Section VI: Intervention by the fund in the event of the withdrawal of an insurance undertaking's administrative authorisation

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L421-9L421-9-1L421-9-2L421-9-3L421-9-4L421-9-5L421-9-6L421-10L421-10-1L421-10-2L421-10-3

Article L421-9-1

French Insurance CodeIn force
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Updated 8 Nov 2023

I.-When the Autorité de contrôle prudentiel et de résolution takes, with regard to an undertaking mentioned in the first paragraph of I of Article L. 421-9 and authorised in France, the protective measure provided for in 14° of I of Article L. 612-33 of the Monetary and Financial Code, it has recourse to the Fonds de garantie des assurances obligatoires de dommages. When the AMF's collège de résolution takes the resolution measure provided for in 4° of I of Article L. 311-30 of this code in respect of an undertaking referred to in Article L. 311-1 of the Monetary and Financial Code, it shall have recourse to the Fonds de garantie des assurances obligatoires de dommages under the same conditions.

Before taking its decision, the Autorité de contrôle prudentiel et de résolution shall consult the guarantee fund in writing, indicating that it intends to have recourse to the fund. The fund has fifteen days in which to submit its observations to the Autorité, and its representative may be received by the Autorité during this period. On expiry of this period, or of a shorter period agreed between the guarantee fund and the Authority, the latter shall decide whether or not to refer the matter to the fund and notify the fund of its decision.

If the Fund disputes this decision, it may refer the matter to the Minister for Economic Affairs within fifteen days of the decision. The Minister may then, in the interests of the policyholders and the subscribers and beneficiaries of the contracts, request a new decision from the Autorité within fifteen days.

Following the procedure described above, the company concerned is immediately notified of the AMF's decision to call on the guarantee fund.

II - As soon as the company has been notified, the AMF shall inform the Guarantee Fund of the invitation to tender it is issuing to implement the protective measure referred to in 14° of I of Article L. 612-33 of the Monetary and Financial Code.

III - When the portfolio transfer procedure is unsuccessful, the AMF shall inform the Guarantee Fund.

IV - Under the procedure provided for in 14° of I of Article L. 612-33 of the Monetary and Financial Code, the transfer of all or part of the portfolio or the failure of the transfer procedure shall result in the withdrawal by the AMF of all administrative authorisations of the defaulting undertaking pursuant to II of Article L. 612-33-2 of the Monetary and Financial Code. Until the liquidator is appointed, the guarantee fund shall perform the acts necessary for the management of the part of the portfolio of contracts that has not been transferred. The provisional administrator appointed by the AMF may carry out these management tasks on behalf of the guarantee fund.

Mariela Petrova

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Mariela Petrova

Mariela Petrova

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