Crédit Agricole Assurances outlines contingency plan under EU Benchmarks Regulation
Crédit Agricole Assurances has published a contingency plan in compliance with the European Union's Benchmarks Regulation. The plan details actions to be taken if a benchmark index it uses undergoes significant changes or ceases to be published.
Crédit Agricole Assurances, a prudentially supervised entity and user of benchmark indices within the EEA, has issued a contingency plan as required by the EU's Benchmarks Regulation (BMR).
The plan outlines the formal procedures the company would implement should a benchmark index it relies upon experience a significant change, cease publication permanently or temporarily, or lose authorization from relevant authorities.
The strategy includes how Crédit Agricole Assurances monitors these potential events to activate its plans promptly. Key actions involve mapping exposures and contracts to assess impacts, evaluating financial risks, and establishing communication protocols to guide clients towards alternative indices as per contractual clauses.
Various departments within Crédit Agricole Assurances have been designated to ensure the swift and effective execution of these plans. The company maintains detailed written contingency plans internally. This publication provides general information on regulatory obligations and is not intended as individual advice.