Paragraph 4: Fonds de compensation des risques de l'assurance de la construction.

The compensation fund set up by article L. 431-14 contributes, within the framework of the agreements provided for in the said article, to compensation for losses affecting buildings for which work began before 1st January 1983.

For claims declared before 1 January 1983 and not settled by that date, the contribution of the compensation fund is limited to covering a maximum of 95% of any shortfall in the total amount of provisions for claims to be paid set aside at 31 December 1982, increased by their income, in relation to the total amount of the corresponding settlements. For claims declared after 1 January 1983, the fund’s…

The Fonds de Compensation des Risques de l’Assurance de la Construction is kept in special accounts in the books of the Caisse Centrale de Réassurance. The costs of managing the fund are covered by a deduction made by the caisse centrale de réassurance from the fund’s income.

The Chairman of the Board of Directors of the Caisse Centrale de Réassurance is assisted in the management of the compensation fund by an advisory committee chaired by a magistrate of the Cour des Comptes with at least the rank of Senior Counsellor and made up of the Chairman of the Board of Directors of the Caisse Centrale de Réassurance and three representatives of the State, one appointed by the…

The committee must be consulted on the agreements provided for in article L. 431-14 and on the fund’s annual accounts.

A financing plan for the actions provided for in the third paragraph of Article L. 431-14 is presented to the Committee by the Chairman of the Board of Directors of the Caisse Centrale de Réassurance and submitted for approval to the ministers concerned.

The Chairman of the Board of Directors of the Caisse Centrale de Réassurance may submit to the Committee matters of a general or individual nature on which he wishes to seek its opinion.

The Committee meets when convened by its Chairman, at the latter’s initiative or at the request of the Chairman of the Board of Directors of the Caisse Centrale de Réassurance. It may call upon rapporteurs. The secretariat of the Committee is provided by the Caisse Centrale de Réassurance.

The Chairman of the Board of Directors of the Caisse Centrale de Réassurance submits an annual report on the management of the fund to the Minister for the Economy and Finance, after approval by the Committee.

The available assets of the Fonds de Compensation des Risques de l’Assurance de la Construction are invested by the Caisse Centrale de Réassurance in the assets mentioned in Article R. 332-2. These assets are subject to the limitations set out in articles R. 332-3 and R. 332-3-1 ; however, for the calculation of these limitations, the amount of each category of assets is added to the amount of the fund’s…