Where a merger or demerger does not involve any transfer of insurance business, the institutions in question must report the planned merger or demerger to the ACPR one month before it is completed. When reporting the planned merger or demerger, the institutions in question must also submit documents setting out its goals and terms. During this period, the ACPR may request additional documents needed to assess the merger or demerger.

The ACPR may object to the planned merger or demerger if it does not consider it in keeping with the interests of policyholders, participating members and beneficiaries or creditors, or if the merger or demerger would result in regulated investments having a lower realisable value.

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