In the case of outsourcing critical or important insurance functions (excepting branches of foreign institutions), the Autorité de Contrôle Prudentiel et de Résolution ("ACPR") must be informed beforehand. An "instruction" details the procedure to be followed.
The obliged entity must do the following:
Further, the obliged entity must do the following:
The ACPR must be informed six weeks before the outsourcing arrangement enters into force.
The same applies for payment services providers and e-money institutions that intend to outsource operational functions of payment services or of issuing and managing electronic money. They must inform the ACPR before outsourcing such functions.