French Insurance Code
In forceExcept in the case provided for in article R. 322-79, any loan intended for the constitution and, where applicable, the replenishment of the supplementary social fund must be authorised by the general meeting deliberating as provided for in article R. 322-63 and be the subject of a special resolution, the content of which must first be submitted for the approval of the Autorité de contrôle prudentiel et de résolution, which shall give its decision on the basis of one of the plans mentioned in article R. 322-49. This plan must be attached to the text of the resolution. On expiry of a period of two months from the date of submission of the text of the resolution and the document mentioned above, and in the absence of an express decision by the Autorité, the authorisation is deemed to have been granted. The resolution determines which member-policyholders must subscribe to the loan, although this obligation does not apply to member-policyholders whose contracts were in force at the time the Articles of Association were amended. Members who are already members of the company when it decides to issue a loan may not subscribe for more than 10% of their annual subscription.
Any member who has subscribed to a loan to build up or top up the supplementary corporate fund shall be issued with a share certificate.
At least once a year, the company is required to inform each member of the amount and due date of his loan for the supplementary social fund.
