French Insurance Code

I.-The Fonds de Garantie des Assurances Obligatoires de dommages (Guarantee Fund for Compulsory Non-Life Insurance) set up by Article L. 421-1 is responsible for protecting insured persons who have taken out, subscribed to or received benefits under insurance contracts which are compulsory under Articles L. 211-1 or L. 242-1, against the consequences of the withdrawal of authorisation of an insurance company covering, on the territory of the French Republic, the…

I.-When the Autorité de contrôle prudentiel et de résolution takes, with regard to an undertaking mentioned in the first paragraph of I of Article L. 421-9 and authorised in France, the protective measure provided for in 14° of I of Article L. 612-33 of the Monetary and Financial Code, it has recourse to the Fonds de garantie des assurances obligatoires de dommages. When the AMF’s collège de résolution takes the…

In the event of a portfolio transfer ordered pursuant to 14° of I of article L. 612-33 of the French Monetary and Financial Code, any part of the rights of policyholders, contract holders, members and beneficiaries of benefits not covered by the transferee is guaranteed by a payment from the guarantee fund to the transferee within the limits set by decree in the Conseil d’Etat and within those provided for…

The Minister responsible for the economy, the Chairman of the Autorité de contrôle prudentiel et de résolution and the supervisory authorities of the home State of an insurance undertaking whose registered office is located in the territory of a Member State of the European Union other than France, or their representative, may, at their request, be heard by the guarantee fund or its representative. The Autorité de contrôle prudentiel et…

When the guarantee fund takes responsibility, on behalf of the company in liquidation, for the settlement of the losses mentioned in articles L. 211-1 and L 242-1, the first paragraph of III of article L. 421-1 is applicable. The guarantee fund is subrogated to the rights of insured persons, policyholders, members and beneficiaries of benefits, up to the amount of the sums it has paid. The guarantee fund is also…

The members of the Board of Directors of the guarantee fund, as well as any person who, by virtue of their duties, has access to documents and information held by the guarantee fund, are bound by professional secrecy under the conditions and subject to the penalties set out inarticle 226-13 of the French penal code. This secrecy may not be invoked against the judicial authorities acting in criminal proceedings, the…

A decree in the Conseil d’Etat specifies : 1° The conditions and ceilings for compensation per policyholder, subscriber or beneficiary, the procedures and deadlines for compensation and the rules relating to customer information. The same decree also sets an overall multiannual ceiling for the Fund’s involvement in the tasks defined in article L. 421-9; 2° The time limits for payment requests submitted by portfolio transferees or by policyholders, subscribers or…