French Insurance Code
In forceI. - Where a supplementary occupational pension fund expressly renounces its authorisation by undertaking not to underwrite any new contracts, does not make use of its authorisation within one year of the date of publication in the Journal officiel of the authorisation decision or has ceased to carry on the activity corresponding to its authorisation for two consecutive financial years, it shall immediately inform the Autorité de contrôle prudentiel et de résolution. The Autorité shall immediately record that the authorisation has lapsed, and shall publish this fact in the Journal officiel.
In the event that the fund transfers its entire portfolio of contracts, the Autorité de contrôle prudentiel et de résolution shall immediately declare that its authorisation has lapsed, which shall be published in the Journal officiel.
II. - A supplementary occupational pension fund whose authorisation has lapsed remains subject to the supervision of the Autorité de contrôle prudentiel et de résolution until all the commitments arising from the contracts subscribed by the fund have been paid in full and definitively to the policyholders and third party beneficiaries or until its entire portfolio of contracts has been the subject of a transfer authorised under the conditions set out in Article L. 384-1.
