French Insurance Code

At the close of each financial year, the Board of Directors or, where applicable, the Management Board of mutual insurance companies shall draw up a management report. The provisions of Article L. 322-4-3 of this Code apply. Mutual insurance companies shall appoint one or more statutory auditors to carry out the duties defined in Section 2 of Chapter III of Title II of Book VIII of the Commercial Code, under…

Associations may be set up between mutual insurance companies providing the same type of insurance, the sole purpose of which is to reinsure in full the contracts underwritten by these mutual insurance companies and to give them their joint and several guarantee. Such associations may only be formed between mutual insurance companies which undertake to cede all their risks to the association under a reinsurance treaty. The association has a…

Mutual insurance companies, tontines and agricultural mutual insurance and reinsurance companies or funds governed by article L771-1 of the French Rural and Maritime Fishing Code are special forms of mutual insurance companies. Mutual insurance companies appoint one or more statutory auditors. The provisions of Title II of Book VIII of the Commercial Code apply to them.

Articles L. 210-10 to L. 210-12 of the Commercial Code, with the exception of 5° of Article L. 210-10, are applicable to mutual insurance companies.

In the event of the dissolution of a mutual insurance company not due to the withdrawal of authorisation, the surplus of net assets over liabilities shall be devolved, by decision of the General Meeting, either to other mutual insurance companies or to associations recognised as being in the public interest.

Mutual societies and associations thereof may only accept reinsurance risks under the conditions laid down by the decree provided for in Article L. 310-7.

I.-Options may be granted under the same conditions as in articles L. 225-177 to L. 225-179 and L. 22-10-56 of the French Commercial Code by a company controlled, directly or indirectly, exclusively or jointly, by mutual insurance companies mentioned in articles L. 322-26-1 and L. 322-26-4 of this code and belonging to the same scope of combination as defined by article L. 345-2, to the employees of these entities as…