Understanding the process
In Monaco, insurance and reinsurance activities are governed by the Franco-Monegasque Agreement of 18 May 1963, by the exchanges of letters on 18 May 1963 and 26 September 1968, and by Ordinance No. 4178, dated 12 December 1968 “on the introduction of State supervision of insurance companies of all types and capitalisation and on the organisation of the insurance industry.”
The following may submit a request for approval:
- Insurance companies operating under French law who have obtained official accreditation from the French supervisory authority, as stipulated in article L.321-1 of the French Insurance Code
- Insurance companies which are headquartered in a non-EEA country, and which have been granted official accreditation and special accreditation by the French supervisory authority, as set out in article L. 321-9 of the French Insurance Code, to set up a branch office in France
- EEA insurance companies which have been authorised by the French supervisory authority to establish a branch office in France or to operate on the basis of the freedom to provide services
Approval is granted by means of a ministerial decree within around two months of receipt of the completed application.
Notification of approval is sent to the insurance company’s legal representative. The company must then register itself on the Trade and Industry Register (this requirement does not apply to a mutual company).
A certified copy of the ministerial decree is sent to the insurance company’s legal representative.
Please note that all documents must be submitted in French.
Insurance companies accredited by the French supervisory authority:
- A request for approval signed by the company’s legal representative
There is no prescribed format for this request. It generally expresses the company’s desire to expand into Monaco the insurance activities for which it has been accredited by the French supervisory authority (either the current Prudential Supervisory Authority (Autorité de contrôle prudentiel et de résolution, ACPR) or the former Insurance Companies’ Committee (Comité des entreprises d’assurance, CEA, or the Ministry of Economy and Finance).
The request for approval may also list the areas of insurance which the company intends to expand. This information is included where the company does not intend to operate in all areas of insurance for which it has been accredited by the French supervisory authority.
- The request for approval should also nominate a fiscal representative, who must be approved by the Minister of State. The nominee must be a natural person
If the fiscal representative is not resident in Monaco, the insurance company must pay a guarantee to the Monaco Caisse des Dépôts et Consignations, in accordance with the provisions of article 7 of Act No. 609, dated 11 April 1956.
The amount of this guarantee is determined by ministerial decree.
The following documents must be included with the request for approval:
- A copy of the accreditation decision issued by the French supervisory authority
- Two certified and true copies of the company’s statutes
- A certified and true copy of the board’s decision to expand the company’s operations to Monaco
- An extract of the company’s registration in the Trade Register, dated within the last three months (this is not required for mutual companies)
- The “Individual Notice” form, which can be downloaded opposite, completed by the designated person
- An extract of the criminal record of the designated person, dated within the last three months and a copy of their CV
- A letter to the Minister of State signed by the legal representative of the EEA insurance company seeking authorisation to extend its operations to Monaco; approval of a designated, named authorised agent with sufficient powers to make commitments on the company’s behalf with regard to third parties and to represent the company before the Monegasque authorities and courts; and approval of a fiscal representative, a designated, named natural person, responsible for paying the taxes due on insurance contracts to the Monegasque tax services
- The decision of the Board or deliberative body to extend operations to Monaco
- A certified and true copy of the company’s statutes
- An extract of the company’s registration in the Trade Register for the location where it has its head office, or an equivalent document
- A copy of the accreditation issued by the supervisory authority in the country of origin which defines the areas in which the company is permitted to operate
- The authorisation issued by the supervisory authority in the country of origin allowing the company to operate in Monaco and setting out the areas in which the company would be authorised to practice
- The name and address of the authorised agent and a description of his or her powers (the authorised agent must be based in Monaco if the company is operating on the basis of freedom to provide services in France)
- For the authorised agent and the fiscal representative:
- The “Individual Notice” form, which can be downloaded opposite
- An extract of the criminal record, dated within the last three months and a CV
- The acknowledgement of reception sent by the French Prudential Supervisory Authority (ACPR) to the monitoring authorities of the State of origin (Article A.362-1 of the French Insurance Code) or the declaration issued by the ACPR to the company whereby the formalities necessary to act in France under the freedom to provide services have been fulfilled
- The certificate of solvency issued by the monitoring authority of the State of origin
- The acknowledgement of receipt sent by the ACPR to the supervisory authorities in the company’s country of origin in accordance with article A 362-1 of the Insurance Code or the certificate issued by the ACPR to the company which authorises it to offer services in France on the basis of freedom of establishment principle
- The solvency certificate issued by the supervisory authority in the country of origin
- A k-bis extract for the branch office
The request for approval should be submitted to the Business Development Agency.