French Insurance Code
In forceThe rates charged by life assurance and capitalisation undertakings and by supplementary occupational pension funds include the undertaking's remuneration and are based on the following elements :
1° A technical interest rate set in accordance with the conditions set out in article A. 132-1.
2° One of the following tables:
a) Tables approved by order of the Minister for the Economy and Finance, drawn up by gender, based on populations of policyholders for life annuity contracts, and based on data published by the National Institute for Statistics and Economic Studies for other contracts;
b) Tables established or not by sex by the insurance undertaking and certified by an actuary independent of this undertaking, approved for this purpose by one of the actuarial associations recognised by the authority referred to in Article L. 310-12.
The tables referred to in b are established on the basis of the insurance undertaking's own experience or demographically equivalent experience.
Where rates are established on the basis of the tables mentioned in a, and where a single table is used for all policyholders, this corresponds to the appropriate table leading to the most prudent rate.
For life annuity contracts other than life annuity contracts, the tables mentioned in a are used by correcting the age of the insured in accordance with the age shifts attached.
For life annuity contracts, including those of a temporary nature, and with the exception of contracts covered by Chapter III of Title IV of Book I, the rate determined using the tables mentioned in b may not be lower than that which would result from the use of the appropriate tables mentioned in a.
For group contracts in the event of death which can be terminated annually, the rate may be established on the basis of the tables mentioned in a using a flat-rate method if this is justifiable.
