Chapter I: Requirements for capitalisation contracts and certain life insurance contracts

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A522-1Annexe art. A522-1

Article A522-1

French Insurance CodeIn force
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Updated 7 Nov 2023

The information referred to in the fourth paragraph of Article L. 522-5 contains a list of the reference units of account and, for each unit of account, an indication of:

i) the performance of the assets representing the unit of account over the last financial year, gross of management fees, expressed as a percentage ;

ii) The management fees deducted from the assets representing the unit over the last financial year, expressed as a percentage;

iii) The performance of the unit of account over the last financial year, net of the management fees mentioned in ii), expressed as a percentage;

iv) The recurring charges deducted from the contract, expressed as a percentage;

v) The final performance of the investment over the last financial year, net of the management fees and recurring charges mentioned in ii) and iv), expressed as a percentage;

vi) the proportion of fees which gave rise to retrocessions of commission to insurance intermediaries, sub-managers, the custodian or the insurance company during the last financial year; and

vii) The total charges, expressed as a percentage, which are the sum of the management charges mentioned in ii) and the recurring charges levied on the contract mentioned in iv);

viii) The synthetic risk indicator referred to in Article 3 of Commission Delegated Regulation (EU) No 2017/653 of 8 March 2017 or, in the absence of this synthetic risk indicator, a risk indicator calculated using a method similar to that provided for in the aforementioned Regulation.

The costs mentioned in ii) correspond to the other recurring costs mentioned in 3 (b) of Article 5 of Commission Delegated Regulation (EU) No 2017/653 of 8 March 2017.

The recurring costs of the contract mentioned in iv) include in particular the contract management costs on the units of account and, where applicable, the costs linked to the financing of the subscribing association.

This information is presented in the form of a table in the appendix to this article.

In the table annexed to this article, the units of account are classified within the following categories, defined according to the assets representing the unit of account:

1° "Equity funds": this category includes units of account defined as "funds invested in equities" within the meaning of the glossary of Guideline ECB/2014/15 of the European Central Bank of 4 April 2014 on monetary and financial statistics ;

2° "Bond funds": this category includes units of account defined as "funds invested in bonds" within the meaning of the glossary of the aforementioned European Central Bank guideline ;

3° "Mixed funds": this category includes units of account defined as "mixed funds" within the meaning of the glossary of the aforementioned European Central Bank guidelines;

4° "Real estate funds": this category includes units of account defined as "funds invested in real estate" within the meaning of the glossary of the aforementioned European Central Bank guidelines;

5° "Hedge funds": this category includes units of account defined as "hedge funds" within the meaning of the glossary of the aforementioned European Central Bank guidelines;

6° "Private equity funds": this category includes units of account defined as "private equity funds" within the meaning of the glossary of the aforementioned European Central Bank guidelines;

7° "Money market funds": this category includes units of account whose representative assets are undertakings for collective investment as referred to in Article 1 of Regulation (EU) 2017/1131 of the European Parliament and of the Council of 14 June 2017 on money market funds ;

8° "Other": this category includes units of account that do not fall into the categories mentioned in 1° to 7°.

At the beginning of the financial year, the intermediary or the insurance or capitalisation undertaking may, for a period of three months, provide the information referred to in i to iii and v to vii for the last known financial year.

Mariela Petrova

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Mariela Petrova

Mariela Petrova

Avocate au Barreau de Paris

Toque #C2396

15+ Years In Corporate Practice

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