French Insurance Code
In forceThe effective management of the undertakings referred to in Article L. 310-3-1 is ensured by at least two persons who must satisfy the conditions laid down in Article L. 322-2.
These undertakings designate the person responsible for each of the key functions referred to in article L. 354-1 from within the undertaking or, where applicable, from within the group within the meaning of article L. 356-1. Placed under the authority of the Chief Executive Officer or the Management Board as the case may be, these managers perform their duties under the conditions defined by the company.
The Chief Executive Officer or the Management Board shall submit, for the approval of the Board of Directors or the Supervisory Board, procedures defining the conditions under which the persons responsible for these functions may inform the Board of Directors or the Supervisory Board, directly and on their own initiative, when events of such a nature as to justify it occur.
The Board of Directors or the Supervisory Board shall hear the heads of key functions directly and on its own initiative, whenever it considers it necessary and at least once a year. This interview may take place without the Chief Executive Officer or the Executive Board being present if the members of the Board of Directors or the Supervisory Board deem it necessary. The Board of Directors or the Supervisory Board may refer this hearing to a specialised committee of the Board.
The appointment and reappointment of the persons mentioned in the first two paragraphs shall be notified to the Autorité de contrôle prudentiel et de résolution in accordance with Article L. 612-23-1 of the Monetary and Financial Code.
A decree of the Conseil d'Etat shall specify the conditions of application of this article.
