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

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 wit...

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Bibliographic Details
Corporate Author: International Monetary Fund Monetary and Capital Markets Department
Format: eBook
Language:English
Published: Washington, D.C. International Monetary Fund 2019
Series:IMF Staff Country Reports
Subjects:
Online Access:
Collection: International Monetary Fund - Collection details see MPG.ReNa
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651 4 |a France 
653 |a Actuarial Studies 
653 |a Insurance Companies 
653 |a Banks and Banking 
653 |a Insurance 
653 |a Financial institutions 
653 |a Insurance companies 
653 |a Non-bank Financial Institutions 
653 |a Financial Instruments 
653 |a Financial Institutions and Services: Government Policy and Regulation 
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653 |a Legal support in revenue administration 
653 |a Taxation, Subsidies, and Revenue: General 
653 |a Revenue administration 
653 |a Public finance & taxation 
653 |a Pension Funds 
653 |a Bank resolution framework 
653 |a Financial crises 
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653 |a Insurance & actuarial studies 
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520 |a 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