Branches of insurance undertakings not headquartered in the EU are subject to special authorisation and may also be required to provide security or guarantees if [the home country] has taken or was taking similar measures with regard to French companies.
"Article L310-1
State control is exercised in the interest of policyholders, subscribers and beneficiaries of insurance and capitalization contracts. Are subject to this control:
1 ° companies which in the form of direct insurance contract commitments the execution of which depends on the length of human life, undertake to pay a capital in the event of marriage or the birth of children, or appeal to the 'savings with a view to capitalization and contract for this purpose specific commitments;
2 ° companies which in the form of direct insurance cover the risks of bodily injury linked to accidents and illness;
3 ° companies which in the form of direct insurance cover other risks, including those linked to an assistance activity.
Mutuals and unions governed by the Mutuality Code, including mutual societies and unions for supplementary occupational retirement benefits mentioned in Article L. 214-1 of this code, provident institutions and unions governed by Title III of Book IX of social security code and by II of article L. 727-2 of the rural and maritime fishing code and the supplementary occupational retirement institutions mentioned in article L. 942-1 of the social security codet are not subject to the provisions of this code, subject to the provisions of the latter to which the Mutuality Code and the Social Security Code refer.
Companies approved on January 1, 1993 which call on savings with a view to capitalization without subscribing to specific commitments are also subject to State control.
Article L310-2
I. - Subject to the provisions of article L. 310-10, direct insurance operations defined in article L. 310-1 may only be carried out on the territory of the French Republic:
1 ° by companies having their registered office in France, from their registered office or from their branches regularly established in a Member State of the European Union, when they are approved in accordance with the provisions of Article L. 321-1 ;
2 ° by foreign companies having their registered office in a Member State of the European Union, from their registered office or from their branches duly established in a Member State of the European Communities, under the conditions set out in Title VI of this book ;
3 ° by the foreign companies mentioned in Article L. 310-10-1, from their branches regularly established in France, when they are approved in accordance with the provisions of Article L. 321-7;
4 ° by foreign companies other than those mentioned in 2 ° and 3 ° above, from their branches regularly established in France, when they meet the conditions set by Article L. 329-1.
II. - Without prejudice to article L. 143-1, the operations mentioned in this article may also be carried out on the territory of the French Republic by the institutions mentioned in article L. 370-1 , under the conditions set by the title VII of this book.
[...]
Article L310-10-1
The companies mentioned in 3 ° of I of article L. 310-2 are foreign companies having their head office in the Swiss Confederation and mentioned in 2 ° and 3 ° of article L. 310-1 .
For the application of this book, the companies mentioned in the previous paragraph are subject to the same provisions as the companies which have their head office in a State party to the agreement on the European Economic Area.
[...]
Article L321-1
The companies mentioned in 1 ° of Article L. 310-2 can only start their operations after having obtained an administrative approval issued by the Prudential Control and Resolution Authority mentioned in Article L. 612-1. of the Monetary and Financial Code. However, for reinsurance acceptance transactions, this approval is not required.
Authorization is granted at the request of the company, for the operations of one or more branches of insurance. The company can only practice operations for which it is approved.
[...]
Article L321-10
To grant or refuse the administrative approvals provided for in Articles L. 321-1 , L. 321-7 and L. 329-1, the Prudential Control and Resolution Authority checks that the following conditions are met:
- the technical and financial resources that the company proposes to implement are sufficient and adequate with regard to its activity program;
-the persons responsible for directing or administering it as well as, for the companies mentioned in 4 ° of Article L. 310-2 , the general representative, have the respectability, competence and experience necessary for their functions, which are assessed according to the conditions defined in Article L. 322-2;
-the distribution of its capital and the status of shareholders or, for the companies mentioned in Article L. 322-26-1 , the mutual societies and unions mentioned in Article L. 211-8 of the Mutual Code and the provident institutions or unions mentioned in article L. 931-4 of the social security code, the terms of constitution of the establishment fund guarantee sound and prudent management. [...]
The granting of approval may be subject to compliance with commitments made by the requesting company.
The Prudential Control and Resolution Authority refuses authorization when the proper exercise of its supervisory role of the company is likely to be hampered by the existence of close links between the requesting company and other natural persons. or legal. It also refuses approval when the existence of legislative, regulatory or administrative provisions of a State which is not a party to the agreement on the European Economic Area and to which one or more of these persons fall, or difficulties holding to the application of these provisions, hamper the proper exercise of its supervisory role.
[...]
Chapter IX: Branches of insurance companies whose head office is located in a State not party to the agreement on the European Economic Area (Articles L329-1 to L329-3-1)
Article L329-1
The companies referred to in 4 ° of I of Article L. 310-2 may only carry out the operations mentioned in Article L. 310-1 in the territory of the French Republic after having obtained administrative approval from their branch issued in accordance with the provisions of article L. 321-1 and article L. 321-10 and a special authorization accepting a general representative. These approvals are granted by the Prudential Control and Resolution Authority. These companies may also be required to provide security or guarantees if their country has taken or was taking similar measures with regard to French companies.
According to specific procedures specified by decree of the Council of State, the branches of companies mentioned in 4 ° of I of article L. 310-2 comply with the provisions of articles L. 322-3-2 , L. 351- 1 , L. 351-2 , L. 351-6 , L. 352-1 , L. 352-5 , L. 353-1 , L. 354-1 to L. 354-3 and L. 355-1 to L. 355-4 .
The Prudential Control and Resolution Authority may apply to the branches of companies mentioned in 4 ° of I of Article L. 310-2, the provisions provided for in Article L. 352-3 , L. 351-3 , L. 352-7 and L. 352-8 .
[...]
Article L370-1
This section applies to institutions for occupational retirement provision having their registered office or their main administration in another Member State of the European Union or in another State party to the Agreement on the European Economic Area and offering the operations mentioned. in the first paragraph of article L. 381-1 of this code and in article L. 3334-2 of the labor code.[...]" (Insurance Code, last amended by Decree of 14 June 2021, Articles L310-1, L310-2, L310-10-1, L321-1, L321-10, L329-1, L370-1 [google translation])
Insurance Code, last amended by Decree of 14 June 2021, Articles L310-1, L310-2, L310-10-1, L321-1, L321-10, L329-1, L370-1 [google translation]
[<a href="https://www.legifrance.gouv.fr/codes/texte_lc/LEGITEXT000006073984/2021-08-10">Code</a>]