Instruction No. 2024-I-01 of January 10, 2024 Repealing and Replacing Instruction No. 2022-I-24 on Annual Documents to be Communicated by Insurance Undertakings

PRUDENTIAL CONTROL AND RESOLUTION AUTHORITY

Instruction No. 2024-I-01 of January 10, 2024 Repealing and Replacing Instruction No. 2022-I-24 of December 14, 2022 on annual documents to be communicated by insurance undertakings and supplementary professional pension organizations subject to the provisions of Article 29 of Law No. 2019-1147 on energy and climate and to the provisions of Article 4 of Regulation (EU) 2019/2088 of the European Parliament and of the Council of 27 November 2019 on the publication of sustainability-related information in the financial services sector, amended by Instruction No. 2025-I-07 of May 26, 2025

The Prudential Control and Resolution Authority (ACPR), Having regard to Regulation (EU) 2019/2088 of the European Parliament and of the Council of 27 November 2019 on the publication of sustainability-related information in the financial services sector; Having regard to Regulation (EU) 2020/852 of the European Parliament and of the Council of 18 June 2020 on the establishment of a framework to facilitate sustainable investment and amending Regulation (EU) 2019/2088; Having regard to Commission Delegated Regulation (EU) 2021/2178 of 6 July 2021 supplementing Regulation (EU) 2020/852 of the European Parliament and of the Council by clarifying the content and presentation of information that undertakings subject to Article 19 bis or Article 29 bis of Directive 2013/34/EU must publish on their environmentally sustainable economic activities, as well as the method to follow to comply with this information obligation; Having regard to Commission Delegated Regulation (EU) 2021/2139 of 4 June 2021 supplementing Regulation (EU) 2020/852 of the European Parliament and of the Council with technical screening criteria to determine the conditions under which an economic activity may be considered to contribute substantially to climate change mitigation or adaptation and whether that economic activity causes no significant harm to any of the other environmental objectives; Having regard to Commission Delegated Regulation (EU) 2022/1214 of 9 March 2022 amending Delegated Regulation (EU) 2021/2139 as regards economic activities carried out in certain energy sectors and Delegated Regulation (EU) 2021/2178 as regards information to be published specifically for those economic activities; Having regard to Commission Delegated Regulation (EU) 2022/1288 of 6 April 2022 supplementing Regulation (EU) 2019/2088 of the European Parliament and of the Council with regulatory technical standards detailing the content and presentation of information relating to the "do no significant harm" principle and clarifying the content, methods and presentation for information relating to sustainability indicators and negative sustainability impacts as well as the content and presentation of information relating to the promotion of environmental or social characteristics and sustainable investment objectives in pre-contractual documents, on websites and in periodic reports; Having regard to Commission Delegated Regulation (EU) 2023/2485 of 27 June 2023 amending Delegated Regulation (EU) 2021/2139 by additional technical screening criteria to determine the conditions under which certain economic activities may be considered to contribute substantially to climate change mitigation or adaptation and whether those activities cause no significant harm to any of the other environmental objectives; Having regard to Commission Delegated Regulation (EU) 2023/2486 of 27 June 2023 supplementing Regulation (EU) 2020/852 of the European Parliament and of the Council with technical screening criteria to determine the conditions under which an economic activity may be considered to contribute substantially to the sustainable use and protection of water and marine resources, the transition to a circular economy, pollution prevention and reduction, or the protection and restoration of biodiversity and ecosystems, and whether that economic activity causes no significant harm to any of the other environmental objectives, and amending Commission Delegated Regulation (EU) 2021/2178 as regards information to be published specifically for those economic activities; Having regard to Decree No. 2021-663 of 27 May 2021 taken in application of Article L. 533-22-1 of the Monetary and Financial Code; Having regard to the Monetary and Financial Code, in particular Articles L. 533-22-1, D. 533-16-1, L. 612-2 and L. 612-24; Having regard to the Insurance Code, in particular Articles L. 310-1-1-3 and L. 385-7-2; Having regard to the Mutual Code, in particular Article L. 114-46-3; Having regard to the Social Security Code, in particular Articles L. 931-3-8 and L. 942-6-1; Having regard to the opinion of the Prudential Affairs Consultative Committee of 26 December 2023,

DECIDES

Article 1: The following organizations are subject to this instruction: a) Undertakings subject to the Insurance Code that, in the form of direct insurance, enter into commitments the performance of which depends on the duration of human life, commit to paying a capital sum in the event of marriage or the birth of children, or raise savings for capitalization and enter into commitments for that purpose;

b) Reinsurance undertakings having their registered office in France and authorized under the conditions defined in Article L. 321-1-1 of the Insurance Code that reinsure commitments mentioned in point 1 of Article L. 310-1 of the same Code;

c) Undertakings subject to the Mutual Code that, in the form of direct insurance, enter into commitments the performance of which depends on the duration of human life, commit to paying a capital sum in the event of marriage or the birth of children, or raise savings for capitalization and enter into commitments for that purpose, or that reinsure those same commitments;

d) Welfare institutions and their unions that, in the form of direct insurance, enter into commitments the performance of which depends on the duration of human life, commit to paying a capital sum in the event of marriage or the birth of children, or raise savings for capitalization and enter into commitments for that purpose, or that reinsure those same commitments;

e) Supplementary professional pension organizations, namely 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: I. - The organizations mentioned in Article 1 submit to the Prudential Control and Resolution Authority, within six months following the closing of the annual financial year, the annual report provided for in V. of Article D. 533-16-1 of the Monetary and Financial Code.

II. - For the presentation, within the report, of the information provided for by Article D. 533-16-1 of the Monetary and Financial Code, the organizations mentioned in Article 1 apply: 1° the standard plan provided for in Annex A of this instruction if their total balance sheet does not exceed 500 million euros; 2° the standard plan provided for in Annex B of this instruction if their total balance sheet exceeds 500 million euros; 3° the standard plan provided for in Annex F of this instruction, if their total balance sheet exceeds 500 million euros and if they are subject to the obligations specified in I. of Article 6.

III. – 1° For the presentation of information within each of the sections of the report, the organizations indicate, in accordance with the provisions of point 2° of II. of Article D. 533-16-1 of the Monetary and Financial Code, the information applicable to them among the following: a) The percentage share and the amount in euros of holdings or the balance sheet; b) The scope of entities and financial products to which the consideration of environmental, social and governance criteria applies; c) The share of estimated data and actual data, on the total of holdings managed by the entity and, where applicable, on the total of holdings of the financial product concerned; d) When a schedule is set, the date of entry into force of the commitments; e) When a quantitative analysis is necessary, the methodologies and databases on which the analysis is based, specifying where applicable if the data is freely accessible, the name of the provider of methodologies or data, the risks of double counting and the measures taken to avoid it, at the level of the entity or the financial product.

2° For the presentation of the improvement plan referred to in point 9° of III. of Article D. 533-16-1 cited above, the organizations provide the information expected within each of the sections provided for in Annexes A, B and Part I of Annex F of this instruction.

Article 3: The organizations mentioned in Article 1 submit to the Prudential Control and Resolution Authority, within six months following the closing of the annual financial year, the Summary tab of Annexes C-D-E-G.

Article 4: I. – In accordance with point a) of point 5° of III. of Article D. 533-16-1 of the Monetary and Financial Code, the organizations mentioned in Article 1 whose total balance sheet exceeds 500 million euros also submit to the Prudential Control and Resolution Authority information relating to the share of holdings concerning activities in compliance with the technical screening criteria defined in the delegated acts relating to Articles 10 to 15 of Regulation (EU) 2020/852 of 18 June 2020 on the establishment of a framework to facilitate sustainable investment.

II. – The aforementioned organizations submit the following information, in addition to the narrative reports mentioned in Article 2: 1° Table 1 of Annex C, during the transitional period, until 31 December 2025, in application of the provisions of paragraph 7 of Article 10 of Delegated Regulation (EU) 2021/2178 of 6 July 2021; 2° Table 2 of Annex C for organizations also subject to the provisions of Article 8 of Regulation (EU) 2020/852 of 18 June 2020 on the establishment of a framework to facilitate sustainable investment; 3° Table 3 of Annex C, or on a voluntary basis Table 2 for organizations that are not subject to the provisions of Article 8 of Regulation (EU) 2020/852 of 18 June 2020 on the establishment of a framework to facilitate sustainable investment.

III. – On a voluntary basis, the organizations mentioned in 1 may also provide Table 4 of Annex C. In this context, they fill in the ratios based on estimates of the alignment of their counterparties with the criteria of Regulation (EU) 2020/852 of 18 June 2020 on the establishment of a framework to facilitate sustainable investment.

IV. – For the implementation of the provisions of II and III of this Article, the organizations comply with the provisions of Delegated Regulations (EU) 2021/2178, 2021/2139, 2022/1214, 2023/2485 and 2023/2486 supplementing Regulation (EU) 2020/852 of 18 June 2020 and take into account the explanations provided by the European Commission in its draft notice of 2 February 2022 (question 18).

Article 5: The organizations mentioned in Article 1 whose total balance sheet exceeds 500 million euros submit to the ACPR, separately from the report mentioned in Article 2:

• the quantitative indicators resulting from Article D. 533-16-1 of the Monetary and Financial Code in accordance with the model defined in Annex D;
• a mapping table between the content of the reports and the provisions of Article D. 533-16-1 of the Monetary and Financial Code, including a follow-up of improvement plans in accordance with the model defined in Annex E.

Article 6: Among the organizations mentioned in Article 1, those that offer investment products based on insurance, i.e., insurance products with a life duration or surrender value that is totally or partially exposed, directly or indirectly, to market fluctuations, or that reinsure those same products, are subject, as the case may be, to the following obligations:

I. - They submit to the Prudential Control and Resolution Authority, within six months following the closing of the annual financial year, the declaration relating to the principal negative impacts of investment decisions on sustainability factors referred to in Article 4 of Delegated Regulation (EU) 2022/1288 of 6 April 2022 when they meet one of the following conditions: a) They take into account the principal negative impacts of investment decisions on sustainability factors in application of point a) of point 1 of Article 4 of Regulation (EU) 2019/2088 of 27 November 2019; b) They exceed at the closing date of their balance sheet the criterion of an average number of five hundred employees over the financial year; c) They are parent companies of a large group as referred to in point 7 of Article 3 of Directive 2013/34/EU of the European Parliament and of the Council of 26 June 2013 on the annual financial statements, consolidated financial statements and related reports of certain types of undertakings, exceeding, at the closing date of the group's balance sheet, on a consolidated basis, the criterion of an average number of five hundred employees over the financial year. The organizations mentioned in the first paragraph that are subject to the provisions of Article 2 complete, in a single document, the report provided for by V. of Article D. 553-16-1 of the Monetary and Financial Code, with information relating to the principal negative impacts of investment decisions on sustainability factors. For the presentation of the information to be provided, they apply the standard plan provided for in Annex F of this instruction.

II. – The organizations that meet one of the conditions listed in I submit the indicators concerning the principal negative impacts of investment decisions provided for in point 1. of Article 6 of Delegated Regulation (EU) 2022/1288 of 6 April 2022 in accordance with the model defined in Annex G of this instruction. In accordance with the provisions of paragraph 1 of Article 7 of the aforementioned Delegated Regulation (EU) 2022/1288, they explain in the declaration relating to the principal negative impacts of investment decisions on sustainability factors the methods used to select the indicators in Tables 2 and 3 of Annex G. In particular, they explain how these methods take into account the probability of occurrence and the severity of these principal negative impacts, including their potentially irreversible nature.

III. – The organizations that do not take into account the negative impacts of investment decisions on sustainability factors in application of point b) of point 1. of Article 4 of Regulation (EU) 2019/2088 of 27 November 2019 submit to the Prudential Control and Resolution Authority, within six months following the closing of the annual financial year, the declaration referred to in Article 12 of Delegated Regulation (EU) 2022/1288 of 6 April 2022 indicating that they do not take into consideration the negative impacts of their investment decisions on sustainability factors, the reasons associated, if the organization intends to take into consideration these negative impacts and, if so, by what date.

Article 7: Mutuals and unions governed by Book II of the Mutual Code that have concluded a substitution agreement in accordance with Article L. 211-5 of the Mutual Code are not subject to the obligation to transmit the documents mentioned in the preceding articles. These documents must however be communicated by the mutuals or unions that have substituted for them by electronic transmission in computerized format.

Article 8: I. - The annual report provided for in V. of Article D. 533-16-1 of the Monetary and Financial Code is provided in a machine-readable computerized format, and Annexes C, D, E and G in a single file are provided in Excel or compatible format.

II.- In the context of their submission to the Prudential Control and Resolution Authority, the information described in Articles 2 to 5 must be communicated under the conditions set by the Prudential Control and Resolution Authority's Instruction No. 2025-I-07. In the case where the presented information must be transmitted in the form of several separate computerized documents, all these documents must be communicated in accordance with the procedures set by the aforementioned instruction.

III. - The other technical and methodological procedures for submissions are defined by the ACPR instructions in force.

Article 9: Instruction No. 2022-I-24 of 14 December 2022 on annual documents to be communicated by insurance undertakings and supplementary professional pension organizations subject to the provisions of Article 29 of Law No. 2019-1147 on energy and climate and to the provisions of Article 4 of Regulation (EU) 2019/2088 of the European Parliament and of the Council of 27 November 2019 on the publication of sustainability-related information in the financial services sector, is repealed and replaced by this instruction. References to the repealed Instruction No. 2022-I-24 appearing in other instructions shall be understood as references to this instruction.

Article 10: This instruction enters into force on the day following its publication.

Paris, January 10, 2024

For the Insurance Sectoral Sub-Committee The President, Jean-Paul FAUGÈRE