France: Financial Sector Assessment Program-Detailed Assessment of Observance-Insurance Core Principles

International Monetary Fund

No 2025/243, IMF Staff Country Reports from International Monetary Fund

Abstract: This paper presents France’s Detailed Assessment of Observance—Insurance Core Principles (ICP). The insurance sector is one of the top five globally and the largest in the EU. The assessment found an overall high level of observance of the ICPs. The assessment found the Autorité de Contrôle Prudentiel et de Résolution (ACPR) to have appropriate objectives as well as adequate powers and to be independent and currently well-resourced. Key financial regulatory and supervisory requirements based on Solvency II meet ICP standards and the only shortcomings arise from the regulation of Organisme de Retraite Professionnelle Supplémentaires. There are comprehensive requirements on governance and risk management, although the suitability requirements need some strengthening. Regulatory processes are also well-aligned with ICP expectations. The ACPR uses supervisory and enforcement tools to assess risk and require insurers to take preventive and corrective actions in case of non-compliance. The ACPR is strongly committed to international supervisory cooperation, cooperating effectively with other supervisors in the EU and elsewhere.

Keywords: solvency ASSESSMENT; Sector risk assessment; ASSESSMENT of observance; solvency capital requirement; directive 2009/138; Solvency II; solvency II; financial condition; staff team of the International Monetary Fund; Insurance companies; Insurance; Solvency; Anti-money laundering and combating the financing of terrorism (AML/CFT); Internal controls; Europe (search for similar items in EconPapers)
Pages: 147
Date: 2025-08-29
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