French Insurance Code

The provisions of this chapter apply to the retirement savings plans referred to in article L. 224-1 of the Monetary and Financial Code and to the French sub-accounts of the pan-European individual retirement savings product referred to in article L. 225-1 of the same code which give rise to the subscription of a group insurance contract.

The rates charged for French retirement savings plans and sub-accounts of the pan-European individual retirement savings product are based on mortality and technical interest rate parameters defined in the contract. A decree issued by the Minister for the Economy sets out the terms and conditions for the application of this article, in particular the maximum technical interest rate used.

The retirement savings plan and the French sub-account of the pan-European individual retirement savings product may provide additional guarantees: 1° In the event of the death of the insured before or after the due date referred to in article L. 224-1, a guarantee providing for the payment of a lump sum or a life annuity to one or more beneficiaries expressly designated by the insured or, failing that, to his…

By way of derogation from the provisions of the Commercial Code relating to parent company financial statements, insurance undertakings shall set up a subsidiary accounting system for the commitments referred to in Article L. 142-1. Commitments which are not allocated to this subsidiary accounting system shall be transferred to it before 1 January 2023. The insurance undertaking shall ensure that this transfer is not detrimental to the interests of the…

Without prejudice to the rights of holders of claims arising from the management of these operations, no creditor of the insurance undertaking other than policyholders, members, insured persons or beneficiaries in respect of commitments covered by the auxiliary allocation accounts referred to in Article L. 142-4 may not claim any right over the assets and rights resulting from the accounting records in these accounts on the basis of Articles L….

In the event of insufficient coverage of the commitments covered by the auxiliary allocation accounts referred to in Article L. 142-4, and without prejudice to any proceedings under Title I of Book III, the insurance undertaking and the policyholder(s) shall agree on a recovery plan to re-establish coverage of these commitments by allocating new assets of the insurance undertaking, under conditions agreed between the insurance undertaking and the policyholder(s) of…

I.-Before 1 January 2023, insurance undertakings may be authorised, under the conditions set out in this article, to transfer all or part of their portfolio of commitments corresponding to : the contracts mentioned in 1°, 2°, 5° and 7° of article L. 224-40 of the French Monetary and Financial Code; -defined-benefit contracts whose performance is linked to the cessation of professional activity, in particular those mentioned in articles L. 137-11…

The transfer value of retirement savings plans and French sub-accounts of the pan-European individual retirement savings product giving rise to subscription to a group insurance contract whose guarantees are expressed in units of annuity is determined using a calculation method that takes into account the amount of rights acquired by the holder and the level of cover of the insurance company’s commitments. This calculation method is specified by decree.