Featured Product

    ACPR on Assessment of Reputation of Board Members of Insurance Firms

    December 19, 2019

    ACPR published, in the Official Register, a "position" on the assessment of the good repute of the members of Board of Directors or Supervisory Board of organizations in the insurance sector. ACPR states that insurance, reinsurance, or supplementary occupational pension bodies must have a governance system guaranteeing sound and prudent management of their activity; it should be subject to regular re-examination. The key topics discussed in the position include repute criteria in national and European law, in addition to the regular assessment of good repute of the members of Board of Directors or Supervisory Board by organizations.

    The members of Board of Directors or Supervisory Board must have the competence and experience required for their duties at all times. They are assessed by ACPR on matters of good repute, individually, when applying for accreditation or extending the accreditation of the body in which they exercise their functions. Their competence and experience are also assessed on these occasions, on a collective basis. However, appointments made in other contexts do not have to be notified to ACPR. The ACPR Supervisory College may oppose the continuation of the mandate of one or more individuals who are members of the Board of Directors or Supervisory Board if it finds that they no longer meet the conditions of good repute, competence, and experience applicable to them.

    Following an assessment of the application of the governance requirements for the good repute of the members of the administrative, management, or supervisory bodies and of the qualified shareholders, EIOPA recommended national supervisors to ensure that the integrity of the directors and members of the Supervisory Board is continuously monitored using a risk-based approach. This assessment is the responsibility of organizations. Consequently, the purpose of this position is, after clarifying the concept of good repute with regard to French and European regulatory requirements, to present the methods by which organizations can carry out this assessment.

     

    Related Link (in French): ACPR Position (PDF)

    Keywords: Europe, EU, France, Insurance, Reinsurance, Governance, Risk-based Approach, Operational Risk, ACPR, EIOPA

    Related Articles
    News

    BCBS Amends Guidelines on Sound Management of AML/CFT Risks

    BCBS amended the guidelines on sound management of risks related to money laundering and financing of terrorism (ML/FT).

    July 02, 2020 WebPage Regulatory News
    News

    US Agencies Finalize Amendments to Swap Margin Rule

    US Agencies (Farm Credit Administration, FDIC, FED, FHFA, and OCC) finalized changes to the swap margin rule to facilitate implementation of prudent risk management strategies at banks and other entities with significant swap activities.

    July 01, 2020 WebPage Regulatory News
    News

    PRA Letter Sets Expectations on Approach to Managing Climate Risks

    PRA published a letter that builds on the expectations set out in the supervisory statement (SS3/19) on enhancing banks' and insurers' approaches to managing the financial risks from climate change.

    July 01, 2020 WebPage Regulatory News
    News

    EBA Guidelines on Treatment of Structural Foreign Exchange Under CRR

    EBA finalized the guidelines on treatment of structural foreign-exchange (FX) positions under Article 352(2) of the Capital Requirements Regulation (CRR).

    July 01, 2020 WebPage Regulatory News
    News

    FSB Issues Statement on Impact of COVID-19 Crisis on Benchmark Reform

    FSB published a statement on the impact of COVID-19 pandemic on global benchmark transition.

    July 01, 2020 WebPage Regulatory News
    News

    IAIS Publishes List of Internationally Active Insurance Groups

    IAIS published the list of Internationally Active Insurance Groups (IAIGs) publicly disclosed by group-wide supervisors.

    July 01, 2020 WebPage Regulatory News
    News

    FED Temporarily Revises FR Y-9C With Respect to PPPLF and CARES Act

    FED has temporarily revised the reporting form on consolidated financial statements for holding companies (FR Y-9C; OMB No. 7100-0128).

    July 01, 2020 WebPage Regulatory News
    News

    EC Launches Consultation on Review of Solvency II Directive

    EC launched a consultation on the review of the key elements of Solvency II Directive, with the comment period ending on October 21, 2020.

    July 01, 2020 WebPage Regulatory News
    News

    ECB Consults on Supervisory Approach to Consolidation in Banking

    ECB launched a consultation on the guide that sets out supervisory approach to consolidation projects in the banking sector.

    July 01, 2020 WebPage Regulatory News
    News

    IAIS on Package for 2020 Data Collection on ICS and Aggregation Method

    IAIS published technical specifications, questionnaires, and templates for 2020 Insurance Capital Standard (ICS) and Aggregation Method data collections.

    June 30, 2020 WebPage Regulatory News
    RESULTS 1 - 10 OF 5425