French Insurance Code
In forceThe Autorité de contrôle prudentiel et de résolution or the body that keeps the register referred to in I of Article L. 512-1 may take appropriate and non-discriminatory measures to penalise irregularities committed in France in breach of national legislation, provided that these measures are absolutely necessary. These measures may go so far as to prevent the insurance or reinsurance intermediary or the incidental insurance intermediary concerned from distributing new contracts in France.
The Autorité de contrôle prudentiel et de résolution may also take appropriate measures to prevent a distributor of insurance products established in another Member State from carrying on business in France under the freedom to provide services or, where applicable, the freedom of establishment, when the location of these activities is targeted exclusively or primarily in France with the sole aim of circumventing the legal provisions that would be applicable to the insurance distributor concerned if the latter had its residence or registered office in France and, furthermore, when these activities seriously compromise the proper functioning of the insurance and reinsurance markets in France with regard to the protection of policyholders or members.
In such a case, the Autorité de contrôle prudentiel et de résolution, after informing the competent authority of the home Member State, may take all appropriate measures with regard to that distributor in order to protect the rights of policyholders or members in France. The Authority may refer the matter to the European Insurance and Occupational Pensions Authority and request the latter's assistance in accordance with Article 19 of Regulation (EU) No 1094/2010.
