French Insurance Code

Unlisted companies whose sole purpose is real estate or property, as referred to in 2° of article R. 131-1 , must meet the following conditions: 1° Unlisted shares in non-trading companies whose sole object is real estate may not be used as the sole reference value for a contract. 2° The assets of the unlisted real estate company making up the unit of account, or of each of the real…

During the term of the contract, the insurer may, for contracts which so provide, substitute a unit of account referred to in 2° of article R. 131-1 for units of account of a comparable nature if the initial unit of account no longer meets the conditions defined in 2° of article R. 131-3 or if the insurer so requests and is authorised to do so by the Autorité de contrôle…

Only the units or shares referred to in 6° or 7° of Article R. 131-1 of undertakings which: a) provide in their articles of association or by-laws, without any restrictions other than those set out in article L. 214-67-1 of the Monetary and Financial Code, for the redemption of units or shares no later than two months after the unit-holder’s request; b) On the other hand, use at least 20%…

For life insurance or capitalisation contracts where rights are expressed in units of account mentioned in 6° or 7° of article R. 131-1, the sum paid according to the contractual provisions is equal to the foreign currency or euro equivalent of the units or shares, based on the surrender value of these units or shares on the date stipulated for this purpose in the contract. This date may not be…

For life insurance or capitalisation contracts where the sum insured is determined by reference to a reference value, the corresponding rights expressed in units of account must be represented on the assets side of the balance sheet by investments included in the composition of this reference value and in the proportions fixed by this composition.

The measures taken by the insurance undertaking in application of 2° of I and 2° of II of article L. 131-4 only have effect in respect of requests to deal in the contract made after the last date on which redemption orders were centralised by the undertaking for collective investment concerned prior to its decision to suspend or temporarily cap redemptions of its units or shares. Requests for transactions on…

When the insurance company decides to restrict transactions on the contract under the conditions provided for in 2° of II of Article L. 131-4, it executes the transaction requests, to the maximum of the redemption possibilities of the units or shares on the investment undertaking concerned and taking into account its own capacity for compensation between subscription and redemption requests, within the period provided for in the normal conditions of…

When it takes one of the measures provided for in 2° of I and 2° of II of article L. 131-4, the insurance undertaking shall make available to policyholders, members and beneficiaries, by any means and at least by a mention on its website, information comprising the following items: 1° The name of the units of account concerned ; 2° A description of the measures taken and their planned or…

The notification to the Autorité de contrôle prudentiel et de résolution of the decision by the insurance undertaking to suspend or restrict operations on the contract under the conditions provided for in 2° of II of Article L. 131-4 describes the reasons justifying its decision, taking into account the assessment factors provided for in the last paragraph of II of this Article. It shall be accompanied by the documents and…