French Insurance Code

State supervision is exercised in the interests of policyholders, subscribers and beneficiaries of insurance and capitalisation contracts. The following are subject to such supervision 1° undertakings which, in the form of direct insurance, enter into commitments the performance of which depends on the duration of human life, undertake to pay a capital sum in the event of marriage or the birth of children, or call on savings with a view…

I.-Reinsurance is the activity of an undertaking, other than a securitisation vehicle referred to in Article L. 310-1-2, which consists of accepting risks ceded either by an insurance undertaking, another reinsurance undertaking or a supplementary professional retirement fund, or by mutual insurers, their unions or a supplementary professional retirement insurer or union, governed by Book II of the Mutual Code, or by provident institutions, their unions or a supplementary professional…

Article L. 22-10-36 of the French Commercial Code applies to the insurance and reinsurance companies referred to in Articles L. 310-1 and L. 310-1-1 which take the form of a société anonyme and whose balance sheet total or turnover and number of employees exceed, where applicable on a consolidated or combined basis, the thresholds provided for by the decree referred to in I of the same article. This article also…

I.-The undertakings referred to in 1° of Article L. 310-1 and those referred to in 1° of III of Article L. 310-1-1 which reinsure the commitments referred to in 1° of Article L. 310-1 are subject to the provisions of I of Article L. 533-22 of the Monetary and Financial Code, insofar as they invest in shares admitted to trading on a regulated market, either directly or through the intermediary…

The undertakings referred to in 1° of Article L. 310-1 and in 1° of III of Article L. 310-1-1 which reinsure the commitments referred to in 1° of Article L. 310-1 are subject to the provisions of Article L. 533-22-1 of the Monetary and Financial Code.

I.-A “securitisation vehicle” is a legal entity, with or without legal personality, other than an insurance or reinsurance undertaking, which bears insurance risks ceded to it by an insurance or reinsurance undertaking and which fully finances the exposure to these risks by issuing units, shares, debt securities or another financing mechanism, the repayment rights of which are subordinated to the vehicle’s commitments to the undertaking which transferred the risks to…

I. – Subject to the provisions of article L. 310-10, the direct insurance operations defined in article L. 310-1 may be carried out in the territory of the French Republic only : 1° by undertakings having their registered office in France, from their registered office or their branches duly established in a Member State of the European Union, when they are authorised in accordance with the provisions of article L….

For the purposes of this Code, States that are parties to the Agreement on the European Economic Area but are not members of the European Union are treated in the same way as Member States of the European Union, subject to reciprocity, except for the application of Article L. 321-2.

Any insurance undertaking subject to State supervision by virtue of the provisions of the third paragraph (2°) of Article L. 310-1 and which has obtained authorisation to cover civil liability risks arising from the use of land motor vehicles, excluding carrier’s liability, freely appoints in each of the States parties to the Agreement on the European Economic Area a representative whose task is to handle and settle, in the State…