Regulatory Alerts2018-07-11
Instruction No. 2018-I-13 on the ACPR authorization procedure for recognizing unrealized capital gains in solvency margins for supplementary professional pension schemes
The Prudential Control and Resolution Authority (ACPR) establishes the mandatory written application procedure for supplementary professional pension schemes seeking approval to include unrealized capital gains in their solvency margins. Applicants must submit a complete dossier via the ACPR portal, adhering to the specific constituent elements outlined in the instruction's annex. Upon approval, these schemes are strictly required to promptly notify the ACPR of any substantial modifications to their initial application or asset composition that could impact the determination of admissible capital gains.
PRUDENTIAL CONTROL AND RESOLUTION AUTHORITY
Instruction No. 2018-I-13 regarding the authorization procedure by the Prudential Control and Resolution Authority for the recognition of unrealized capital gains in the constitution of the solvency margin for supplementary professional pension schemes, as amended by Instruction 2024-I-11 of October 21, 2024
The Prudential Control and Resolution Authority, Having regard to the Insurance Code, particularly Articles L. 381-1 and R. 385-1; Having regard to the Monetary and Financial Code, particularly Article L. 612-24; Having regard to the Mutual Code, particularly Articles L. 214-1, L. 214-12, and R. 214-5; Having regard to the Social Security Code, particularly Articles L. 942-1, L. 942-11, and R. 942-5; Having regard to the ACPR notice of July 19, 2017, on the admissibility of unrealized capital gains in the constitution of the solvency margin for supplementary professional pension schemes (FRPS / MRPS / URPS / IRPS); Having regard to the opinion of the Consultative Commission on Prudential Affairs, dated June 20, 2018; DECIDES:
Article 1: The following are hereinafter referred to as "supplementary professional pension schemes": the supplementary professional pension funds mentioned in Article L. 381-1 of the Insurance Code, the supplementary professional pension mutuals or unions mentioned in Article L. 214-1 of the Mutual Code, and the supplementary professional pension institutions mentioned in Article L. 942-1 of the Social Security Code.
Article 2: Supplementary professional pension schemes wishing to request the approval of the Prudential Control and Resolution Authority to take into account their unrealized capital gains in the constitution of the solvency margin, in application of points 2° or 3° of III of Article R. 385-1 of the Insurance Code, submit in writing an application accompanied by a file whose constituent elements are provided for in the annex to this instruction.
Article 3: The application file for approval to take into account unrealized capital gains in the constitution of the solvency margin 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 recognition of unrealized capital gains in the constitution of the solvency margin, supplementary professional pension schemes must notify the Prudential Control and Resolution Authority without delay and in writing of any substantial modification in the constituent elements of the initial application file, as well as any modification in the composition of assets or participation rights of insured persons that could affect the methods for determining admissible unrealized capital gains in the constitution of the solvency margin.
Article 5: This instruction enters into force upon its publication.
Paris, July 11, 2018 For the Sectoral Sub-Committee of Insurance The President [Bernard DELAS]