Regulatory Alerts2016-01-14
Instruction No. 2016-I-02 of January 14, 2016, defining exemption procedures for entities under Article 3 of Instruction No. 2016-I-01, as amended by Instructions No. 2019-I-03 and No. 2024-I-11
The Prudential Control and Resolution Authority (ACPR) establishes the specific conditions under which Solvency II-regulated insurance entities may apply for exemption from submitting quarterly quantitative reports. Eligibility requires that an entity contributes no more than 5% to the group's balance sheet, ensures exempted entities do not exceed 15% of the total, and mandates annual submission of the exempted information. Applications must be submitted electronically by the group as a single request to the ACPR Secretary General.
PRUDENTIAL CONTROL AND RESOLUTION AUTHORITY
Instruction No. 2016-I-02 of January 14, 2016 defining the procedures for exemption for entities mentioned in Article 3 of Instruction No. 2016-I-01 amended by Instruction No. 2019-I-03 on March 15, 2019 and Instruction No. 2024-I-11 of October 21, 2024
The Prudential Control and Resolution Authority, Having regard to the Monetary and Financial Code, Article L. 612-24; Having regard to the Insurance Code, particularly Articles L. 355-1 and L. 356-21, as well as Articles R. 355-3, R. 355-5, R. 356-52 and R. 356-53-1; Having regard to the Mutual Code, particularly Article L. 212-1; Having regard to the Social Security Code, particularly Article L. 931-9; Having regard to Delegated Regulation (EU) No 2015/35 of the Commission of October 10, 2014 supplementing Directive 2009/138/EC of the European Parliament and of the Council on the taking up and pursuit of the business of Insurance and Reinsurance (Solvency II); Having regard to Instruction No. 2016-I-01 determining the thresholds for the application of quarterly reporting exemptions for subject entities; Having regard to the opinion of the Prudential Affairs Consultative Committee dated March 3, 2015.
DECIDES
Article 1 The entities referred to below as "subject individual entities" are those entities governed by 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.
Article 2 Pursuant to Article R. 355-3 of the Insurance Code, subject individual entities that wish to submit an application for exemption from submitting quarterly quantitative statements, if they meet the conditions set out in Article 3 of Instruction No. 2016-I-01 and Article 3 of this Instruction, must submit a written application to the Secretary General of the Prudential Control and Resolution Authority.
Article 3 An entity is eligible for the exemption mentioned in Article 2 only if it meets the following criteria: 1° it must not contribute to more than 5% of the group's balance sheet; 2° it must not contribute to the cumulative total of exempted entities in the group, classed in ascending order of balance sheet size, exceeding 15%; 3° it must submit, at least once a year, the information covered by the exemption referenced in Article 2. The least contributory entities must be proposed for exemption first. In other cases, the proposal to exempt another entity must be justified.
Article 4 The balance sheet to be considered for the application of Article 3 is the balance sheet prepared in accordance with Article L. 351-1 of the Insurance Code for individual entities and Article R. 356-14 of the Insurance Code for groups.
Article 5 A single application for exemption for all entities within a group must be addressed to the Secretary General of the Prudential Control and Resolution Authority.
Article 6 The exemption application must be submitted in electronic format to the Prudential Control and Resolution Authority by depositing it at the following address: https://acpr-portail.banque-france.fr
Article 7 This Instruction enters into force upon its publication. Done in Paris, January 14, 2016 For the Insurance Sectoral Sub-Committee The President, [Bernard DELAS]