Instruction No. 2020-I-16 of 16 December 2020 amending Instruction No. 2016-I-16 of 27 June 2016 regarding annual prudential documents to be communicated by entities subject to ACPR supervision under the Solvency II regime

PRUDENTIAL CONTROL AND RESOLUTION AUTHORITY

Instruction No. 2020-I-16 amending Instruction No. 2016-I-16 of 27 June 2016 regarding annual prudential documents to be communicated by entities subject to ACPR supervision under the so-called "Solvency II" regime

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 Decree No. 2019-1437 of 23 December 2019 relating to insurance or capitalization contracts involving commitments giving rise to the establishment of a diversification provision and adapting the functioning of various insurance products; Having regard to Instruction No. 2016-I-16 of 27 June 2016 regarding annual prudential documents to be communicated by entities subject to ACPR supervision under the so-called "Solvency II" regime; Having regard to the opinion of the Prudential Affairs Consultative Commission of 2 December 2020, DECIDES

Article 1:
Article 2 of the aforementioned instruction is amended as follows:

1° At the end of Section II, a new paragraph is added, worded as follows:
"- FR.29.01 – Internal Models – Coverage of the Solvency Capital Requirement in the Standard Formula – Solo.
By way of exception, this statement is to be submitted to the Prudential Control and Resolution Authority within eight months following the closing of the annual fiscal year."

2° Section III is inserted, worded as follows:
"III. - The entities referred to in I. b. of Article 1 submit to the Prudential Control and Resolution Authority, within eight months following the closing of the annual fiscal year, the statement defined in Annex C of this instruction:

• FR.29.01 – Internal Models – Coverage of the Solvency Capital Requirement in the Standard Formula – Groups."

Article 2:
Sections III to VII of Article 3 of the aforementioned instruction are replaced by the following provisions:

"III. The entities referred to in I. a. of Article 1 submit to the Prudential Control and Resolution Authority, within thirty days following its approval by the board of directors or the supervisory board, and no later than 30 June following the closing of the annual fiscal year:

• the report on the procedures for the preparation and verification of financial and accounting information provided for in Article R. 341-9 of the Insurance Code.

"IV. The entities referred to in I. b. of Article 1 submit to the Prudential Control and Resolution Authority, within thirty days following their approval by the general meeting:

• the annual accounts published in application of Articles L. 341-1 to L. 341-4 of the Insurance Code, L. 114-46-2 of the Mutual Code, and L. 931-33-3 of the Social Security Code;
• the management report drawn up in application of Articles L. 225-102 and L. 232-1 of the Commercial Code, Article L. 322-26-2-4 of the Insurance Code, paragraph 3 of Article L. 114-17 of the Mutual Code, and Article L. 931-33-3 of the Social Security Code;
• the report of the statutory auditors on the annual accounts, in application of Articles L. 341-3 of the Insurance Code, L. 114-46-2 of the Mutual Code, and L. 931-33-3 of the Social Security Code, as well as the third paragraph of Article L. 225-40 and the third paragraph of Article L. 225-88 of the Commercial Code;
• the special report of the statutory auditors on all regulated agreements, as provided for in point 1° of Section IV of Article R. 322-57 of the Insurance Code, Article R. 322-7 of the Insurance Code, Article L. 114-34 of the Mutual Code, Article R. 931-3-27 of the Social Security Code, and Article L. 225-40 of the Commercial Code;

"V. Mutual insurance companies defined in Article L. 322-26-1 of the Insurance Code and companies referred to in Article L. 322-26-4 of the Insurance Code submit to the Prudential Control and Resolution Authority, within four months following the closing of the annual fiscal year:

• the special report of the statutory auditors concerning insurance contracts of any nature entered into with the company by its directors, members of its supervisory board, members of its executive board, its salaried executives, and their spouses, ascendants, and descendants, as provided for in point 2° of Section IV of Article R. 322-57 of the Insurance Code.

"VI. The entities referred to in I. a. of Article 1, which directly cover commitments falling under Article L. 144-2 of the Insurance Code, submit to the Prudential Control and Resolution Authority, within six months following the closing of the annual fiscal year:

• the annual report on the actuarial balance and the administrative, technical, and financial management of the plan (PERP), as provided for in Section III of Article L. 144-2 of the Insurance Code.

Article 3:
Article 1 of this instruction applies, in electronic format, for collections due with respect to fiscal periods and quarters ending on 31 December 2020, and in XBRL format, for collections due with respect to fiscal periods and quarters ending on 31 December 2021.
Article 2 of this instruction enters into force the day following its publication.

Paris, 16 December 2020
For the Insurance Sectoral Sub-Collegium
The President,
[Jean-Paul FAUGÈRE]