French Insurance Code
In forceDraft articles of association must
1° state the object, duration, registered office and name of the company and the territorial scope of its operations, determine the method and general conditions under which the commitments between the company and its members are entered into, and specify the classes of insurance covered directly or accepted as reinsurance;
2° Set the minimum number of members, which may not be less than 500; this minimum number is set at seven for the organisations mentioned in Article L. 771-1 of the French Rural and Maritime Fishing Code;
3° Set the minimum amount of contributions paid by members for the first annual period and specify that these contributions must be paid in full prior to the declaration provided for in Article R. 322-51 ;
4° Indicate the method of remuneration of the management or management board and, if applicable, of the directors or members of the supervisory board in accordance with the provisions of article R. 322-55;
5° Provide for the constitution of a start-up fund to meet expenses for the first five years and to guarantee the company's commitments, and specify that the start-up fund must be paid in full in cash before the declaration provided for in article R. 322-51 or the filing of the Articles of Association at the town hall for the bodies mentioned in article 1235 of the Rural and Maritime Fishing Code;
6° Specify whether each new member must pay an entry fee or membership fee when taking out their first insurance policy, with a view to subsequently contributing to the establishment fund;
7° Provide for the distribution of surplus income;
8° Provide for the payment of fixed contributions for companies carrying out the operations mentioned in 20 to 26 of article R. 321-1 .
