French Insurance Code
In forceState supervision is exercised in the interests of policyholders, subscribers and beneficiaries of insurance and capitalisation contracts. The following are subject to such supervision
1° undertakings which, in the form of direct insurance, enter into commitments the performance of which depends on the duration of human life, undertake to pay a capital sum in the event of marriage or the birth of children, or call on savings with a view to capitalisation and enter into specific commitments for this purpose ;
2° undertakings which, in the form of direct insurance, cover the risk of bodily injury due to accident or illness;
3° undertakings which, in the form of direct insurance, cover other risks, including those linked to assistance activities.
Mutual insurers and unions governed by the Code de la mutualité, including mutual insurers and unions for supplementary professional retirement mentioned in article L. 214-1 of this code, provident institutions and unions governed by Title III of Book IX of the Code de la sécurité sociale and by II of article L. 727-2 of the Code rural et de la pêche maritime (Rural and Maritime Fishing Code) and the institutions for supplementary occupational retirement provision referred to in article L. 942-1 of the Code de la sécurité sociale (Social Security Code) are not subject to the provisions of this Code, subject to the provisions of this Code referred to in the Code de la mutualité and the Code de la sécurité sociale (Social Security Code).
Undertakings authorised on 1 January 1993 to raise capital without entering into specific commitments are also subject to State supervision.
