The EU General Court dismisses an action in annulment against a decision of the EU Commission declaring compatible an unlimited guarantee granted by France for the indemnification of natural disasters (Scor)

1. Background: Back in 2013, Scor SE (“Scor”), whose subsidiary is engaged on the French market for the reinsurance of risks relating to natural disasters, lodged a complaint with the European Commission alleging unlawful and incompatible State aid in favor of Caisse Centrale de Réassurance (“CCR”). CCR is a public undertaking of reinsurance whose core activity concerns the reinsurance of risks relating to natural disasters in France and benefits from an unlimited State guarantee to the extent certain of its activities are concerned. Unlimited public guarantees granted to undertakings are generally incompatible with EU State aid law. As the European Commission pointed out in its Guarantee Notice, [1] “guarantees must be linked to a specific financial transaction, for a fixed maximum

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Authors

  • Orrick, Herrington & Sutcliffe (Paris)
  • Orrick, Herrington & Sutcliffe (Paris)

Quotation

Lena Boucon, Marie-Laure Combet, The EU General Court dismisses an action in annulment against a decision of the EU Commission declaring compatible an unlimited guarantee granted by France for the indemnification of natural disasters (Scor), 6 May 2019, e-Competitions May 2019, Art. N° 95174

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