French Insurance Code

I. – No person may, directly or indirectly, administer or manage a company subject to State control by virtue of article L. 310-1 or article L. 310-1-1, a société de groupe d’assurance defined in article L. 322-1-2, a mixed financial holding company defined inarticle L. 517-4 of the Monetary and Financial Code, nor be a member of a collegiate supervisory body of these undertakings, companies or corporations, nor have the…

I.-Approved mutual insurance companies and agricultural mutual insurance and reinsurance funds, which have drawn up duly approved accounts for the last two financial years, may issue bonds, profit participation certificates and subordinated securities under the conditions provided for by articles L. 228-1, L. 228-5, L. 228-36 to L. 228-90 and L. 228-97 of the French Commercial Code, and subject to the penalties provided for by articles L. 242-10 and L….

Operations other than those referred to in articles L. 310-1 and L. 310-1-1 of this Code andarticle L. 341-1 of the Monetary and Financial Code, in particular the implementation of social action, may only be carried out by the undertakings referred to in articles L. 310-1 and L. 310-1-1 of this Code if they remain of limited importance in relation to the undertaking’s overall activities. When it takes the form…

Companies subject to State supervision under article L. 310-1 which provide legal expenses insurance opt for one of the following management methods: -members of staff responsible for managing claims in the “legal protection” branch or for providing legal advice relating to this management may not at the same time carry out a similar activity in another branch practised by the company employing them, or in another company with which the…

The following are exempt from the obligations set out in Article L. 823-19 of the French Commercial Code: 1° Persons and entities controlled within the meaning of Article L. 233-16 of the same Code where the person or entity controlling them has voluntarily set up a specialised committee within the meaning and in accordance with the procedures set out in Article L. 823-19 of the same Code; 2° Persons and…

Within insurance and reinsurance undertakings, with the exception of those referred to in article L. 322-3, the committee referred to in article L. 823-19 of the Commercial Code also monitors risk management policy, procedures and systems. However, by decision of the administrative or supervisory body, this task may be entrusted to a separate committee, governed by the first paragraph and 7° of II of the same article L. 823-19.

The effective management of the undertakings referred to in Article L. 310-3-1 is ensured by at least two persons who must satisfy the conditions laid down in Article L. 322-2. These undertakings designate the person responsible for each of the key functions referred to in article L. 354-1 from within the undertaking or, where applicable, from within the group within the meaning of article L. 356-1. Placed under the authority…