous nomination instructions effective from the portal's launch date.
PRUDENTIAL CONTROL AND RESOLUTION AUTHORITY
Instruction No. 2018-I-09 repealing Instruction No. 2017-I-08 regarding the nomination or renewal forms for effective managers or key function holders of insurance and supplementary professional pension organizations
The Prudential Control and Resolution Authority, Having regard to the Monetary and Financial Code, particularly Articles L. 612-23-1, R. 612-29-3 and R. 612-29-4; Having regard to the Insurance Code, particularly Articles L. 310-3-1, L.322-2, L. 322-3-2, L. 356-18, L.381-1, L. 381-3 and L. 385-5; Having regard to the Mutual Code, particularly Articles L. 114-21, L. 211-10, L. 211-13, L. 212-1, L. 214-1, L. 214-3 and L. 214-12; Having regard to the Social Security Code, particularly Articles L. 931-6, L. 931-7-1, L. 931-7-2, L. 931-9, L. 942-1, L. 942-3 and L. 942-11; Having regard to the opinion of the Prudential Affairs Consultative Committee dated June 20, 2018, DECIDES
Article 1 The following are hereinafter referred to as "subject entities": organizations 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; parent and participating companies mentioned in Article L. 356-18 of the Insurance Code; as well as supplementary professional pension organizations mentioned in Articles L. 381-1 of the Insurance Code, L. 214-1 of the Mutual Code and L. 942-1 of the Social Security Code;
Article 2 The subject entities mentioned in Article 1 must declare to the Prudential Control and Resolution Authority (ACPR) any appointment or any renewal of persons who ensure the effective management of the organization and the heads of key functions, as well as of any person called upon to exercise in fact equivalent functions in accordance with paragraph II of Article L. 612-23-1 of the Monetary and Financial Code and, at the group level mentioned in Article L. 356-1 of the Insurance Code, in accordance with Article L. 356-18 of the Insurance Code.
The declaration mentioned in the first paragraph is made using the forms attached as Annexes 1 and 2 to this instruction.
Article 3 These forms, duly completed and signed, must be sent in electronic format to the ACPR by uploading them to the portal accessible via the pages of the "Authorization" section of the ACPR website: https://acpr.banque-france.fr/
Article 4 Instruction No. 2017-I-10 regarding the nomination or renewal form for managers of insurance sector organizations is not applicable to the subject entities covered by this instruction since January 1, 2016.
Article 5 This instruction will enter into force on the day the deposit portal mentioned in Article 3 is opened. The date of this opening will be announced on the ACPR website. Instruction No. 2017-I-08 will be repealed on the date of entry into force of this instruction.
Paris, July 11, 2018 For the Insurance Sector Sub-College The President [Bernard DELAS]