Regulatory Alerts2015-05-29
Instruction No. 2015-I-07 of May 29, 2015, regarding approval requests for the use of the transitional measure on the relevant risk-free interest rate curve
The Prudential Control and Resolution Authority (ACPR) establishes the procedural requirements for insurance and mutual organizations subject to Solvency II to obtain prior approval for using the transitional measure on the relevant risk-free interest rate curve. Regulated entities must submit a written application accompanied by a specific dossier via the ACPR's electronic portal before implementing the measure. Following approval, these entities are obligated to immediately notify the ACPR in writing of any substantial modifications to their initial application or any changes in their risk profile that could affect the calculation of the transitional measure.
PRUDENTIAL CONTROL AND RESOLUTION AUTHORITY
Instruction No. 2015-I-07 dated May 29, 2015, regarding approval requests for the use of the transitional measure on the relevant risk-free interest rate curve as amended by Instruction 2024-I-11 of October 21, 2024
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. 351-4 and L. 352-9 in their version resulting from Ordinance No. 2015-378 of April 2, 2015, and Articles R. 350-1, R. 351-16, and R. 355-7 in their version resulting from Decree No. 2015-513 of May 7, 2015; Having regard to Delegated Regulation (EU) No. 2015/35 of the Commission of October 10, 2014; Having regard to point 2 of Section I of Article 19 of Ordinance No. 2015-378 of April 2, 2015; Having regard to Decree No. 2015-513 of May 7, 2015; Having regard to the opinion of the Prudential Affairs Advisory Committee dated January 30, 2015; Decides:
Article 1 The following are hereinafter referred to as "subject undertakings": entities 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 in their version resulting from Ordinance No. 2015-378 of April 2, 2015.
Article 2 Subject undertakings wishing to request approval from the Prudential Control and Resolution Authority, prior to using the transitional measure on the relevant risk-free interest rate rate curve mentioned in Article L. 351-4 of the Insurance Code in its version resulting from Ordinance No. 2015-378 of April 2, 2015, shall submit a written application, accompanied by a "application dossier for approval for the use of the transitional measure on the relevant risk-free interest rate curve," the constituent elements of which are set out in the annex to this instruction.
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Article 3 The application dossier for approval for the use of the transitional measure on the relevant risk-free interest rate curve must be sent in electronic format to the Prudential Control and Resolution Authority by depositing it at the following address: https://acpr-portail.banque-france.fr.
Article 4 Following the approval of the use of the transitional measure on the relevant risk-free interest rate curve, subject undertakings shall notify the Prudential Control and Resolution Authority without delay and in writing of any substantial modification to the constituent elements of the initial application dossier, as well as any modification to their risk profile that could affect the calculation of the transitional measure.
Article 5 This instruction shall enter into force upon its publication.
Paris, May 29, 2015 The President of the Prudential Control and Resolution Authority, [Robert OPHÈLE]