Chapter VIII: Penalties.

Failure to comply with the disqualifications set out in article L. 322-2 is punishable by three years’ imprisonment and a fine of 375,000 euros.

Any person who has been convicted pursuant to article L. 328-1 may not be employed in any capacity whatsoever in the company in which he held executive or management functions, or of which he was a member of the board of directors or supervisory board, or of which he was a signatory, nor in the subsidiaries of this company which are subject to State control pursuant to article L. 310-1….

The provisions of articles L. 242-2, L. 242-6 (2° to 4°), L. 242-8, L. 242-25 and L. 242-28 of the French Commercial Code are applicable to insurance undertakings, even where they are not automatically subject to these provisions. The foregoing provisions apply to reinsurance undertakings.

Articles L. 626-2 to L. 626-5, L. 626-12 and L. 626-16 to L. 626-19 of the French Commercial Code are applicable to any person with direct or indirect authority to bind an insurance undertaking, including in particular the authorised agent of a foreign insurance undertaking established in the territory of the French Republic, even where they are not automatically subject to them.

Any breach of the provisions of 7° of I of article L. 311-30 and of articles L. 322-1, L. 322-2-2 and L. 322-4 of this Code, as well as of 7° of I of article L. 612-33 of the Monetary and Financial Code, is punishable by the penalties set out in article L. 310-26.

In the event of liquidation carried out under the conditions provided for in Article L. 326-1, the following provisions shall apply: 1° If the financial situation of the company dissolved following the total withdrawal of administrative approval shows a shortfall in assets compared with the liabilities to be settled during the liquidation, the court may, in the event of mismanagement having contributed to this shortfall in assets, decide at the…