French Insurance Code
In forceSubject to the provisions of this Book, the articles of tontines must specify:
1° The conditions governing the formation and duration of associations in the event of survival and of associations in the event of death ;
2° The cessation, in the event of the death of the member, of the payment of annuities which the subscriber would still have to make to the associations in the event of survival;
3° The reduction of the rights acquired by the beneficiary if the subscriber ceases to make payments to the associations in the event of survival, on condition that the existence of the member and the payment of a fraction of the total subscription are proven, without the Articles of Association being able to set this fraction at more than three-tenths;
4° The basis of distribution for contracts reduced in this way, with or without exclusion of the sharing of interest and profits;
5° The time limits and forms in which the company must notify the interested parties of the expiry of the associations in the event of survival;
6° The deadlines for the production of the regulatory documents and evidence in support of the liquidation of associations, as well as the allocation of sums not withdrawn by the beneficiaries, within a specified period, starting on 31 December of the year during which the distribution took place;
7° The allocation of the funds of associations in the event of survival, which could not be liquidated due to the death or foreclosure of all their members, as well as associations in the event of death which could not be liquidated due to the absence of death;
8° The method of payment of contributions to associations in the event of death, which must be payable in advance at the beginning of each year, except for the first contribution, which may be paid on the due date chosen by the subscriber and which must then be reduced by one quarter, half or three quarters, depending on whether the contribution is paid in the second, third or fourth quarter of the year;
9° The proportion of the levies that may be allocated to the constitution of a provision in favour of the surviving members of the associations in the event of their death;
10° The conditions under which the company, in the event of dissolution not due to withdrawal of authorisation, may proceed with the early liquidation of current associations, by virtue of a special resolution of the general meeting of subscribers.
