The national insurance undertakings referred to in Article L. 322-5 may be managed by the Board of Directors of the central company of their group. They may also have the same Chairman and Chief Executive Officer as the central company. The option provided for in the first paragraph above is implemented by decision of the general meeting of shareholders of the national insurance undertaking.
The Boards of Directors of the central insurance companies include, in addition to the Chairman and Chief Executive Officer: a) Three directors representing the French State, appointed by the Minister for the Economy and Finance; b) One director appointed by the Minister of the Economy and Finance for his technical expertise, after consultation with the Comité Consultatif du Secteur Financier. A second director is appointed under the same conditions when…
Subject to the provisions of Article L. 322-13, shares in central insurance companies may : a) Either be distributed free of charge to members of staff of national insurance undertakings ; b) or be sold for valuable consideration.
A decree of the Conseil d’Etat shall set the terms and conditions for the distribution of free shares as provided for in Article L. 322-22. When free shares are distributed to employees, account is taken of their length of service and their responsibilities within the company.
Shares in central insurance companies are registered. Shares sold for valuable consideration or free of charge in accordance with Article L. 322-22 may be traded on the financial market after the expiry of periods and under conditions laid down by decree in the Conseil d’Etat.
Mutual insurance companies are legal entities governed by private law with non-commercial objects. They are formed to insure the risks brought in by their members or to offer the provision of the operations referred to in article L. 143-1. In return for payment of a fixed or variable premium, they guarantee their members full settlement of the commitments they enter into. However, mutual insurance companies providing life assurance or capitalisation…
Each member is entitled to one vote, without the Articles of Association being able to derogate from this rule.
The articles of association of mutual insurance companies may specify a “raison d’être”, consisting of the principles which they adopt and for which they intend to allocate resources in order to carry out their activities.
A mutual insurance company is managed by a Board of Directors. However, it may be stipulated in the articles of association of any mutual insurance company that it shall be managed by a management board and a supervisory board. The introduction of this stipulation in the articles of association, or its deletion, may be decided during the existence of the company. A decree of the Conseil d’Etat shall lay down…
With effect from 1st July 1991, any clause in the Articles of Association which makes participation in the General Meeting or the election of members of the General Meeting subject to the payment of a subscription fee by members who are up to date with their subscriptions is null and void.
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is a Registered Trademark of
PETROFF LAW FIRM (SELARL LEGASTRAT)
182, rue de Rivoli
75001, Paris France
RCS Paris n°814433470
Paris Bar Registration n° (Toque) C2396
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is a Registered Trademark of
PETROFF LAW FIRM (SELARL LEGASTRAT)
182, rue de Rivoli
75001, Paris France
RCS Paris n°814433470
Paris Bar Registration n° (Toque) C2396
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