Book IV: Organisations and special insurance schemes

The Minister responsible for the economy, the Chairman of the Autorité de contrôle prudentiel et de résolution and the supervisory authorities of the home State of an insurance undertaking whose registered office is located in the territory of a Member State of the European Union other than France, or their representative, may, at their request, be heard by the guarantee fund or its representative. The Autorité de contrôle prudentiel et…

When the guarantee fund takes responsibility, on behalf of the company in liquidation, for the settlement of the losses mentioned in articles L. 211-1 and L 242-1, the first paragraph of III of article L. 421-1 is applicable. The guarantee fund is subrogated to the rights of insured persons, policyholders, members and beneficiaries of benefits, up to the amount of the sums it has paid. The guarantee fund is also…

The members of the Board of Directors of the guarantee fund, as well as any person who, by virtue of their duties, has access to documents and information held by the guarantee fund, are bound by professional secrecy under the conditions and subject to the penalties set out inarticle 226-13 of the French penal code. This secrecy may not be invoked against the judicial authorities acting in criminal proceedings, the…

A decree in the Conseil d’Etat specifies : 1° The conditions and ceilings for compensation per policyholder, subscriber or beneficiary, the procedures and deadlines for compensation and the rules relating to customer information. The same decree also sets an overall multiannual ceiling for the Fund’s involvement in the tasks defined in article L. 421-9; 2° The time limits for payment requests submitted by portfolio transferees or by policyholders, subscribers or…

I.-The contribution made by insurance undertakings to finance the intervention of the guarantee fund in the event of the withdrawal of authorisation of an insurance undertaking covering, on the territory of the French Republic, the risks covered by compulsory insurance for land motor vehicles and their trailers and semi-trailers, is divided between these undertakings in proportion to the premiums or contributions for the last financial year, including supplements and reminders…

I.-The contribution made by insurance undertakings to finance the intervention of the guarantee fund in the event of the withdrawal of authorisation of an insurance undertaking covering, in the territory of the French Republic, risks covered by compulsory insurance pursuant to article L. 242-1 is calculated in accordance with the procedures laid down by order of the Minister responsible for the economy. This contribution comprises two parts: 1° A first…

Declarations made by insurance undertakings to the guarantee fund indicating the items to be taken into account for the assessment of the contributions referred to in articles L. 421-10 and L. 421-10-1 must comply with the items and information contained in the financial statements of the undertakings and certified by one or more persons authorised to carry out statutory audits of their annual or consolidated accounts. The guarantee fund may…

Where an insurance or reinsurance undertaking operating in the territory of the French Republic fails to comply with the rules imposed on it by virtue of this section, the guarantee fund shall inform the Autorité de contrôle prudentiel et de résolution. The latter shall carry out its supervision and, if necessary, implement sanction procedures, in accordance with the conditions set out in Article L. 363-4 and Chapter II of Title…