4.4 Legal risk - Scor

Switzerland
In Switzerland (which is neither a member of the EU nor the EEA), the Group subsidiary is subject to the federal law
dated 17 December 2004 as amended “Insurance Supervision Act” and the federal law dated 20 June 2007 on Financial
Market Supervision (FINMA), as amended, governing the oversight of insurance companies, which also governs
reinsurance companies and stipulates that an insurance company must have sufficient assets, free of any predictable
commitment, for all its activities (solvency margin).
In the United States
In the United States, the Group’s reinsurance and insurance subsidiaries are regulated primarily by the insurance
regulators in the state in which they are domiciled, but they are also subject to regulations in each state in which they are
authorised or licensed. SCOR Reinsurance Company, the Group’s main Non-Life subsidiary in the United States, is
domiciled in the State of New York and SCOR Global Life Americas Reinsurance Company, the Group’s main Life
insurance subsidiary in the United States, is domiciled in North Carolina. The Group’s other subsidiaries in the United
States are currently domiciled in Arizona, Delaware, Florida and Texas.
Asia
SCOR offers Life and property and casualty coverage within the Asia Pacific region through a network of subsidiaries,
branches, and service companies. It operates in Singapore, Hong Kong and Australia through subsidiaries. The Group
also operates in Australia, China, India, New Zealand, Malaysia, Taiwan, Japan and Korea through branches or service
companies. In the region, each entity is subject to local supervision regardless of legal form. The Asia Pacific region is
made up of a number of widely differing and independent markets. Each has its own regulatory structures and SCOR
complies with the local regulation in each of the countries in which it operates. Industry regulation across the region
typically focuses on financial stability and the basis for calculating solvency, reserves and policyholder liabilities. In many
of the markets across the region, regulators have the power to revoke operating licenses, regulate shareholder
structures and the participation in and the payment of dividends. Markets within the region are developing quickly with
an increasing focus on governance and conduct of business.
5.1.5 IMPORTANT EVENTS IN THE DEVELOPMENT OF THE ISSUER’S BUSINESS
SCOR was founded in 1970, at the initiative of the French government and with the participation of the Paris insurance
market place, to create a reinsurance company of international stature under the name of Société Commerciale de
Réassurance. SCOR rapidly developed in various world markets, building up a substantial international portfolio.
At the beginning of the 1980s, the French government’s stake in its share capital, held through the Caisse Centrale de
Réassurance, was progressively reduced in favor of insurance companies that were active on the French market.
In 1989, the Group and UAP Reassurances, a subsidiary of the state-owned Société Centrale de l’Union des
Assurances de Paris, combined their property and casualty and life reinsurance businesses as part of a restructuring of
SCOR share capital. The Company listed its Ordinary Shares on the Paris stock exchange after completion of a reverse
merger with Compagnie Générale des Voitures, listed on the Paris Stock Exchange and changed its name to SCOR
S.A. on 16 October 1989 and to SCOR on 13 May 1996. The withdrawal of Compagnie UAP, which held 41% of the
share capital, was completed in October 1996 via an international public offering at the time of SCOR listing on the New
York Stock Exchange.
In July 1996, SCOR acquired the reinsurance portfolio of the American insurer Allstate Insurance Company, which
doubled its then existing U.S. business.
In 2000, SCOR acquired Partner Re Life, a U.S. life reinsurer,, thus gaining a platform from which to expand its then
existing life reinsurance business in the U.S. market.
In 2002, SCOR’s subsidiary, Investors Insurance Corporation, or "IIC", signed a cooperation agreement in the life
reinsurance business with the Legacy Marketing Group of California for the distribution and management of annuity
products in the U.S. IIC was sold in July 2011.
In 2003, the Group reorganized its Life reinsurance business. The companies of the Group transferred to SCOR Vie and
its subsidiaries all of the Group’s Life reinsurance business throughout the world. SCOR Vie, whose corporate name
was changed to SCOR Global Life in 2006, and which became a European Company (Societas Europaea) in 2007,
along with its subsidiaries, are all directly or indirectly wholly owned by its parent company, SCOR SE.
On 16 May 2006, SCOR transferred all of its non-life reinsurance business in Europe, including Property & Casualty
Treaties (including Credit & Surety business). Large Corporate Accounts and Construction reinsurance to Société
Putéolienne de Participations, a French subsidiary wholly owned by SCOR,whose corporate name was changed to
SCOR Global P&C, effective retroactively to 1 January 2006. In 2007, SCOR Global P&C adopted the European
Company (Societas Europaea) statute via a merger by absorption of SCOR Deutschland Rückversicherungs AG and
SCOR Italia Riassicurazioni SpA.
On 21 November 2006, SCOR completed the acquisition of Revios Rueckversicherung AG (“Revios”), which secured its
position as a top worldwide life reinsurer. Based in Cologne (Germany), Revios was the former Life reinsurance unit of
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