France: Financial Sector Assessment Program-Technical Note-Key Attributes of Effective Resolution Regimes for Insurance Companies

October 29, 2019

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Format: Chicago

France: Financial Sector Assessment Program-Technical Note-Key Attributes of Effective Resolution Regimes for Insurance Companies, (USA: International Monetary Fund, 2019) accessed November 21, 2024

Summary

This technical note explores key attributes of effective resolution regimes (KA) for insurance companies on France. The safety net in the sector is composed by two policyholder protection schemes, which can provide support in liquidation proceedings. The report highlights that there is consensus with the authorities that the new framework reflects many, however, not all elements needed for full compliance with the KAs, and the areas where further progress is needed. Alignment of the framework with KAs in terms of the institutional organization and infrastructure is high. The scope and responsibilities of the Prudential Supervision and Resolution Authority are clearly established in the law, as well as the cases when those are applicable, and its interaction with other relevant policy-making entities. The new framework targets all institutions considered systemic, given their size and other relevant features. Its’ current implementation is guided solely by the threshold in terms of total assets; any holding company, group, mutual, or foreign subsidiary above this level is subject to Recovery and Resolution Planning requirements.

Subject: Bank resolution framework, Bridge bank, Financial crises, Financial institutions, Insurance, Insurance companies, Legal support in revenue administration, Revenue administration

Keywords: Bank resolution framework, Bridge bank, CR, Global, Holding company, Home authorities, Home authority, Insurance, Insurance companies, Insurance resolution, ISCR, Legal support in revenue administration, Resolution authority, Resolution college, Resolution framework, Resolution measure, Resolution plan

Publication Details

Pages:

59
Volume:

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DOI:

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Issue:

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Series:

Country Report No. 2019/328
Stock No:

1FRAEA2019011
ISBN:

9781513517841
ISSN:

1934-7685

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