Instruction No. 2015-I-28 of December 17, 2015, regarding the ACPR authorization procedure for simultaneous group and subsidiary Internal Risk and Solvency Assessment (Single ORSA)

PRUDENTIAL SUPERVISION AND RESOLUTION AUTHORITY ----- Instruction No. 2015-I-28 dated December 17, 2015, regarding the procedure for authorization by the Prudential Supervision and Resolution Authority to proceed simultaneously at the group level and at the level of any subsidiary of the group to the internal assessment of risks and solvability ("Single ORSA") modified by Instruction No. 2024-I-11 of October 21, 2024

The Prudential Supervision and Resolution Authority, Having regard to the Monetary and Financial Code; Having regard to the Insurance Code, particularly Article L. 356-19 (as amended by Ordinance No. 2015-378 of April 2, 2015), and Articles R. 350-1, R. 355-1, R. 356-46, and R. 356-47 (as amended by Decree No. 2015-513 of May 7, 2015); Having regard to the Mutual Code; Having regard to the Social Security Code; Having regard to 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), particularly Article 246; Having regard to EIOPA Guidelines 14/259 on the internal assessment of risks and solvency (ORSA); Having regard to the opinion of the Prudential Affairs Consultative Committee dated November 24, 2015; DECIDES

Article 1
Participating companies and parent companies mentioned respectively in the second and third paragraphs of Article L. 356-2 of the Insurance Code, which wish, in accordance with the fifth paragraph of Article L. 356-19 of the same Code, to proceed simultaneously at the group level and at the level of any subsidiary of the group to the internal assessment mentioned in the second paragraph of Article L. 354-2 of the same Code (internal assessment of risks and solvency, hereinafter "ORSA"), and to draw up a single document encompassing all these assessments (hereinafter "Single ORSA Report"), must submit a written request to the Prudential Supervision and Resolution Authority acting as the group supervisor, which rules within the time limits provided for in Article R. 356-46 of the same Code. A file must accompany this written request.

Article 2
The application file mentioned in Article 1 must contain the following information:

• the coverage perimeter of the Single ORSA Report (list of insurance and reinsurance subsidiaries covered);
• the reasons for the choice of this perimeter and a justification that each subsidiary receives sufficient treatment in the Single ORSA Report, given its size, structure, and the complexity of its risks, as well as in relation to the group as a whole;
• a description of how the governance requirements related to ORSA are met for each subsidiary, and in particular how the administrative, management, or supervisory bodies of the insurance and reinsurance subsidiaries (including boards of directors or supervisory boards for French entities) are involved in the assessment process, as well as in the approval of the Single ORSA Report by the board of directors and supervisory board of the companies mentioned in Article 1;
• a description of the envisaged content and structure elements of the Single ORSA Report, both for the sections relating to individual assessments which must be identifiable, and for the section covering the group;
• a presentation of the translation arrangements provided for in accordance with Article R. 356-47 of the Insurance Code.

Article 3
The application and file mentioned in Article 1 must be sent to the Prudential Supervision and Resolution Authority acting as the group supervisor, electronically by depositing them at the following address: https://acpr-portail.banque-france.fr.

Article 4
This instruction enters into force on January 1, 2016.
Done in Paris, December 17, 2015
For the Insurance Sectoral Sub-College
The President,
[Bernard DELAS]