The legislative proposal referred to in the first issue of the
Update was adopted in final form on June 3, 2014. The new law
clarifies the regime applicable to unclaimed banking account and
life insurance contracts left dormant for a lengthy period of time.
This legal initiative comes amid a number of enforcement actions
being taken against insurance undertaking for alleged failure to
conform to preexisting rules, which are substantially strengthened
by the law. Lastly, an insurance undertaking has been fined EUR 10
million by the Enforcement Committee of the ACPR for failing to
check the national register of natural persons ("RNIPP"),
to search for beneficiaries and for the requirements relating to
revaluations of policies after the policyholder's death.
Further enforcement decisions are to be expected in this area.
Under the new rules, consultation of the RNIPP will have to be
made annually. Institutions will be required to publish the list of
dormant bank accounts and unclaimed life insurance policies.
Credits to these accounts and unclaimed life insurance contracts
will have to be transferred to a specific body (Caisse des
Dépôts et Consignations) after a 10-year dormancy
period (in most circumstances), the title of which will then pass
on to the government after a 20-year period of time. The new law is
due to come into force on January 1, 2016.
The content of this article is intended to provide a general
guide to the subject matter. Specialist advice should be sought
about your specific circumstances.
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