French Insurance Code
In forceI.-The transfer of individual rights in the course of accrual is automatic, subject to the provisions of this section.
II-The contract includes a clause allowing the transfer of individual rights during the period of accumulation. This clause is reproduced in the notice referred to in Article L. 141-4. In particular, it specifies how the technical and financial results relating to the period elapsed from the last date on which these results were distributed to the date on which the transfer value was determined are to be allocated; for contracts which include such results, the results thus allocated may not be less than the interest guaranteed by the said contract, calculated pro rata temporis.
III -The transfer value of the individual rights being built up by a member of the original contract is notified to the member requesting the transfer and to the insurance company of the host contract within three months of receipt of the said request. This notification is accompanied by an indication of the deadlines and conditions under which the member may waive the transfer. When the notification is made in terms of a number of units of account or shares in the fund referred to in article L. 134-1, the member is informed of the latest value of each of these units of account or shares and is informed that this value is likely to rise or fall until the value date chosen for the transfer of the sums.
The member has fifteen days from the date of notification of the transfer value to cancel the transfer.
As from the expiry of the period referred to in the previous paragraph, the insurance company of the original contract will, within a period of fifteen days, make a direct payment to the insurance company of the host contract of a sum equal to the transfer value, net, where applicable, only of the transfer indemnities referred to in article R. 132-5-3. This fifteen-day period does not begin until the insurance undertaking of the host contract has notified the insurance undertaking of the original contract of its acceptance of the transfer.
IV - On expiry of the period referred to in the last paragraph of III, any sums not paid automatically accrue interest at half the legal rate for two months, then at double the legal rate on expiry of this period.
