Paragraph 2: Governance

A supervisory committee is set up within the association referred to in article L. 224-33 for each individual retirement savings plan, to ensure that the plan is properly implemented and that the interests of holders are represented, in accordance with the procedures defined by regulation. Where the association subscribes to a single individual retirement savings plan, the board of directors of the association may validly act as the supervisory committee…

The Supervisory Committee may at any time ask the statutory auditors and the directors of the insurance undertaking for any information on the financial situation and actuarial balance of the auxiliary allocation accounts referred to inarticle L. 142-4 of the Insurance Code. The statutory auditors are then released from their obligation of professional secrecy. The Supervisory Committee shall arrange for any expert reports necessary for its work and may, to…

The insurance company shall inform the Supervisory Committee at least once every six months about the management of the plan and shall submit to it, within six months of the end of the previous financial year, an annual report on the actuarial balance and the administrative, technical and financial management of the plan.

In the event of the transfer referred to in the fifth paragraph of article L. 224-6, the choice of a new manager is subject to a competitive tender procedure and is submitted to the general meeting of the subscribing association, on the recommendation of the supervisory committee. The Supervisory Committee examines whether the plan should be renewed with the insurance company or whether it should be put out to competitive…

The provisions of this sub-section do not apply: -to the contract under the supplementary pension scheme set up by the Caisse nationale de prévoyance de la fonction publique mentioned inarticle L. 132-23 of the French Insurance Code; -to the group insurance agreement called “complémentaire retraite des hospitaliers” mentioned in article L. 132-23 of the French Insurance Code; -the contract underwritten as part of the scheme managed by the Union mutualiste…