Insurance: The French supervisory authorities

The Prudential Supervisory and Resolution Authority

acprThe Prudential supervisory and resolution authority, (ACPR), is a supervisory body for banks and insurance companies.

Set up in March 2010 in the aftermath of the 2008 financial crisis, the ACPR is designed to ensure the preservation of the stability of the financial system and to prevent the occurrence of new crises. In 2016, the ACPR's resolution powers were extended to the insurance sector.

Resulting from the merger between the banking and insurance supervisory authorities and the licensing authorities, the ACPR also ensures that French regulations are harmonized with European standards.

The ACPR also strives for the protection of the rights of customers, policyholders, members and beneficiaries.

The French Insurance Federation

The first joint insurance organization was established in 1937 in the form of a professional union called at the time: Fédération Française des Sociétés d'Assurance (FFSA). By 2016, the latter gathered 231 companies accounting for 90% of the French insurance market.

In July 2016, the FFSA and the Groupement des Entreprises Mutuelles d'Assurance (GEMA) were merged into a single organization: the French Insurance Federation - Fédération Française de l'Assurance (FFA).

Today, the FFA brings together the insurance and reinsurance companies operating in France, that is 245 companies representing over 99% of the market. Its members also include all companies subject to the Insurance Code: public limited insurance companies, mutual insurance companies with or without intermediaries, branches of foreign companies and reinsurers.

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