Regulatory Alerts2017-06-14
Instruction No. 2017-I-08 of July 19, 2017 replacing Instruction No. 2015-I-03 regarding nomination or renewal forms for effective managers or key function holders of insurance and supplementary professional pension entities
The Prudential Control and Resolution Authority (ACPR) issued Instruction No. 2017-I-08 to replace the previous 2015 instruction regarding the nomination and renewal of effective managers and key function holders. The directive mandates that Solvency II-regulated insurance and supplementary pension entities declare such appointments using specific forms provided in the instruction's annexes. These declarations must be submitted via mail and electronically to the ACPR, while the instruction simultaneously abrogates the prior 2015-I-03 directive and supersedes related references.
PRUDENTIAL CONTROL AND RESOLUTION AUTHORITY
Instruction No. 2017-I-08 replacing Instruction No. 2015-I-03 regarding nomination or renewal forms for effective managers or key function holders of insurance and supplementary professional pension entities
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 Consultative Committee on Prudential Affairs dated June 1, 2017, DECIDES
Article 1 The entities referred to below as "subject entities" are those subject to the so-called "Solvency II" regime mentioned in Article L. 310-3-1 of the Insurance Code, Article L. 211-10 of the Mutual Code and Article 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 entities mentioned in Article L. 381-1 of the Insurance Code, Article L. 214-1 of the Mutual Code and Article 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 renewal of persons who ensure the effective management of the entity and of the key function holders 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 appearing in Annexes 1 and 2 to this instruction.
Article 3 These forms are to be sent in one copy by mail and in electronic format to the following addresses: General Secretariat of the Prudential Control and Resolution Authority Directorate of Approvals, Authorizations and Regulation 66-2789 Insurance Entities Service 61, rue Taitbout 75436 Paris Cedex 09 Electronic address: 2789-DIRIGEANTS-RFC-SOA-UT@acpr.banque-france.fr
Article 4 Instruction No. 2017-I-10 regarding the nomination or renewal form for managers of insurance sector entities is not applicable to subject entities under this instruction since January 1, 2016.
Article 5 This instruction abrogates Instruction No. 2015-I-03 and enters into force on the day of its publication. References to Instruction No. 2015-I-03 in other instructions are replaced by references to this instruction.
Paris, July 19, 2017 For the Insurance Sector Sub-College The President [Bernard DELAS]