Article R519-16 of the French Monetary and Financial Code
I. – The civil liability insurance policy taken out by a bank and payment services intermediary pursuant to article L. 519-3-4 shall include cover for an amount that may not be less than a level set by an order of the Minister for the Economy. These guarantees take effect on 1 March for a period of twelve months. The contract is tacitly renewed on 1st January of each year. II….