French Insurance Code
In forceI. - A single supplementary occupational pension fund may cover several contracts relating to supplementary occupational pension commitments and may, by way of derogation from the provisions of the French Commercial Code relating to company accounts, establish one or more sub-ledger accounts for the commitments of these contracts. This provision may be applied individually to a contract.
The sub-ledger accounts relating to the operations of the supplementary professional retirement fund, mentioned in articles L. 134-2 and L. 441-8, are drawn up separately from the sub-ledger accounts mentioned in the previous paragraph.
II. - Without prejudice to the rights of holders of claims arising from the management of these operations, no creditor of the supplementary professional retirement fund, other than members, participating members, participants, insured persons or beneficiaries in respect of operations relating to the coverage of supplementary professional retirement commitments and which are the subject of sub-ledger accounts pursuant to I, may not invoke any right whatsoever over the assets and rights resulting from the accounting records drawn up in the context of these sub-ledger accounts, even on the basis of Book VI of the Commercial Code, Articles 2331 and 2375 of the Civil Code, Articles L. 310-25, L. 326-1 to L. 327-6 and L. 441-8 of this Code,article L. 932-24 of the Social Security Code orarticle L. 212-23 of the Mutual Code.
III. - In the event of inadequate representation of the commitments covered by the auxiliary allocation accounts mentioned in the first paragraph of I, and notwithstanding any proceedings that may be initiated under Section 7 of Chapter V of this Title, the supplementary professional retirement fund and the subscriber(s) agree on a recovery plan enabling the representation of these commitments to be completed by allocating assets representing reserves or provisions other than those representing its commitments. When the representation of the commitments of the contract(s) makes this possible, the assets allocated to this contract(s) or their equivalent value are reallocated to the other operations of the supplementary professional retirement fund under conditions agreed between the latter and the subscriber(s) of the contracts which are the subject of the auxiliary allocation accounting. In the event of disagreement between the parties, the Autorité de contrôle prudentiel et de résolution shall determine the amount and the timetable for the allocation of assets by the supplementary occupational pension fund.
The drafting of the recovery plan shall take into account the specific situation of the supplementary occupational pension fund with regard to the sub-accounting of the allocation which is the subject of this plan.
The recovery plan is made available to members.
