Hello everyone, your insurance, banking and finance press review this week.

• ACPR explores systemic financial contagion beyond banks
• ACPR steps up vigilance in the face of rising financial scams  
• AMF warns of possible abuses of AI applied to investment
• DGCCRF sanctions a company for breaches of the rules on cold calling
• Roquelaure de l'assurabilité des collectivités : un plan national pour éviter les défauts de couverture
• AMF strengthens European cooperation on the suitability of skills and persons controlling or managing financial institutions
• Jean-Paul Faugère reappointed ACPR vice-president
• The ACPR approves two new captives and withdraws the approvals of two professional insurance broker organizations.
• According to EIOPA, the performance of insurance and pension investment products remains below inflation despite good returns.

ACPR explores systemic financial contagion beyond banks

April 14, 2025

At its monthly seminar on April 02, 2025, the Systemic Risk Chair of the Autorité de contrôle prudentiel et de résolution ( ACPR) welcomed Régis Gourdel (WU Vienna, ECB) and Matthias Sydow (ECB).

The researchers presented a major breakthrough in the modeling of financial contagion risksintegrating banks, insurance companies and investment funds for the first time. The new framework uses microeconomic data to simulate the propagation of systemic shocks through the financial system. The analysis, based on an extreme weather scenario, highlights the stabilizing role of insurers, capable of partially absorbing losses.

This work highlights the need for a more comprehensive macro-financial stress test, better adapted to the changing post-crisis financial landscape.

ACPR steps up vigilance in the face of rising financial scams

April 14, 2025

As part of its mission to protect savers, the Autorité de contrôle prudentiel et de résolution (ACPR) published, on April 14, 2025, a warning against fraudulent offers of loans, savings accounts, payment services and insurance contracts.

During the first quarter of 2025, 517 new unauthorized entities were added to the ACPR's blacklist. The majority of reports concerned the impersonation of recognized financial players, with bogus loan or investment offers. The ACPR points out that the absence of a name on this list in no way guarantees the legality of a site, and urges individuals to exercise the utmost caution.

The AMF warns of the possible abuses of artificial intelligence applied to investment

April 14, 2025

The Autorité des marchés financiers (AMF) has published a warning on the risks associated with using artificial intelligence (AI) to invest. While AI tools appeal for their analytical and predictive capabilities, the AMF reminds us that they are no substitute for professional advice or investor discernment.

These technologies, sometimes unregulated, can exploit erroneous data or collect personal information without security guarantees. The AMF therefore urges private investors to exercise caution, check that platforms are authorized, and not give in to promises of unrealistic returns.

AI can be a tool, but it must not become a blind guide.

DGCCRF sanctions a company for breaches of the rules on cold calling

April 14, 2025

Following an investigation carried out by the DGCCRF's National Investigation Service, a company was sanctioned with an administrative fine of 50,000 euros for a number of breaches, in particular failure to inform consumers of their right to register on the Bloctel telephone anti-spam list.

This decision illustrates the DDPP's constant vigilance with regard to compliance with the rules governing commercial practices, in particular those designed to protect consumer rights.

Roquelaure de l'assurabilité des collectivités : un plan national pour éviter les défauts de couverture

April 14, 2025

Faced with increasing climate and urban risks, the French government, local elected representatives and insurers have signed a a charter of commitment to improve access to insurance for local authorities. A national plan, known as PACT 25, has been launched to ensure that no local authority is left without coverage. Key measures include the creation of "CollectivAssur", a dedicated support unit.

The aim is to improve risk prevention, make the market more fluid and strengthen national solidarity.

The AMF strengthens European cooperation on the suitability and competence of persons controlling or managing financial institutions

April 17, 2025

The Autorité des marchés financiers (AMF) now applies the joint guidelines issued by the European supervisory authorities (ESMA, EBA, EIOPA) concerning the exchange of information on the suitability and competence of senior executives of financial institutions.

A common digital platform has been set up to facilitate these exchanges between regulators. By feeding this new system, the AMF is strengthening cross-border cooperation and aligning itself with the requirements of the 2019 European regulation.

Jean-Paul Faugère reappointed ACPR vice-president

April 16, 2025

Parliament's Finance Committees have approved the reappointment of Jean-Paul Faugère as Vice-Chairman of the Autorité de contrôle prudentiel et de résolution (ACPR), as proposed by the government.

François Villeroy de Galhau, Governor of the Banque de France, hailed " the major advances achieved " under his vice-presidency.

ACPR approves two new captives and withdraws approvals from two insurance broker trade associations

April 16, 2025

The Autorité de contrôle prudentiel et de résolution (ACPR) has just authorized Bel Re and Agrial Réassurance to operate as reinsurance captives in France, bringing the total number of authorizations issued to 21.

These two entities, attached to the Bel and Agrial groups, will now be able to cover part of the risks of their parent companies. These are the first two approvals granted in 2025.

Unrelated to these approvals are two withdrawals of approval for insurance brokers' professional associations Compagnie IAS and AFIB, on July 11 and 12 respectively.  

According to EIOPA, the performance of insurance and pension investment products remains below inflation despite good returns

April 16, 2025

The European Insurance and Occupational Pensions Authority ( EIOPA) has published its 2024 report on the costs and past performance of insurance and pension investment products.

Despite good returns in 2023, particularly for the riskiest unit-linked products, overall performance remains below inflation. Sustainable products continue to grow, outperforming conventional products over the 2020-2023 period.

Very good week.