French Insurance Code
In forceThe guarantee fund is administered by a twelve-member Board of Directors. It comprises :
1° Seven representatives of insurance companies providing property and casualty insurance in the French Republic and covering risks which are subject to compulsory insurance by virtue of a legislative or regulatory provision;
2° Two members appointed by order of the Minister for the Economy, on the proposal of the Fédération française des clubs automobiles and the Fédération nationale des transporteurs routiers respectively;
3° One representative of policyholders and beneficiaries appointed by order of the Minister for the Economy after consultation with the National Consumer Council;
4° A qualified individual appointed by order of the Minister for the Economy on the basis of his or her financial expertise;
5° A representative of road safety organisations appointed by order of the Minister for the Economy.
The Board elects its Chairman from among its members.
The Board appoints the Fund's Managing Director.
The term of office of the chairman, directors and managing director is set by the articles of association governing the fund and may not exceed five years.
When convened for the first time, the Board's deliberations are valid only if at least seven of its members are present; when convened for the second time, no quorum is required.
The articles of association of the guarantee fund are approved by a decree issued on the report of the Minister for the Economy.
A set of internal regulations, submitted to the Minister for the Economy for approval prior to application, sets out the relationship between the guarantee fund and the companies, in particular the procedures for the participation of companies in the fund's bodies and for recourse on behalf of the fund.
