French Insurance Code
In forceThe collège de résolution may, in respect of a person referred to in Article L. 311-1 subject to a resolution procedure, decide to:
1° Suspend or dismiss any person exercising effective management within the meaning of Articles L. 322-3-2 of this Code, L. 211-13 of the Mutual Code and L. 931-7-1 of the Social Security Code;
2° Oppose the continuation in office of one or more natural persons, including representatives of legal entities, who are members of the board of directors or the supervisory board;
3° Enjoin this person to submit, within a period set by the College of Resolution which may not be less than one month, a request for the transfer of all or part of its portfolio of insurance contracts, operations or contract or regulation subscription forms, under the conditions set out in Articles L. 324-1 of this Code, L. 212-11 of the Mutual Code and L. 931-16 of the Social Security Code;
4° After noting that the transfer procedure referred to in 3° has failed, order the compulsory transfer of all or part of the portfolio of insurance contracts, transactions or contract or settlement enrolment forms held by this person, in accordance with the conditions set out in article L. 311-31 ;
5° Temporarily limit or prohibit the performance of certain operations or activities by that person, including the acceptance of premiums or contributions;
6° Temporarily suspend, restrict or prohibit the free disposal of all or part of the controlled person's assets;
7° Require that person to dispose of activities;
8° Order that person to suspend, delay or limit, for all or part of its portfolio, the payment of surrender values, the option of arbitration, the payment of policy loans or the option of surrender;
9° Prohibit or limit the distribution of dividends to shareholders or the remuneration of mutual or parity certificates to members, subscribers and participants of this person;
10° Enjoin this person to change its legal form within a period set by the College of Resolution.
