French Insurance Code
In forceI. - The grouping referred to in article L. 442-1-1 is created by an agreement which specifies in particular its organisation, its operation and the procedures for carrying out its tasks, as well as the procedures for its dissolution, and contains stipulations under the terms of which :
1° The members of the grouping are required to transfer to the grouping a share, set by the decree referred to in 1° of article L. 442-1-1, of the risk associated with each of their contracts benefiting from the aid provided for in the second paragraph of article L. 361-4 of the Rural and Maritime Fishing Code;
2° The members of the grouping are liable for its debts out of their own assets. In this respect, the agreement may include specific stipulations for new members and for members leaving the group;
3° The exclusion of a member may be ordered, after application of an amicable dispute resolution clause and following an adversarial procedure, by the Group's governing bodies, in the event of serious or repeated non-compliance with the obligations arising from the agreement.
II. - For the purposes of setting up the group, the insurance companies involved in drawing up the agreement referred to in I are those which, on the date of entry into force ofOrdinance no. 2022-1075 of 29 July 2022 on the development of climate risk management tools in agriculture, are marketing contracts benefiting from the aid provided for in the second paragraph of Article L. 361-4 of the French Rural and Maritime Fishing Code.
III. - The agreement to set up the grouping is approved by the administrative authority under conditions laid down by decree, after public consultation of persons or entities with an interest in the agricultural climate risk market and who did not take part in drawing up the agreement, and after obtaining the opinion of the French Competition Authority.
Any substantial amendment to the agreement and the dissolution of the grouping are approved under the same conditions.
