#2015-378Solvency II Ordinance Implementation
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This law implements the Solvency II Directive for insurance and reinsurance companies in France. It focuses on ensuring these companies maintain adequate capital requirements and transparency in their operations across EU member states. The law also updates definitions and procedural rules to align with European standards, affecting insurance firms, operators, and regulatory authorities.
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Key Changes
- Introduces Solvency II framework for insurance and reinsurance companies.
- Updates definitions and procedural rules to match EU standards.
- Enhances transparency and regulatory compliance for firms operating in multiple EU countries.
Obligations
What this law requires
Before conclusion of any insurance contract offered as free provision of services or through a branch, the subscriber must be informed of the name of the EU Member State where the insurer's registered office or branch is located
The information regarding the EU Member State location of the registered office or branch must appear on all documents provided to the subscriber or insured
Insurance contracts or cover notes must indicate the address of the insurer's registered office or branch providing coverage, and the name and address of the representative mentioned in Article L. 362-3
Insurance and reinsurance companies must comply with Solvency II capital requirements and related prudential regulations as defined in Directive 2009/138/EU
Mutuelles, institutions of foresight, and Lloyd's association members must comply with the specific regulatory frameworks referenced in their respective codes (Code de la Mutualité, Code de la Sécurité Sociale, Code Rural) rather than general insurance code provisions, except where explicitly cross-referenced