PRUDENTIAL CONTROL AUTHORITY

Instruction No. 2013-I-03 Establishing the Report on Guaranteed Minimum Rates – C23

The Prudential Control Authority,

Having regard to the Monetary and Financial Code, particularly Article L. 612-24;

Having regard to the Insurance Code, particularly Articles A. 132-3 and A. 344-8;

Having regard to the opinion of the Prudential Affairs Consultative Committee dated May 13, 2013;

Decides:

Article 1

The annual detailed statement provided for in Article A. 344-8 of the Insurance Code is supplemented by the table REPORT ON GUARANTEED MINIMUM RATES – C23 in the annex to this instruction.

It is submitted by companies exercising direct insurance activities mentioned in point 1° of Article L. 310-1 of the Insurance Code.

Article 2

The table REPORT ON GUARANTEED MINIMUM RATES – C23 is prepared in accordance with the provisions of Article A. 132-3 of the Insurance Code and in accordance with the technical procedures defined by the General Secretariat of the Prudential Control Authority.

Article 3

This instruction enters into force on December 31, 2013.

Article 4

This instruction will be published in the official register of the Prudential Control Authority.

Paris, May 28, 2013

The President of the Prudential Control Authority, [Christian NOYER]

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Instruction No. 2013-I-03 Establishing the Report on Guaranteed Minimum Rates – C23 Prudential Control Authority 2

Annex

Report on Guaranteed Minimum Rates – C23

	N-3	N-2	N-1	N	N+1
Yield rate of the insurance company's assets for year n-2 used for the calculation provided for in the first dash of Article A. 132-3 of the Insurance Code
Yield rate of the insurance company's assets for year n-1 used for the calculation provided for in the first dash of Article A. 132-3 of the Insurance Code
80% of the average of the two preceding lines
Amount of provisions finally retained for the calculation of the ceiling of Article A. 132-3 of the Insurance Code
Sum of technical interest finally retained for the calculation of the ceiling of Article A. 132-3 of the Insurance Code
Ceiling calculated in application of Article A. 132-3 of the Insurance Code
Amount of guaranteed profit sharing granted in n and already allocated in n
Consumption of envelopes
Amount of guaranteed profit sharing granted in n and remaining to be allocated in n+1
Amount of guaranteed profit sharing granted in n-1 and remaining to be allocated in n (excluding payments made in n)
Amount of guaranteed profit sharing granted in n-1 on payments made in n
Total amount of guaranteed profit sharing provided for in V of Article A. 132-3 of the Insurance Code
Unconsumed balance
Calculation of the average rate served (TMS) for year n within the meaning of Article A. 132-3 of the Insurance Code
Technical interest of year n
Profit sharing allocated during year n
Annual average of mathematical provisions of year n
Average rate served during year n within the meaning of Article A. 132-3 of the Insurance Code
Limit on TMS basis
Average of TMS over the two preceding years
Quarters of year n (tx)	T1	T2	T3	T4
Maximum technical rates (MTR)
Guaranteed minimum rate limits (GMR)