French Insurance Code
In forceThe securities listed in article R. 332-2 and other financial and property investments are valued on the basis of their realisable value, in particular for the purposes of the calculation provided for in the first paragraph of article R. 344-1, under the following conditions:
a) Listed transferable securities and listed securities of any kind are valued at their last quoted price on the day of the valuation;
b) Unlisted securities and loans are valued at their market value, corresponding to the price that would be obtained under normal market conditions, taking into account their usefulness to the company;
c) Shares in open-ended investment companies (sociétés d'investissement à capital variable) and units in unit trusts (fonds communs de placement) are valued at their last published redemption price on the balance sheet date;
d) Except in cases where a different value results from an appraisal carried out in accordance with the provisions of Article L. 341-4, buildings and shares in real estate or property companies not listed on a stock exchange in a Member State of the Organisation for Economic Co-operation and Development are recorded at their market value. The market value corresponds to the sale price that would be obtained, on the inventory date, in a transaction concluded under normal market conditions, net of exit costs. It is measured on the basis of an in-depth five-year review. It is updated annually;
e) Other investments are recorded at their book value determined in accordance with articles R. 343-9 and R. 343-10, unless another value is determined by an expert appraisal carried out in accordance with the provisions of article L. 341-4.
For securities recorded in the accounts without accrued interest pursuant to articles R. 343-9 and R. 343-10, the pro rata interest accrued from the last maturity date to the inventory date must be deducted from the valuation provided for in this article.
