Section I: General provisions.

Articles in this section · 42

L132-1L132-2L132-3L132-4L132-4-1L132-5L132-5-1L132-5-2L132-5-3L132-6L132-7L132-8L132-9L132-9-1L132-9-2L132-9-3L132-9-3-1L132-9-4L132-9-5L132-9-6L132-10L132-11L132-12L132-13L132-14L132-15L132-16L132-17L132-18L132-19L132-20L132-21L132-21-1L132-22L132-22-2L132-23L132-23-1L132-24L132-25L132-26L132-27L132-27-2

Article L132-21-1

French Insurance CodeIn force
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Updated 8 Nov 2023

For all life insurance policies with a surrender or transfer value and for all capitalisation policies, the surrender or transfer value, where applicable, is equal to the difference between the current value of the commitments made by the insurer and the policyholders respectively, within the limit, for the surrender value of life insurance policies, of the amount insured in the event of death.

The surrender or transfer value of the commitments mentioned in 1° of Article L. 134-1 includes the amount of the conversion of the rights expressed in units of the diversification reserve mentioned in the same Article L. 134-1.

The surrender or transfer value of the commitments mentioned in 2° of the said Article L. 134-1 corresponds to the net asset value of the units in the diversification reserves. At maturity, the surrender value may not be less than the amount of the guarantee expressed in euros.

The procedures for determining the surrender or transfer value referred to in the second and third paragraphs of this article are specified by decree of the Conseil d'Etat.

The surrender or transfer value of life assurance or capitalisation policies is calculated by taking into account, in determining the commitment of the policyholder or subscriber, the part of the premiums to be paid by the interested party, representing the acquisition costs of the policy, when these costs have been charged as a deductible expense by the company before the end of the financial year in which the surrender value is calculated. However, for each life insurance or capitalisation contract, the surrender or transfer value may not be more than 5% less than the surrender or transfer value that would be calculated without taking into account the part of the premiums mentioned in this paragraph. The amount of entry and payment charges payable by the person concerned in any given year may not exceed 5% of the amount of premiums paid in that year. This latter limit does not apply to the funeral financing formulas mentioned inarticle L. 2223-33-1 of the General Local Authorities Code , for which the acquisition charges represent an amount less than or equal to 2.5% of the capital guaranteed each year.

When the mechanism provided for in the previous paragraph is not applied, the surrender or transfer value may be reduced by an indemnity, the maximum amount of which is set by decree by the Conseil d'Etat.

For life insurance or capitalisation contracts, an order of the Minister for the Economy sets the actuarial calculation rules applicable to them.

Mariela Petrova

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Mariela Petrova

Mariela Petrova

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15+ Years In Corporate Practice

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