Regulatory Alerts2013-10-22
Formal Notice to La Nantaise Insurance Company by the ACPR
The Prudential Control and Resolution Authority (ACPR) issued a formal notice to La Nantaise Insurance Company on October 4, 2013, requiring it to revise its investment policy. The authority cited the company's excessive focus on real estate as a violation of the specialization rule under the Insurance Code. This non-compliance led to the company failing to meet its regulated commitments, contravening Article R. 332-1 of the Insurance Code.
Notice
By decision of October 4, 2013, taken by its President, the Prudential Control and Resolution Authority (ACPR) has formally notified the Compagnie Nantaise d’assurances maritimes et terrestres (LA NANTAISE), in accordance with the provisions of Article L. 612-31 of the Monetary and Financial Code, to notably revise its investment policy, which is essentially focused on real estate. This policy currently results in non-compliance with the provisions of Articles L. 322-2-2 and R. 322-2 of the Insurance Code regarding the requirement for an insurance undertaking to adhere to the specialization rule. This has led the company to no longer comply with its regulated commitments, in contravention of Article R. 332-1 of the Insurance Code.