Section VI: Life insurance with variable capital on real estate.

Non-trading property companies (sociétés civiles à objet strictement immobilier), other than non-trading property investment companies (sociétés civiles de placement immobilier), whose units are wholly owned, directly or indirectly, by insurance companies on 1 January 2007, some or all of whose units constitute units of account in life insurance or capitalisation contracts on the same date, may adopt the regime for open-ended real estate investment companies (sociétés de placement à prépondérance…

For life insurance and capitalisation contracts where a unit of account is made up of units in a company mentioned in article L. 160-10 or by a société civile de placement immobilier and subject to articles L. 160-14 and L. 160-15, the adoption by such a company of the system for undertakings for collective real estate investment, under the conditions defined in this section, entails the substitution of this unit…

The company referred to in article L. 160-10 shall decide whether to adopt the rules governing open-ended real estate investment companies (sociétés de placement à prépondérance immobilière à capital variable) under the conditions laid down in the company’s articles of association.

The insurance company shall inform policyholders of life insurance and capitalisation contracts not covered by Article L. 141-1 and comprising units of account made up of shares in a company referred to in Article L. 160-10 of the company’s intention to adopt the system referred to in that same Article. Each subscriber has thirty days to express his opposition in writing. The company may not adopt the scheme referred to…

For contracts mentioned in article L. 141-1 , one unit of account of which is made up of shares in a company mentioned in article L. 160-10, the insurance company shall inform the policyholder(s) and members of the company’s intention to adopt the scheme mentioned in the same article. The policyholder(s) have thirty days to express their opposition in writing. The company may not adopt the scheme referred to in…

The planned date of entry into force of the rules governing open-ended real estate investment companies (sociétés de placement à prépondérance immobilière à capital variable) relating to the company referred to in article L. 160-10 is at least two months after the expiry of the thirty-day period referred to in articles L. 160-13 and L. 160-14.

The insurance company shall inform policyholders and members of the main characteristics of the unit of account resulting from the substitution referred to in article L. 160-11.

For life insurance or capitalisation contracts, when the policyholder or subscriber exercises his surrender option less than two months after the substitution referred to in article L. 160-11, the indemnity referred to in the penultimate paragraph of article L. 132-21-1 may not be applied, notwithstanding any agreement to the contrary.

When a company referred to in article L. 160-10 or a société civile de placement immobilier (non-trading real estate investment company) adopts the system for variable-capital real estate investment companies (sociétés de placement à prépondérance immobilière à capital variable) under the conditions defined in this section, this transaction does not entail any direct or indirect costs for subscribers to life insurance and capitalisation contracts, one unit of account of which…

This article applies to undertakings for collective investment created in accordance with Article L. 160-10 of this Code, the units or shares of which constitute a unit of account in a life insurance contract. The custodian referred to in Article L. 214-59 of the Monetary and Financial Code or the company referred to in Article L. 214-61 of the Monetary and Financial Code may not pay any commission to the…