French Insurance Code
In forceThe transferee company submits to the policyholders' guarantee fund the request for payment provided for in the first paragraph of article L. 423-3, the amount of which it calculates on the basis of the commitments as at the date of publication in the Journal officiel of the portfolio transfer and the assets accompanying this transfer. Within two months of the date of receipt of this request, the fund, after verifying that the contracts are covered by the guarantee and checking the amount guaranteed per contract, notifies the transferee company of the amount due to it, which it pays in a single instalment.
Exceptionally, the Autorité de contrôle prudentiel et de résolution may, at the request of the guarantee fund, grant it an extension of no more than three months of the period provided for in the previous paragraph.
Any sums owed by the guarantee fund and not paid shall bear interest at the rates provided for in the transferred contracts from the date of expiry of the period allowed for the fund to make the payment.
The transferring company will inform each policyholder, contract subscriber or beneficiary of the amount of the replenishment of the reserve attached to their contract by the fund.
Where applicable, the guarantee fund has a period of two months from the date of payment provided for in this article to submit a request for repayment to the transferee company.
