French Insurance Code
In forceI. - When the mergers or demergers referred to in article L. 236-1 of the French Commercial Code involve transfers of contract portfolios carried out under the conditions provided for in article L. 384-3 of this Code, articles L. 228-65, L. 228-73, L. 236-13, L. 236-14, L. 236-15, L. 236-18 and L. 236-21 of the French Commercial Code do not apply.
II. - When the merger or demerger does not involve the transfer of a portfolio of contracts in accordance with Article L. 384-3, supplementary occupational pension funds are required to provide the Autorité de Contrôle Prudentiel et de Résolution with a declaration, together with all relevant documents, setting out the aims and terms of the planned transaction one month before it is finalised. During this period, the Autorité may oppose the transaction if it considers that it is not in the interests of policyholders or creditors or that it will result in a reduction in the realisable value of investments corresponding to commitments made to policyholders, determined in accordance with the provisions of article L. 344-1. It may also request the additional documents needed to assess the transaction. In the latter case, the one-month period during which the AMF may object to the continuation of the transaction runs from the date of production of the documents requested, and the final completion of the transaction may not take place before the expiry of the same period.
Supplementary occupational pension funds set up as limited companies are also subject to all the provisions of Book II of the Commercial Code for mergers and demergers that do not involve the transfer of contract portfolios.
