French Insurance Code

The term referred to in the tenth paragraph of article L. 132-23 may not exceed the shorter of eight years or the maturity date of the guarantee. Before the maturity date mentioned in article L. 134-1, the surrender or transfer value of the commitments covered by 1° of the same article corresponds to the sum of the mathematical reserve of the subscriber and the product of the number of units…

For commitments covered by 1° of Article L. 134-1, the amount of the sums due by the insurance undertaking when the guarantee expires corresponds to the value mentioned in the second paragraph of Article R. 134-5. For commitments covered by 2° of Article L. 134-1, the amount of the sums due by the insurance undertaking when the guarantee expires corresponds to the greater of the value mentioned in the third…

The contract may provide for additional guarantees. The provision referred to in 1° of article R. 343-3 corresponding to these guarantees is not established within the auxiliary allocation accounts referred to in article L. 134-2.

Notwithstanding articles R. 343-9 and R. 343-10, the assets relating to commitments allocated to a subsidiary allocation account mentioned in article L. 134-2 are recorded in the allocation balance sheet provided for in b of article R. 342-1 at their realisable value, determined in accordance with the provisions of articles R. 343-11 and R. 343-12.

The technical provisions corresponding to the operations of the insurance undertaking covered by Article L. 134-1 are those mentioned in 1°, 4°, 7°, 9°, 10° and 11° of Article R. 343-3. They are entered in the appropriation balance sheet provided for in b of article R. 342-1.

I.-Before an initial premium payment, an arbitration or a transfer to the undertakings referred to in Article L. 134-1, the following information is communicated to the subscriber in clearly visible characters: 1° The maturity date of the guarantee; 2° The amount, expressed in euros, of the capital or annuity guaranteed at maturity; 3° Where applicable, a statement indicating that there is no guarantee before maturity; 4° Where applicable, the period…

The provisions of this chapter apply separately to each allocation sub-account established in application of article L. 134-2.