Regulatory Alerts2020-12-16
Instruction No. 2020-I-15 of December 16, 2020 amending Instruction No. 2016-I-17 on prudential document submission to the ACPR by Solvency II insurance and reinsurance undertakings
The Prudential Control and Resolution Authority amends its Solvency II reporting framework to require insurance and reinsurance undertakings to publicly disclose the nature and effects of any major event that significantly undermines the relevance of information in their solvency and financial situation report. This amendment inserts a new disclosure obligation into the existing prudential instruction to ensure market transparency during material operational or financial disruptions. The revised instruction enters into force the day following its official publication.
PRUDENTIAL CONTROL AND RESOLUTION AUTHORITY
Instruction No. 2020-I-15 amending Instruction No. 2016-I-17 of June 27, 2016 on the submission to the Prudential Control and Resolution Authority of prudential documents by insurance and reinsurance undertakings subject to the so-called "Solvency II" regime The Prudential Control and Resolution Authority, Having regard to the Monetary and Financial Code, in particular Articles L. 612-2 and L. 612-24; Having regard to the Insurance Code, in particular Articles L. 355-1, L. 355-5 and L. 356-21; Having regard to Instruction No. 2016-I-17 of June 27, 2016 on the submission to the Prudential Control and Resolution Authority of prudential documents by insurance and reinsurance undertakings subject to the so-called "Solvency II" regime; Having regard to the opinion of the Prudential Affairs Advisory Committee of December 2, 2020, DECIDES Article 1: Paragraph 6 is inserted as follows: "6. In the event of a major event significantly affecting the relevance of the information contained in the solvency and financial situation report, insurance and reinsurance undertakings shall publish information relating to the nature and effects of such event." Article 2: This Instruction shall enter into force on the day following its publication. Paris, December 16, 2020 For the Insurance Sectoral Sub-Collegium The President, [Jean-Paul FAUGÈRE]