Regulatory Alerts2013-12-12
Instruction No. 2013-I-18 of December 12, 2013, regarding approval requests for unsecured loan programs granted by insurance companies
The Prudential Control and Resolution Authority issued Instruction No. 2013-I-18 to establish the mandatory requirements for insurance companies seeking prior approval to grant unsecured loans under the French Insurance Code. The regulation mandates that applicants submit a comprehensive dossier detailing the company's profile, the specific criteria and characteristics of the proposed loan program, and the internal systems for risk analysis, measurement, and control. Furthermore, it requires detailed information on loan management strategies, including outsourcing arrangements, and obliges approved entities to promptly notify the Authority of any substantial modifications or significant events affecting the program's implementation.
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