French Insurance Code
In forceIn accordance with the provisions of III of article L. 310-2-3, foreign companies that have concluded a contract pursuant to 2° of I of article L. 310-2 and are no longer in one of the situations provided for in I of the same article.
1° Communicate within fifteen days of the change in situation referred to in I of article L. 310-2-3, by registered letter or electronic registered mail, to policyholders, subscribers or members, in a clear and legible manner, the following information:
a) The reasons why the company no longer complies with the provisions of I of article L. 310-2, where applicable on a temporary basis if a portfolio transfer to an organisation established within the European Union is underway;
b) The fact that the company will not renew, extend or roll over the contract, issue new premiums or accept new payments, unless premiums provided for in the contract are paid and the company has the right to demand payment. The information shall also specify, where applicable, the conditions for reducing the cover or the expiry of the period of cover, depending on the contract;
c) The fact that the new situation in which the company finds itself in no way exonerates it from honouring its commitments;
d) The name and address of the authorities responsible for supervising the insurance company, as well as the body responsible for the amicable settlement of disputes and the French court competent to deal with the performance of the contract;
2° Inform the policyholder, subscriber or member by registered letter or electronic registered mail, two months before the end of the period of cover referred to in 1°, that the policy is due to expire and recommend that the policyholder, subscriber or member seek new cover from an insurer authorised to carry out direct insurance or reinsurance operations in the territory of the French Republic.
This information obligation does not apply to commitments which expire less than three months after the information provided for in 1°.
