Title IV: Group insurance

By way of derogation from the provisions of the Commercial Code relating to parent company financial statements, insurance undertakings shall set up a subsidiary accounting system for the commitments referred to in Article L. 142-1. Commitments which are not allocated to this subsidiary accounting system shall be transferred to it before 1 January 2023. The insurance undertaking shall ensure that this transfer is not detrimental to the interests of the…

Without prejudice to the rights of holders of claims arising from the management of these operations, no creditor of the insurance undertaking other than policyholders, members, insured persons or beneficiaries in respect of commitments covered by the auxiliary allocation accounts referred to in Article L. 142-4 may not claim any right over the assets and rights resulting from the accounting records in these accounts on the basis of Articles L….

In the event of insufficient coverage of the commitments covered by the auxiliary allocation accounts referred to in Article L. 142-4, and without prejudice to any proceedings under Title I of Book III, the insurance undertaking and the policyholder(s) shall agree on a recovery plan to re-establish coverage of these commitments by allocating new assets of the insurance undertaking, under conditions agreed between the insurance undertaking and the policyholder(s) of…

I.-Before 1 January 2023, insurance undertakings may be authorised, under the conditions set out in this article, to transfer all or part of their portfolio of commitments corresponding to : the contracts mentioned in 1°, 2°, 5° and 7° of article L. 224-40 of the French Monetary and Financial Code; -defined-benefit contracts whose performance is linked to the cessation of professional activity, in particular those mentioned in articles L. 137-11…

The transfer value of retirement savings plans and French sub-accounts of the pan-European individual retirement savings product giving rise to subscription to a group insurance contract whose guarantees are expressed in units of annuity is determined using a calculation method that takes into account the amount of rights acquired by the holder and the level of cover of the insurance company’s commitments. This calculation method is specified by decree.