French Insurance Code
In forceI.-The units of account referred to in article L. 131-1 are :
1° The assets listed in 1°, 2°, 2° bis, 2° ter, 3°, 4°, 5° and 8° of article R. 332-2 ;
2° Under the conditions set out in articles R. 131-2 to R. 131-4, the units or shares referred to in 9° bis of article R. 332-2;
3° The shares referred to in 7° of article R. 332-2 and the shares of commercial companies which satisfy the conditions laid down in article 1-1 of law no. 85-695 of 11 July 1985;
4° Shares in commercial companies referred to in 6° of article R. 332-2, excluding those referred to in 3° of I of this article;
5° The shares mentioned in 7° quater of article R. 332-2 ;
6° Under the conditions set out in Articles R. 131-5 and R. 131-6, the units or shares referred to in 9° ter of Article R. 332-2;
7° Under the conditions set out in articles R. 131-5 and R. 131-6, the units or shares referred to in 9° sexies of article R. 332-2;
8° Units in company mutual funds mentioned in VII of article L. 214-164 of the Monetary and Financial Code, solely as part of company pension savings plans mentioned in article L. 224-9 of the same code;
9° Associative securities and bonds issued by foundations defined respectively in sub-sections 3 and 4 of Section 2 of Chapter III of Title I of Book II of the Monetary and Financial Code.
II - The structure of the contract's commitments complies with the following rules:
1° The outstanding commitments expressed in units of account covered by point 4 of I do not exceed 10% of the total outstanding commitments of the contract;
2° The outstanding commitments expressed in units of account under 4° and 5° of I do not exceed 30% of the contract's total outstanding commitments;
3° For contracts covered by I bis of article 990-I of the General Tax Code, the ceilings defined in 1° and 2° are raised to 33%;
4° The outstanding commitments expressed in units of account covered by 7° of I do not exceed 30% of the contract's total outstanding commitments;
5° No more than 10% of the total assets of the contract may be invested in units of account covered by 9° of I of this article. The selection of these units of account is reserved for subscribers meeting the condition defined in 1° of article R. 131-1-2.
For the assessment of the ceilings defined in 2° and 3°, with regard to the units of account covered by 5° of I, only the proportion of these shares or units invested in investments other than those mentioned in 1° and 2° of I is taken into account.
The ceilings defined in 1°, 2°, 3° and 4° are assessed when a premium is paid or an arbitration is carried out. If, apart from these operations, these ceilings are exceeded, the contract is deemed to comply with them.
Notwithstanding the provisions of 1°, 2°, 3° and 4°, a transaction which reduces the difference between the contract and the ceiling when the latter is exceeded is authorised.
III - The contract must stipulate the conditions under which, if a unit of account disappears, another unit of account of the same type is substituted for it, by means of an amendment to the contract.
