Regulatory and Actuarial References — French Life Insurance#

Status: Draft, 2026-08-26.

Curated reference library for the France section of the reference-product library. It covers the prudential (Solvabilité II and the French statutory technical provisions), supervisory and macroprudential, participation aux bénéfices and guaranteed-rate, mortality/morbidity, conduct-and-distribution, legislation-and-tax, professional-standards and accounting sources that the reference cash-flow-model implementations (assurance-vie-euro / assurance-vie-uc / eurocroissance / per-assurance / rente-viagere / temporaire-deces / assurance-emprunteur / obseques / dependance) rely on. Product folders cite entries on this page as [REG-R#] (e.g., [REG-R1]); the R1–R49 numbering below is frozen — do not renumber or reuse numbers, as product documentation cites against it. Within this page, plain [R#] refers to the same entries. Facts drawn from a document that was actually retrieved carry its number; claims from general knowledge or search-result summaries are tagged unverified; failed or unfetched links are disclosed per entry — no URL on this page is fabricated. All URLs accessed 2026-08-26 unless noted otherwise.

Regulatory architecture in one line: the ACPR (adossée à la Banque de France) supervises French insurers under Solvabilité II as transposed into the Code des assurances; the AMF shares conduct competence on unit-linked distribution through the collective vehicles that back the unités de compte; and the Code des assurances itself carries both the prudential rules (the provisions techniques of Livre III) and the contract law (Livre I), which is why one code governs both what a French model must reserve and what it must promise.

Two French terms carry the whole library and are used untranslated after first use. Fonds en euros — the general account with a capital guarantee (effet cliquet: once credited, interest cannot be taken back) and a discretionary annual revalorisation. Participation aux bénéfices (PB) — the statutory minimum profit share owed to policyholders collectively, computed from a compte de participation aux résultats and either credited immediately to the provision mathématique or parked in the provision pour participation aux bénéfices (PPB) for up to eight years.

Scope note on capital: the SCR and MCR exist under Solvabilité II R1 R4, and the French statutory balance sheet carries its own eleven technical provisions R6 — but this library treats the capital layer as cited-not-specified: reference cash flow models produce best-estimate liability cash flows; SCR aggregation, the risk-margin projection and own funds are referenced, never specified. No risk-margin cost-of-capital rate in this file was read from a retrieved instrument, so any such rate in a product document is **[std]**.

Host behaviour observed in this session. legifrance.gouv.fr serves fully to a plain fetcher and is the workhorse of this file; franceassureurs.fr, insee.fr, drees.solidarites-sante.gouv.fr, cnsa.fr, institutdesactuaires.com, amf-france.org, eiopa.europa.eu and ifrs.org all serve.

Correction, 2026-08-26 — the ACPR is not blocked. This header previously stated that acpr.banque-france.fr and banque-france.fr “return HTTP 403 to every request, with and without a browser User-Agent”, and recorded R11 and R12 as known references only. That was false and is withdrawn. The discriminator is the fetcher, not the User-Agent: the plain fetcher used for the rest of this page is refused with an “Accès refusé” body, while curl gets HTTP 200 with byte-identical responses with and without a browser User-Agent — confirmed on the ACPR home page, on www.banque-france.fr, on both Analyses et Synthèses landing pages, and on four ACPR PDFs (0.9–2.0 MB each, application/pdf). The mistake was reinforced by a second trap: this host answers a wrong path under /system/files/ with 403 rather than 404, so a single mistyped PDF URL was indistinguishable from a domain-wide block. R11 and R12 have been re-fetched with curl, read in full, and are now Fetched: yes.

eur-lex.europa.eu sits behind an AWS WAF JavaScript challenge and returns an empty document to any non-browser client — that block is real and stands — so no Solvency II or PRIIPs article number on this page was read from the instrument itself R1 R2 R3 R33. Six PDFs R25 R26 R28 R37 R43 R44 were returned as raw bytes by the fetcher, and four more — the ACPR documents behind R11 and R12 — were downloaded with curl; all ten were extracted locally with PyMuPDF. Figures from those are transcriptions of extracted text, not of a rendered page. Chart-only values were not transcribed, except where a chart’s own data labels appear in the extracted text stream, which is the case for the ACPR quartile, asset-yield and PPB series quoted at R11.

Product-relevance matrix#

x = load-bearing for that product’s specification, technical notes or model; (x) = qualified, conditional or background relevance (the entry governs the product but does not shape its cash flows, or reaches it only through a compartment or an option); blank = not relevant. Column key: AVE = assurance-vie-euro, AVUC = assurance-vie-uc, EC = eurocroissance, PER = per-assurance, RV = rente-viagere, TD = temporaire-deces, ADE = assurance-emprunteur, OBS = obseques, DEP = dependance.

R#	Reference (short name)	AVE	AVUC	EC	PER	RV	TD	ADE	OBS	DEP
R1	Directive 2009/138/CE — Solvabilité II	x	x	x	x	x	x	x	x	x
R2	Règlement délégué (UE) 2015/35	x	x	x	x	x	x	x	x	x
R3	Directive (UE) 2025/2 — Solvency II review	(x)	(x)	(x)	(x)	(x)	(x)	(x)	(x)	(x)
R4	EIOPA — Solvency II framework page	x	x	x	x	x	x	x	x	x
R5	EIOPA — risk-free interest rate term structures	x	(x)	x	x	x	(x)	(x)	(x)	x
R6	C. ass. art. R. 343-3 — eleven technical provisions	x	x	x	x	x	x	x	x	x
R7	C. ass. art. R. 343-5 — PRE	x		x	x	x
R8	Provision pour aléas financiers — art. A. 331-2 (abrogated)	x		x	x	x
R9	C. ass. art. A. 341-1 — ACPR derogations	(x)		(x)	(x)	(x)
R10	CMF art. L. 612-1 — the ACPR	(x)	(x)	(x)	(x)	(x)	(x)	(x)	(x)	(x)
R11	ACPR — Analyses et Synthèses on the life market	x	(x)	x	x
R12	ACPR — Recommandation 2024-R-03 (devoir de conseil)	(x)	(x)	(x)	(x)					(x)
R13	HCSF — CMF art. L. 631-2-1 (surrender freeze)	x	x	x	x
R14	C. ass. art. L. 331-3 — the PB obligation	x		x	x	x	(x)	(x)	(x)	(x)
R15	C. ass. arts. A. 132-10 to A. 132-15 — compte de participation	x	(x)	x	x	x	(x)	(x)	(x)	(x)
R16	C. ass. arts. A. 132-16 / A. 132-16-1 — PPB eight-year rule	x		x	x	x
R17	C. ass. arts. A. 132-1 / A. 132-1-1 — maximum technical rate	x		x	x	x	(x)		x	x
R18	C. ass. arts. A. 132-2 / A. 132-3 — TMG	x		x	x	(x)			(x)	(x)
R19	C. ass. art. L. 134-1 and R. 134-1 to R. 134-12	(x)	(x)	x
R20	Décret n° 2019-1437 — eurocroissance reform			x
R21	Arrêté du 1er août 2006 — TGH05 / TGF05	(x)		(x)	x	x				x
R22	Arrêté du 20 décembre 2005 — TH 00-02 / TF 00-02	(x)					x	x	x	x
R23	C. ass. art. A. 335-1 and its Annexe — which table applies	x	x	x	x	x	x	x	x	x
R24	INSEE — mortalité, espérance de vie	x	x	x	x	x	x	x	x	x
R25	DREES Études et Résultats n° 1327 — APA over retirement				(x)	(x)				x
R26	CNSA — Chiffres clés de l’aide à l’autonomie 2024									x
R27	DREES Études et Résultats n° 1101 — private cover by risk						(x)	(x)		(x)
R28	Institut des actuaires — atelier dépendance (2025)									x
R29	C. ass. arts. L. 132-5-1 / L. 132-5-2 — renonciation	x	x	x	x	(x)	(x)		(x)	(x)
R30	C. ass. arts. A. 132-4 / A. 132-8 — note d’information, encadré	x	x	x	x	(x)	(x)		(x)	(x)
R31	C. ass. arts. L. 132-21 / L. 132-22 / L. 132-23-1	x	x	x	x	(x)	(x)		x	(x)
R32	Devoir de conseil — art. L. 132-27-1 (abrogated) and the DDA	(x)	(x)	(x)	(x)		(x)	(x)	(x)	(x)
R33	PRIIPs — Règlement (UE) 1286/2014 and AMF DOC-2011-05	(x)	x	(x)	(x)
R34	Loi PACTE art. 71 and CMF arts. L. 224-1 to L. 224-8				x	(x)
R35	Loi n° 2022-270 du 28 février 2022 (loi Lemoine)							x
R36	C. consommation arts. L. 313-8 / L. 313-30 — TAEA, substitution							x
R37	France Assureurs — Statistiques Convention AERAS 2023						(x)	x
R38	CGCT art. L. 2223-33-1 — funeral financing formulas								x
R39	Loi n° 2014-617 du 13 juin 2014 (loi Eckert)	(x)	(x)	(x)	(x)		(x)		x
R40	CGI art. 125-0 A — taxation of life insurance products	x	x	x
R41	CGI arts. 990 I and 757 B — death benefits	x	x	x	x		(x)		x
R42	CGI art. 163 quatervicies — PER deductibility				x
R43	Institut des actuaires — NPA 1 (pratiques générales)	(x)	(x)	(x)	(x)	(x)	(x)	(x)	(x)	(x)
R44	Institut des actuaires — NPA 2 (modèles actuariels)	x	x	x	x	x	x	x	x	x
R45	IFRS 17 Insurance Contracts	(x)	(x)	(x)	(x)	(x)	(x)	(x)	(x)	(x)
R46	France Assureurs — l’assurance vie en 2025	x	x	(x)	x
R47	France Assureurs — l’assurance vie en 2024	x	(x)	(x)	(x)
R48	France Assureurs — l’assurance vie en unités de compte en 2025	(x)	x	(x)	(x)
R49	France Assureurs — chiffres clés and the 2025 market review	(x)	(x)	(x)	(x)	(x)	(x)	(x)	(x)	(x)

1. Prudential — Solvabilité II, the Code des assurances and supervision#

R1. Directive 2009/138/CE — Solvabilité II#

Publisher: European Parliament and Council (EUR-Lex)
URL: https://eur-lex.europa.eu/legal-content/FR/TXT/?uri=CELEX%3A32009L0138
Accessed: 2026-08-26
Fetched: no (AWS WAF JavaScript challenge; a plain fetch returns HTTP 202 with an empty body, and a browser User-Agent gets the same challenge page)
Annotation: The Level 1 directive establishing the risk-based prudential regime for EU insurance and reinsurance undertakings, and the instrument France transposes into the Code des assurances — which is why the French prudential rules a modeller reads are code articles, not directive articles. Its central rule for a cash flow model — technical provisions equal a best estimate (the probability-weighted average of future cash flows discounted at the relevant risk-free term structure) plus a risk margin — is stated here on EIOPA’s authority R4, not read from the directive text. The article numbers usually cited for that rule (Art. 76–86) are unverified in this library, and no Solvency II article number anywhere on this page was read from the instrument itself. Governs the valuation basis of all nine frlib products; the models produce the gross best-estimate cash flows and stop short of the discounting.

R2. Règlement délégué (UE) 2015/35#

Publisher: European Commission (EUR-Lex)
URL: https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=CELEX%3A32015R0035
Accessed: 2026-08-26
Fetched: no (same AWS WAF JavaScript challenge as R1)
Annotation: The Level 2 implementing measures for Solvabilité II. EIOPA confirms it was adopted 10 October 2014 and published 17 January 2015, and that it is “directly applicable” without national implementation R4 — so a French insurer’s contract-boundary and expense rules come from this regulation rather than from the Code des assurances. Everything a French modeller would actually look up in it — contract boundaries, expense assumptions, the cost-of-capital risk margin, the standard-formula sub-modules including mass lapse — could not be read here and is unverified. Consequence for this library: no cost-of-capital rate, no lapse shock and no expense-inflation rule rests on a retrieved text, and every such figure in a product document is **[std]**.

R3. Directive (UE) 2025/2 — the Solvency II review#

Publisher: European Parliament and Council (EUR-Lex)
URL: https://eur-lex.europa.eu/eli/dir/2025/2/oj
Accessed: 2026-08-26
Fetched: no (AWS WAF JavaScript challenge; three URL forms tried — /eli/, /legal-content/.../HTML/, /legal-content/.../PDF/)
Annotation: The amending directive from the 2019–2021 Solvency II review. Exactly one fact about it is verified: EIOPA’s own framework page states that Directive (EU) 2025/2 amends the Solvency II framework and that the new rules take effect 30 January 2027 R4. Everything else commonly reported — entry into force 28 January 2025, a reshaped proportionality regime, sustainability and climate-risk requirements, new macroprudential tools, liquidity risk management plans, and changes to the risk margin and the volatility adjustment — comes only from search-result summaries and is unverified. Forward-looking for every product: none of the nine frlib models implements a 2027 basis, and none should be read as doing so.

R4. EIOPA — “Solvency II” (regulation and policy framework page)#

Publisher: European Insurance and Occupational Pensions Authority
URL: https://www.eiopa.europa.eu/browse/regulation-and-policy/solvency-ii_en
Accessed: 2026-08-26
Fetched: yes
Annotation: The verified carrier for R1–R3, and the only Solvency II source on this page that was actually read. Verified directly: Directive 2009/138/EC was adopted November 2009 and “sets out requirements applicable to insurance and reinsurance companies in the EU with the aim to ensure the adequate protection of policyholders and beneficiaries”; Delegated Regulation (EU) 2015/35 was adopted 10 October 2014, published 17 January 2015 and is directly applicable; the regime is organised in three pillars (I quantitative — valuation of assets and liabilities and capital requirements; II governance, risk management and ORSA; III supervisory reporting and public disclosure); the approach is described as market-consistent, risk-based and proportionate; EIOPA delivered its technical advice on the 2020 review on 17 December 2020; and Directive (EU) 2025/2 amends the framework with new rules taking effect 30 January 2027 R4. Cite this entry, not R1–R3, for any statement of Solvency II fact in a frlib product document.

R5. EIOPA — Risk-free interest rate term structures#

Publisher: EIOPA
URL: https://www.eiopa.europa.eu/tools-and-data/risk-free-interest-rate-term-structures_en
Accessed: 2026-08-26
Fetched: yes
Annotation: Verified: EIOPA publishes the relevant risk-free interest rate (RFR) term structures monthly, as ZIP packages, so that technical provisions for (re)insurance obligations are calculated consistently across the EU. Each package contains the risk-free rates, the volatility adjustment, the matching adjustment fundamental spreads and the ultimate forward rate (UFR) used in the extrapolation; a release calendar is published (2026 dates listed include 3 September, 5 October, 5 November, 3 December); shifted RFR term structures are published semi-annually for financial-stability reporting (option-adjusted duration); and EIOPA disclaims liability for reliance on the data R5. No numeric curve values were extracted here — the frlib models use flat or scenario discount rates marked **[std]**, and a reader wanting a market-consistent valuation takes the published cash flows and applies a curve from this source. Most material to the long-duration general-account books (AVE, EC, PER, RV, DEP).

R6. Code des assurances, art. R. 343-3 — the eleven life technical provisions#

Publisher: Légifrance (Direction de l’information légale et administrative)
URL: https://www.legifrance.gouv.fr/codes/article_lc/LEGIARTI000039739686
Accessed: 2026-08-26
Fetched: yes (version in force since 1 January 2020)
Annotation: The single most load-bearing French prudential article, and the reason a French model carries two liability measures rather than one. Verified: for life, nuptialité-natalité and capitalisation operations the article enumerates eleven technical provisions, each engagement being provisionable under exactly one of them — (1) provision mathématique, the difference between the actuarial present values of the insurer’s and the insured’s respective commitments, including future management costs; (2) provision pour participation aux bénéfices (PPB), profit shares attributed but not payable immediately after the close of the year that produced them; (3) réserve de capitalisation; (4) provision de gestion; (5) provision pour aléas financiers (PAF) R8; (6) provision pour risque d’exigibilité (PRE), detailed at art. R. 343-5 R7; (7) provision pour frais d’acquisition reportés; (8) provision pour égalisation, for mortality fluctuations on group death business; (9) provision de diversification, for art. L. 134-1 commitments where holders’ rights are individualised — the eurocroissance vehicle R19; (10) provision collective de diversification différée; (11) provision de garantie à terme. Valuation follows standards set by the Autorité des normes comptables and by ministerial arrêté R6. Item 1 is why a French PM is not a pure net-premium reserve; items 9–11 exist only for eurocroissance.

R7. Code des assurances, art. R. 343-5 — provision pour risque d’exigibilité (PRE)#

Publisher: Légifrance
URL: https://www.legifrance.gouv.fr/codes/article_lc/LEGIARTI000030576275
Accessed: 2026-08-26
Fetched: yes (version in force since 1 January 2016)
Annotation: Verified: the PRE is constituted when the investments listed at art. R. 343-10 — excluding amortisable securities the undertaking has the capacity and intention to hold to maturity — are in a position of net overall unrealised depreciation. The annual charge is one third of that net overall unrealised depreciation, provided the balance-sheet total of the provision does not exceed the depreciation itself. Valuation rules are specified: quoted securities at the 30-day average price before the inventory date, fund units at the 30-day average redemption price, other assets per art. R. 343-11; unrealised gains and losses on derivatives whose underlyings are eligible assets are included, unrealised losses only above the value of collateral R7. Relevant to the general-account books that hold the exposed assets (AVE, EC, PER, RV); a frlib model does not compute a PRE, but a document describing a French euro fund’s balance sheet has to name it.

R8. Provision pour aléas financiers — Code des assurances, art. A. 331-2 (abrogated 1 January 2016) and the arrêté du 23 décembre 2008#

Publisher: Légifrance
URL: https://www.legifrance.gouv.fr/codes/article_lc/LEGIARTI000006787843 (art. A. 331-2); https://www.legifrance.gouv.fr/loda/id/JORFTEXT000020009363 (arrêté du 23 décembre 2008)
Accessed: 2026-08-26
Fetched: yes for the article (the version served runs 14 September 2014 to 1 January 2016, the last text before the Solvency II recodification); partial for the arrêté (Légifrance served the metadata and the list of amended articles, not the substantive text)
Annotation: Verified from the article: the PAF bites when the real rate of return on the assets, reduced by one fifth (i.e. 80 % of it) is less than the quotient of (total technical interest + the minimum contractually guaranteed participation aux bénéfices under art. A. 132-2 R18) divided by the average mathematical provisions. When it bites, the charge is the difference between (a) mathematical provisions recomputed by discounting future payments at one of three permitted rates — 60 % of the average State-borrowing rate (TME), a weighted average of rates by asset category, or a prudently estimated future asset yield — and (b) the mathematical provisions at the inventory date; the provision is reversed at the following inventory R8. From the arrêté: it amended A. 331-2 and created an Annexe à l’article A. 331-2, applicable to financial years opening on or after 1 January 2009. Caveat, carried forward deliberately: A. 331-2 was abrogated at the 1 January 2016 recodification. The provision plainly survives — R. 343-3 5° still names the PAF R6 and A. 341-1 4° still regulates a derogation for it R9 — but the current article carrying the computation was not located, so the article reference is unverified for current dates even though the mechanics are recorded from a retrieved text. Cite the mechanics, not the article.

R9. Code des assurances, art. A. 341-1 — ACPR derogations, including the PAF forward-yield estimate#

Publisher: Légifrance
URL: https://www.legifrance.gouv.fr/codes/article_lc/LEGIARTI000031773094/2025-03-27
Accessed: 2026-08-26
Fetched: yes (version in force since 1 January 2016)
Annotation: Verified: the ACPR may authorise an undertaking to depart from arts. R. 343-3 and R. 343-7 in four cases — (1) statistical methods to estimate claims of the last two financial years; (2) retaining a lower internal estimate of outstanding claims than the regulatory formula where based on sufficient information and reliable statistics; (3) modifying the parameters of the provision pour risques en cours where recent claims or pricing history justify it; and (4) for the provision pour aléas financiers, estimating the future rate of return of the assets backing technical commitments, which the ACPR authorises where it considers the estimate rests on sufficient information and a reliable and prudent method R9. This is the hook by which a French insurer’s PAF becomes a forward-looking, supervisor-approved calculation rather than a mechanical one — background for the general-account products, and the reason a PAF figure cannot be reproduced from public information alone.

R10. Code monétaire et financier, art. L. 612-1 — the ACPR#

Publisher: Légifrance
URL: https://www.legifrance.gouv.fr/codes/article_lc/LEGIARTI000048029779/2023-09-01
Accessed: 2026-08-26
Fetched: yes (version 1 September 2023 – 18 October 2024)
Annotation: The institutional frame. Verified: the Autorité de contrôle prudentiel et de résolution (ACPR) pursues two objectives — preserving the stability of the financial system and protecting the clients, assurés, adhérents and beneficiaries of the entities it supervises. It monitors compliance with EU law, the Code monétaire et financier, the Code des assurances, the Code de la sécurité sociale, consumer protection law and professional conduct codes; examines authorisation applications; exercises permanent off-site and on-site supervision; checks solvency and liquidity requirements and customer-protection measures; and runs banking and insurance crisis prevention and resolution. It holds control powers, administrative police powers and sanctioning powers, and its collège de résolution is France’s national resolution authority R10. Cite-only for modeling purposes: it explains who enforces every prudential and conduct entry on this page, and — because the ACPR is attached to the Banque de France — why the HCSF surrender-freeze power R13 is triggered on the proposal of the Governor.

R11. ACPR — Analyses et Synthèses on the life market (n° 179, n° 180 and n° 175)#

Publisher: ACPR / Banque de France
URL: https://acpr.banque-france.fr/system/files/2026-06/20260630_AS180_revalorisation_2025.pdf (n° 180, “Revalorisation 2025 des contrats d’assurance-vie et de capitalisation”, 19 pp., PDF creation date 30 June 2026); https://acpr.banque-france.fr/system/files/2026-05/20260522_AS_Assurance_vie_2025.pdf (n° 179, “L’assurance-vie en 2025”, 17 pp., 22 May 2026); https://acpr.banque-france.fr/system/files/2025-08/20250804_AS175_Revalorisation_contrats_assurance_vie_2024.pdf (n° 175, “Revalorisation 2024 …”, 19 pp., 4 August 2025); https://acpr.banque-france.fr/fr/publications-et-statistiques/publications/ndeg-179-lassurance-vie-en-2025 and https://acpr.banque-france.fr/fr/publications-et-statistiques/publications/ndeg-180-revalorisation-2025-des-contrats-dassurance-vie-et-de-capitalisation (landing pages)
Accessed: 2026-08-26
Fetched: yes — all three PDFs and both landing pages, retrieved with curl (HTTP 200, application/pdf, 1 062 381 / 1 985 804 / 1 193 221 bytes) and extracted locally with PyMuPDF. This host 403s the plain fetcher used for the rest of this page but serves curl identically with and without a browser User-Agent; see the correction in the header. URL correction: the n° 179 path previously recorded here (/system/files/2026-03/20260326_AS_Assurance_vie_2025.pdf) does not exist — the host returns 403, not 404, for a wrong /system/files/ path — and has been replaced by the 2026-05 path that the n° 179 landing page itself links to. Caveat on n° 175: its page headers carry an “ACPR-RESTREINT” marking although it is served from the ACPR’s public publications area; it is cited here only for 2024 comparatives that n° 180 restates independently.
Annotation: The single most load-bearing quantitative source in this library, and it was recorded as unreachable in error. n° 180 (Jean-Luc Coron with Frédéric Ahado) covers 116 organismes and 36 053 versions de contrats over the art. A. 344-2 categories 1, 2, 4, 5 (individual) and 7, 11, 12, 14 (collective); unit-linked supports are out of scope except in one box. It fixes the definitions the rest of this library uses: taux de revalorisation = “rendement garanti et participation aux bénéfices techniques et financiers” per arts. L. 132-22 and A. 132-7, gross of the technical rate and of tax and social levies but net of the chargement sur encours; taux technique = the maximum discount rate for the insurer’s commitments, no charges applied, fixed at subscription and capped by A. 132-1 R17, and a floor the served rate may not breach; taux de chargement = chargements de gestion over average mathematical provisions. Verified figures. Euro-support mathematical provisions €1 207 bn (individual, end-2025, +2.5 %) and €154 bn (collective, +4.7 %). Average taux de revalorisation 2.63 % in 2025 for individual contracts, unchanged on 2024, and 2.64 % collective (2.53 % in 2024); category 4 is about 92 % of individual euro encours. Dispersion: undertakings holding 50 % of encours credited between 2.3 % and 2.9 % (2.2–3.0 % in 2024); inside one insurer the encours-weighted gap between the best- and worst-revalued homogeneous contract groups (90th vs 10th percentile) is 0.99 point (0.77 in 2024) and the least-revalued group sits 0.39 point below the mean, so a policyholder with no commercial bonus is credited at least that much below 2.63 %; UC-holding bonuses run “souvent de 100 points de base, et allant jusqu’à plus de 200 points de base”. By type: bancassureurs 2.70 % on 65 % of encours, assureurs traditionnels 2.48 %, mutuelles 3.17 %, ORPS 2.39 %. Asset side: taux de rendement de l’actif 2.8 % in 2025 (2.5 % in 2024, near 2.0–2.2 % 2020–2023), half of undertakings between 2.4 % and 3.3 %, bonds about 60 % of life investments and about 60 % of fixed-coupon bonds maturing within four years carrying a coupon below 3 %. PPB as a percentage of life provisions: individual 5.1 / 5.4 / 5.4 / 4.9 / 4.3 / 4.0 % for 2020–2025, collective 2.3 / 2.6 / 2.6 / 2.0 / 1.9 / 2.0 %; end-2025 bancassureurs 4.2 % against assureurs traditionnels 3.6 %. Taux technique moyen individual 0.39 / 0.37 / 0.36 / 0.37 / 0.35 / 0.32 % and collective 1.24 / 1.21 / 1.12 / 1.04 / 1.01 / 0.98 % over the same years, with the ACPR noting that “l’essentiel des contrats actuellement commercialisés en France a un taux technique faible ou nul”. Taux de chargement sur encours individual 0.63 % (0.62 % in 2024) and collective 0.47 % (0.42 %), with half of all undertakings between 0.5 % and 0.8 %. Footnote 12 restates the sharing rule from the supervisor’s own pen: “seulement 85 % du compte financier … lui est destiné pour sa revalorisation, directement ou par l’intermédiaire de la PPB. Certains contrats peuvent contractuellement prévoir un pourcentage plus élevé” — confirming R15 and confirming that a contractual uplift above 85 % is real. Encadré 2 quantifies the smoothing over 1999–2023: reserves divide the volatility of credited rates by five relative to markets and redistribute about 1.6 % of encours a year between cohorts. From n° 179 (Jean-Luc Coron and Céline Yang, on the ACPR’s weekly and quarterly collection from about 90 undertakings): 2025 premiums €159.1 bn, benefits €115.1 bn of which surrenders €71.0 bn, net inflow €44.0 bn — the highest since the series began in 2011 — with euro supports +€6.4 bn, positive again after five consecutive years of net outflow, and UC +€37.6 bn; a preliminary 2025 euro revaluation estimate of 2.65 %, which n° 180 later settles at 2.63 % for individual contracts. From n° 175, the 2024 comparatives: individual 2.63 % (2.60 % in 2023), collective 2.53 %, PPB 4.3 % against 4.9 % end-2023. What this changes for the frlib models. The market average crediting rate, its dispersion, the average euro-fund charge and the PPB ratio are now sourced and no longer carry **[std]** or [unverified] — cite this entry. What the series does not publish, and what therefore stays **[std]**, is any named insurer’s crediting rate, TMG or charge scale, any insurer’s PPB target and release policy, and the per-contract distribution behind the 0.99-point within-insurer gap. Relevant to the savings products (AVE, EC, PER, and AVUC through the chargement sur encours).

R12. ACPR — Recommandation 2024-R-03 du 21 novembre 2024 (devoir de conseil)#

Publisher: ACPR
URL: https://acpr.banque-france.fr/system/files/2024-12/20241022_recommandation_2024-R-03_0.pdf
Accessed: 2026-08-26
Fetched: yes — with curl (HTTP 200, application/pdf, 895 713 bytes, 9 pp., PDF creation date 12 December 2024), text extracted locally with PyMuPDF. The URL above was always correct; it is the plain fetcher used for the rest of this page that this host refuses. See the correction in the header.
Annotation: Verified, read in full. Full title: Recommandation 2024-R-03 du 21 novembre 2024 sur le recueil des informations relatives au client pour l’exercice du devoir de conseil et la fourniture d’un service de recommandation personnalisée en assurance, issued under arts. L. 612-1 II 3° and L. 612-29-1 al. 2 CMF. The application date is confirmed: its closing line reads “La présente recommandation remplace la recommandation 2013-R-01 du 8 janvier 2013, modifiée le 21 février 2020, à compter du 31 décembre 2025” — so the previously [unverified] 31 December 2025 date stands, and the superseded text is named. The scope is confirmed and is wider than the earlier summary allowed: it addresses all distributors under art. L. 511-1 III of the Code des assurances including those acting in France under freedom of services or establishment, and covers all insurance products, group or individual, excluding grands risques (art. L. 111-6), contrats collectifs à adhésion obligatoire and all contracts taken out by employers for employees and former employees, products no longer distributed without tacit renewal, and capitalisation or assurance-vie contracts with a surrender or transfer value that no longer accept versements or arbitrages. It continues Recommandation 2024-R-01 du 28 juin 2024 on the DDA and is the current supervisory overlay on top of the abrogated art. L. 132-27-1 R32. For a savings contract (§ 2.1.3 and Annexe 1) the distributor should collect the family and professional situation — explicitly because it is needed to help draft the clause bénéficiaire — the financial situation sufficient to assess the capacity to bear losses, financial knowledge and experience, and the objectives and investment horizon(s); the risk profile must be set objectively, illustrated with scenarios, and not derived from knowledge and experience alone (§ 2.1.3.6); sustainability preferences are collected under art. L. 522-5 of the Code des assurances as defined at art. 2 § 4 of délégué (UE) 2017/2359, taking account of the EIOPA guidance (§ 2.1.3.7). At the point of sale the distributor should flag all charges on the contract and the underlying options and their effect on past performance (§ 2.1.8.4) and the tax consequences of a surrender within eight years and of premiums paid after the subscriber’s 70th birthday (§ 2.1.8.5) — the supervisor treating the eight-year and age-70 boundaries R40 R41 as sales-critical — and, for a PER, the illiquidity of the savings, the early-release routes, the rente-versus-capital exit and its tax treatment, and the right to change profile, management mode or the minimum securitisation rhythm under art. D. 224-3 CMF (§§ 2.1.8.8–2.1.8.10). Two numbers worth carrying. § 2.3.1: for any capitalisation or assurance-vie contract with a surrender or transfer value, where there has been no operation for 4 years — or 2 years where a personalised recommendation service was provided — the distributor should re-contact the holder and refresh every piece of collected information; the first observation window opens 24 October 2024, making the first contact due at the latest on 23 October 2028, or 23 October 2026 in the personalised-recommendation case. Footnote 25, quoting art. A. 522-2 of the Code des assurances, fixes what counts as a significant versement or arbitrage: ≥ €2 500 and ≥ 20 % of encours where encours is below €100 000, ≥ €30 000 and ≥ 25 % at or above it. On a surrender paired with a new subscription (§ 2.3.4) the distributor should compare “engagements de taux, table de référence du contrat, impact de l’antériorité fiscale du contrat faisant l’objet du rachat” — supervisory acknowledgement that a legacy guaranteed rate and a legacy mortality table have value to the policyholder — and § 2.3.8 makes clear that formalising advice may never push an operation past the regulatory settlement deadlines, so the two-month surrender cap of L. 132-21 R31 survives intact. Still unverified: a joint ACPR/AMF text on customers’ sustainability preferences reported for 13 November 2025 — this recommendation does not mention it (it points to the EIOPA guidance, not to a joint national text) and no such document was retrieved. Background for the advised-sale products; it shapes the sales process, not the cash flows.

R13. Haut Conseil de stabilité financière — Code monétaire et financier, art. L. 631-2-1 (loi Sapin 2, art. 49)#

Publisher: Légifrance
URL: https://www.legifrance.gouv.fr/codes/article_lc/LEGIARTI000034386882
Accessed: 2026-08-26
Fetched: yes (version dated 8 April 2017)
Annotation: The French macroprudential tail risk that has no UK or US analogue, and the reason a French lapse-stress scenario is not just a multiplier. Verified: the HCSF defines macroprudential policy and holds seven powers, of which 5° ter lets it, on a proposal of the Governor of the Banque de France (chair of the ACPR) and to prevent a “serious and characterised threat” to financial stability, take temporary protective measures against insurance undertakings — limit the acceptance of premiums; restrict the disposal of assets; limit the payment of surrender values; defer or restrict arbitrages and advances; and restrict dividends to shareholders or distributions to mutual members. Duration: three months maximum, renewable if the conditions persist (after consulting the advisory committee), with the restriction on surrender values capped at six consecutive months. The HCSF must balance financial stability against policyholders’ interests, and its decisions are challengeable before the Conseil d’État R13. The mechanism has never been triggered unverified — the article does not say so. Load-bearing for any mass-surrender stress on the surrenderable savings contracts.

2. Participation aux bénéfices, guaranteed rates and eurocroissance#

Read this before citing anything in this section. The French minimum profit share is commonly mis-stated as “85 % of the technical result and 90 % of the financial result”. Verified against Légifrance it is the other way round, and it is not a clean 90 %: the compte de participation aux résultats is credited with 85 % of the balance of the compte financier and with the balance of the compte technique less the insurer’s own share, that share being the greater of 10 % of the credit balance and 4.5 % of annual premiums R15. The policyholder share of a technical credit balance is therefore at most 90 %, and can be materially less on a small technical result relative to premium.

R15. Code des assurances, arts. A. 132-10 to A. 132-15 — the compte de participation aux résultats#

Publisher: Légifrance
URL: https://www.legifrance.gouv.fr/codes/section_lc/LEGITEXT000006073984/LEGISCTA000031738019/ (section index); individual articles at https://www.legifrance.gouv.fr/codes/article_lc/LEGIARTI000035514666 (A. 132-10), …/LEGIARTI000038714192/2019-07-01 (A. 132-11), …/LEGIARTI000031772866 (A. 132-12), …/LEGIARTI000049818224 (A. 132-14), …/LEGIARTI000031757226 (A. 132-15)
Accessed: 2026-08-26
Fetched: yes, all six URLs (formerly A. 331-4 to A. 331-8, renumbered effective 1 January 2016)
Annotation: The arithmetic of the minimum PB, verified article by article. A. 132-10 (version 7 September 2017): the minimum PB applies to life undertakings under art. L. 310-1 and to fonds de retraite professionnelle supplémentaire under art. L. 381-1, for individual and collective contracts of every kind; it is determined globally, not contract by contract; contrats à capital variable (unit-linked) are excluded from the A. 132-11 to A. 132-15 machinery. A. 132-11 (version 1 July 2019): the account is credited with the balance of a compte technique less the insurer’s technical share — “le montant le plus élevé entre 10 % du solde créditeur” and 4,5 % des primes annuelles — and with investment income “égale à 85 % du solde d’un compte financier” whose components are set by A. 132-13; the article is structured in four parts (general operations; operations with a comptabilité auxiliaire d’affectation; supplementary pension schemes; category-12 commitments). A. 132-12: the minimum annual PB is the credit balance of that account, and the minimum amount of benefits is that figure less interest credited to mathematical provisions, plus, where relevant, an amount reflecting the gap between guaranteed rates and the average rate served in the year; art. L. 134-1 (eurocroissance) contracts are excluded. A. 132-14 (version 24 October 2024): the financial result credited is average technical provisions net of reinsurance cessions times a taux de rendement des placements (net investment income on life operations over average investments held in the year), computed separately for the three A. 132-11 categories. A. 132-15: a solde de réassurance cédée line enters the account. Load-bearing for every general-account product; a multisupport contract’s euro compartment is in scope even though its UC compartment is not.

R16. Code des assurances, arts. A. 132-16 and A. 132-16-1 — the eight-year rule and the exceptional reprise#

Publisher: Légifrance
URL: https://www.legifrance.gouv.fr/codes/article_lc/LEGIARTI000039801820 (A. 132-16); https://www.legifrance.gouv.fr/codes/article_lc/LEGIARTI000042611504 (A. 132-16-1)
Accessed: 2026-08-26
Fetched: yes (A. 132-16 version 1 January 2020; A. 132-16-1 version 5 December 2020)
Annotation: The single most modeling-relevant French discretionary-benefit constraint. Verified: A. 132-16 requires sums entered into the provision pour participation aux bénéfices to be allocated to the provision mathématique or paid to policyholders “au cours des huit exercices suivant” the year in which they were credited — the eight-year rule that makes the PPB a smoothing buffer with a hard release horizon; the maximum is fifteen years for fonds de retraite professionnelle supplémentaire and for commitments under a comptabilité auxiliaire d’affectation per art. L. 142-4. A. 132-16-1 permits an exceptional reprise of the PPB only where, cumulatively, the life technical account showed a negative balance in the last financial year and the solvency capital requirement (or minimum margin requirement) is no longer covered; it requires an ACPR-approved recovery plan providing for restitution out of subsequent results within a maximum of eight years and prohibiting dividends, redemption of certificates or other distributions until the amounts taken back are restored R16. A model that credits a rate without also modeling the PPB stock has not modeled a French fonds en euros: the crediting rate and the PPB allocation are one two-lever system, bounded below by R15 and above in time by this entry.

R17. Code des assurances, arts. A. 132-1 and A. 132-1-1 — taux d’intérêt technique maximal#

Publisher: Légifrance
URL: https://www.legifrance.gouv.fr/codes/article_lc/LEGIARTI000035514601 (A. 132-1); https://www.legifrance.gouv.fr/codes/article_lc/LEGIARTI000039801948 (A. 132-1-1)
Accessed: 2026-08-26
Fetched: yes (A. 132-1 in force since 7 September 2017; A. 132-1-1 version 1 January 2020)
Annotation: The statutory ceiling on any guaranteed rate a French tariff may use. Verified: A. 132-1 requires tariffs to be built on a rate at most equal to 75 % of the average rate of French State borrowings (taux moyen des emprunts d’État, TME) computed on a semi-annual basis, without exceeding, beyond eight years, the lower of 3.5 % and 60 % of that average rate; for contracts with periodic premiums or variable capital, whatever their duration, the rate cannot exceed the lower of 3.5 % and 60 % of the same average. For foreign-currency contracts the reference is that country’s long-term State borrowing rate on the same basis. Rates in force at subscription apply, and non-scheduled contributions are re-tested at each payment; the article does not apply to collective insurance operations. A. 132-1-1 fixes the mechanics: the taux de référence is the six-month arithmetic mean of rates observed on the primary and secondary markets for State borrowings on a semi-annual basis, multiplied by 60 % or 75 %; the maximum technical rate moves on a 0.25-point grid floored at zero, and does not change while the monthly reference rate has not fallen by at least 0.10 point or risen by at least 0.35 point relative to the rate in force; when a threshold is crossed the new maximum is the grid rate immediately below the reference rate, and undertakings have three months to implement the change R17. Binding on every contract with a guaranteed technical rate; over an annuity’s or a dependency rente’s duration the binding limb is normally min(3.5 %, 60 % of TME).

R18. Code des assurances, arts. A. 132-2 and A. 132-3 — taux minimum garanti (TMG)#

Publisher: Légifrance
URL: https://www.legifrance.gouv.fr/codes/article_lc/LEGIARTI000035514622 (A. 132-2); https://www.legifrance.gouv.fr/codes/article_lc/LEGIARTI000035514611 (A. 132-3, current); https://www.legifrance.gouv.fr/codes/article_lc/LEGIARTI000006786141/2007-05-02 (A. 132-3, version 2 May 2007 – 1 August 2010)
Accessed: 2026-08-26
Fetched: yes, all three (A. 132-2 and current A. 132-3 both dated 7 September 2017)
Annotation: Verified. A. 132-2: undertakings and FRPS may “garantir dans leurs contrats un montant total d’intérêts techniques et de participations aux bénéfices” which, related to the fraction of mathematical provisions the guarantee bites on, is not below the minima fixed under A. 132-3. Note the construction, which models get wrong: what is guaranteed is technical interest plus PB, expressed as a rate on the mathematical provision — the TMG is not a separate credit stacked on the technical rate. A. 132-3 II: guaranteed rates are expressed on an annual basis and fixed for a continuous period of at least six months and at most the period from the guarantee’s effective date to the end of the following financial year (in practice up to about eighteen months). A. 132-3 III: such rates may not exceed the minimum of (a) 150 % of the maximum technical rate defined at A. 132-1/A. 132-1-1 on the 75 %-TME reference at the effective date and (b) the higher of 120 % of that maximum technical rate and 110 % of the average rates served over the two preceding financial years. A. 132-3 IV: a newly licensed undertaking may, until the close of the second financial year after authorisation, offer rates not exceeding 120 % of the maximum technical rate. Two extraction gaps, recorded rather than papered over: paragraph I’s ceiling is a difference whose first limb is “80 % du produit de la moyenne des taux de rendement des actifs” and whose second limb the fetcher did not return; and limb (b) of paragraph III comes from the fetched page’s structured summary rather than a verbatim quote. Both should be re-read before use in a live pricing decision — unverified as verbatim text. Historic comparison (version 2 May 2007 – 1 August 2010): the older text capped an annual minimum rate at 85 % of the average asset yield over the two preceding financial years, limited the guarantee to eight years, and required a two-year average asset yield of at least 4/3 of the first-year minimum rate for new business — anyone quoting “85 % of the average asset yield” for a TMG is quoting superseded law. No public figure exists for what any individual insurer actually sets as its TMG, so every modelled TMG is **[std]**.

R19. Code des assurances, art. L. 134-1 and arts. R. 134-1 to R. 134-12 — eurocroissance#

Publisher: Légifrance
URL: https://www.legifrance.gouv.fr/codes/article_lc/LEGIARTI000038611220 (L. 134-1); https://www.legifrance.gouv.fr/codes/id/LEGISCTA000039739657 (chapter R. 134-1 to R. 134-12); https://www.legifrance.gouv.fr/codes/article_lc/LEGIARTI000039739643 (R. 134-4)
Accessed: 2026-08-26
Fetched: yes (L. 134-1 version 24 May 2019; R. 134-4 version 1 January 2020)
Annotation: The legal basis of the third French savings compartment. Verified: L. 134-1 lets life undertakings write commitments in case of life or death — excluding temporary death cover — which give rise to a provision de diversification intended to absorb fluctuations of the backing assets; the guaranteed benefit may be a rente or a capital at maturity; two contractual shapes are permitted, the benefit expressed partly in euros and partly in units of the provision de diversification, or expressed solely in units of that provision before maturity with a euro-denominated guarantee at maturity. A single premium may accordingly give rise to three kinds of engagement — en euros, en unités de compte, and giving rise to a provision de diversification — which is the legal basis for a three-compartment multisupport contract. From the chapter: R. 134-1 capital guarantee limits and the minimum value of the provision; R. 134-2 individualisation of rights in parts de provision de diversification (units = total provision ÷ a common per-unit value); R. 134-3 permitted deductions; R. 134-4 the participation account; R. 134-5 the surrender and transfer value, fixing that the relevant duration “cannot exceed the shorter of the guarantee maturity and eight years”; R. 134-6 settlement at maturity and conversion into an annuity; R. 134-8 asset valuation at realisation value per R. 343-11 and R. 343-12; R. 134-10 pre-sale disclosure; R. 134-12 asset transfers and reallocation, capped at 10 % of the amount of the provision de diversification. R. 134-4 itself directs the credit balance of the participation account to three destinations — revaluing guaranteed benefits, crediting the provision de diversification (new units or a higher unit value), and funding the provision collective de diversification différée — and permits a deficit to be absorbed from that deferred reserve or by reducing the unit value within limits. No percentages and no statutory time limits appear in the article: the split is discretionary, and any modelled split is **[std]**.

R20. Décret n° 2019-1437 du 23 décembre 2019 — the eurocroissance reform under loi PACTE#

Publisher: Légifrance
URL: https://www.legifrance.gouv.fr/eli/decret/2019/12/23/ECOT1930053D/jo/texte
Accessed: 2026-08-26
Fetched: yes
Annotation: Verified: the décret implements the loi PACTE eurocroissance reform, replacing Chapitre IV of Titre III, Livre I of the Code des assurances. It restates the maturity guarantee as the sum of the provision mathématique and the value of the holder’s share of the provision de diversification, with a minimum guarantee level set by decree; confirms the R. 134-5 rule that the relevant duration cannot exceed the shorter of the guarantee maturity and eight years; sets out the provision collective de diversification différée mechanics (revaluation of PM or PD at any time; absorption of debit balances by reprise or by reducing the unit value, within limits); and requires transfers of assets into a comptabilité auxiliaire d’affectation to be matched by reciprocal transfers of equal value under R. 343-11 and R. 343-12. Entry into force 1 January 2020; existing contracts stay under the prior rules, and new contracts on the old basis could be written until 1 October 2020 R20. A widely repeated claim that the reform pushed the compulsory restitution of diversification provisions from eight to fifteen years appears only in secondary commentary and is unverified.

3. Mortality, morbidity and public statistics#

R21. Arrêté du 1er août 2006 — homologation of TGH05 / TGF05 (annuity tables)#

Publisher: Légifrance (Journal officiel)
URL: https://www.legifrance.gouv.fr/jorf/id/JORFTEXT000000820127
Accessed: 2026-08-26
Fetched: yes
Annotation: Verified: the arrêté homologates two generational annuity tables applicable from 1 January 2007 — TGF05 for female lives and TGH05 for male lives — replacing the generational table homologated in 1993. It amends a long list of Code des assurances articles including A. 132-1, A. 132-4, A. 132-6, A. 160-2, A. 160-4, A. 310-1, A. 331-1-1, A. 331-1-2, A. 331-9-1, A. 332-7, A. 335-1 and A. 441-4-1, covering euro conversion, life contract provisions, annuity thresholds and mortality-table application. Most provisions took effect on publication (26 August 2006); article 4 defers the unit-linked and participation distribution provisions to 1 January 2007, aligning with the new tables. The tables apply to annuity contracts subscribed from 1 January 2007; for older contracts, undertakings had to hold minimum reserves on the 1993 table until 1 August 2008 R21. The tables themselves are not reproduced in this library — they are cited by name and arrêté, and the frlib decrement CSVs are **[std]** proxies built from INSEE data R24. Primary for rente-viagere; reached by per-assurance and dependance through the annuity in payment, and by the savings products through an annuity conversion option.

R22. Arrêté du 20 décembre 2005 — homologation of TH 00-02 / TF 00-02 (non-annuity tables)#

Publisher: Légifrance (Journal officiel)
URL: https://www.legifrance.gouv.fr/jorf/id/JORFTEXT000000636581
Accessed: 2026-08-26
Fetched: yes
Annotation: Verified: homologates TH 00-02 for male insureds and TF 00-02 for female insureds, and carries forward TD 88-90 and TV 88-90 from the 1993 arrêté. TH 00-02 and TF 00-02 apply to “contrats autres que de rente viagère” — everything that is not a life annuity. For annuity contracts, undertakings may use homologated tables or their own experience data, with specific provisions on anti-selection; for non-annuity life contracts the arrêté permits adjusting the insured’s age by the décalage d’âge (age shift) schedules annexed to each table R23. In force 1 January 2006, except the annuity-calculation provisions, in force 1 July 2006 R22. The reference basis for temporaire-deces, assurance-emprunteur (death and PTIA), obseques, the death benefit inside a euro contract, and the healthy-life mortality leg of a dependency model — again cited by name, never shipped.

R23. Code des assurances, art. A. 335-1 and its Annexe — which table applies to what#

Publisher: Légifrance
URL: https://www.legifrance.gouv.fr/codes/article_lc/LEGIARTI000026806627 (A. 335-1); https://www.legifrance.gouv.fr/codes/article_lc/LEGIARTI000019265297 (Annexe)
Accessed: 2026-08-26
Fetched: yes for both, but Légifrance served the article as version 21 December 2012 to 1 January 2016 and the annexe as version 26 August 2006 to 1 January 2016 even when a current-date URL suffix was supplied; the current placement of these provisions after the Solvency II recodification is unverified
Annotation: The article that decides which mortality basis a French tariff may use, and the one that makes tables d’expérience legal and, in the same breath, non-public. Verified: life and capitalisation tariffs comprise the undertaking’s remuneration and are built on (i) a taux d’intérêt technique fixed per art. A. 132-1 R17 and (ii) mortality tables, of which there are exactly two permitted kinds — (a) tables homologated by ministerial arrêté, by sex, established on insured populations for annuity contracts and on INSEE data for other contracts; or (b) tables established by the undertaking itself and certified by an actuary independent of that undertaking, approved for the purpose by one of the actuarial associations recognised by the supervisor, built on the undertaking’s own experience data or on demographically equivalent data. Further verified rules: where one homologated table is used for all insureds it must be the sex-appropriate table producing the most prudent rate; for non-annuity survival contracts the homologated tables are applied with the annexed age shifts; for annuity contracts, rates computed on experience tables may not be lower than those from the appropriate homologated tables by sex — an explicit floor that caps the pricing benefit of an experience table; and a forfait method is permitted for collective annually renewable death contracts where justifiable. The Annexe contains TF 00-02 and TH 00-02 (ages 0–112, tabulated as $l_x$) and TD 88-90 (ages 0–106), plus two décalage d’âge schedules — TF 00-02 from −11 years at ages 16–32 to 0 at age 94+, TH 00-02 from −13 years at ages 16–38 to −3 at age 75+. Load-bearing for all nine products.

R24. INSEE — Données nationales : mortalité, espérance de vie#

Publisher: Institut national de la statistique et des études économiques
URL: https://www.insee.fr/fr/statistiques/8210111
Accessed: 2026-08-26
Fetched: yes (page publication date 15 July 2024)
Annotation: The only freely redistributable French mortality series, and therefore the actual data source behind every decrement CSV this library ships. Verified: the page offers, in Excel files from 24 KB to 451 KB plus a full zip archive, T69QMORT (quotients de mortalité pour 100 000 survivants à l’âge indiqué), T69SUR (survivors per 100 000 live births), T69ESP (espérance de vie par âge détaillé), T67 (mortality rates by sex and age group), T68 (triennial tables) and T70 (infant mortality); annual series run from 1946 for metropolitan France and 1994 for France as a whole, the triennial tables from 1977 and 1999 respectively R24. The page does not state licence or reuse conditions; standard INSEE open-data terms are assumed and that assumption is unverified — confirm before redistributing derived CSVs. The frlib decrement tables are **[std]** proxies built from this series and anchored so that each product’s best-estimate factor reproduces its own technical-notes placeholder exactly; TH 00-02 / TF 00-02 / TGH05 / TGF05 are cited by name and article R21 R22 R23 but never shipped.

R25. DREES — Études et Résultats n° 1327, February 2025 (APA over the retirement lifetime)#

Publisher: Direction de la recherche, des études, de l’évaluation et des statistiques; author Patrick Aubert (Institut des politiques publiques)
URL: https://drees.solidarites-sante.gouv.fr/sites/default/files/2025-02/ER%201327%20EDRAPA_MEL.pdf
Accessed: 2026-08-26
Fetched: yes (PDF downloaded, text extracted locally with PyMuPDF)
Annotation: The public incidence-and-duration study a French dependency model has to calibrate against, built on the 2016 échantillon interrégimes de retraités matched to 2017 APA/ASH individual records, on 2017 mortality and take-up conditions. Verified headline results: a retiree can expect 25.1 years of retirement, of which 2.4 years receiving the allocation personnalisée d’autonomie (9.6–10 % of the retirement period) — 3.3 years and 12 % for women, 1.4 years and 6 % for men; 57 % of retirees would receive APA at some point (69 % of women, 44 % of men), and separately 47 % of women and 29 % of men for APA at home, 46 % and 24 % in an institution. Among beneficiaries, expected APA duration is about 2.9 years for men at home and 3.2 years (women) / 2.3 years (men) in an institution. Mean age at entry into APA at home runs from 80.1 years for men in the lowest pension quintile to 86.0 years in the highest — a 5.9-year gradient overall, 7.5 years for home APA and 3.4 years among women. GIR is used throughout as the dependency scale (GIR 1 most dependent, GIR 6 most autonomous; GIR 1–4 confers entitlement) R25. Primary for dependance; longevity context for rente-viagere and per-assurance.

R26. CNSA — Les chiffres clés de l’aide à l’autonomie 2024#

Publisher: Caisse nationale de solidarité pour l’autonomie
URL: https://www.cnsa.fr/sites/default/files/2024-06/PUB-CNSA_Chiffres_cles_2024_Access-01.pdf
Accessed: 2026-08-26
Fetched: yes (28 pp., created 20 June 2024; PDF downloaded, text extracted locally with PyMuPDF)
Annotation: The public benefit scale and the GIR mix — the natural anchors for a dependency-rente benefit design. Verified: CNSA devotes €40.6 bn to aide à l’autonomie in 2024; at December 2022 there were 1.3 million APA beneficiaries, of which 794 000 at home and 542 500 in an institution, being 7.2 % of the 60-and-over population (estimated at 18.4 million). GIR distribution of APA beneficiaries in 2022 — at home: GIR 1 2 %, GIR 2 18 %, GIR 3 22 %, GIR 4 58 %; in an institution: GIR 1 13 %, GIR 2 44 %, GIR 3 19 %, GIR 4 24 %. Monthly APA-at-home ceilings for 2024: GIR 1 €1 955.60, GIR 2 €1 581.44, GIR 3 €1 143.09, GIR 4 €762.87. Entitlement is assessed on the grille AGGIR; only GIR 1–4 qualify; the amount depends on GIR, income and the cost of the care plan. Net aide sociale spending on older people was €8.2 bn in 2022 R26. Primary for dependance.

R28. Institut des actuaires — atelier technique “Assurance dépendance : état des lieux, solutions assurantielles et innovations pour le bien-vieillir” (24 November 2025)#

Publisher: Institut des actuaires (presenters A. Treilhou, S. Ayadi, A. Petit, V. Touzé)
URL: https://www.institutdesactuaires.com/global/gene/link.php?doc_id=20056&fg=1
Accessed: 2026-08-26
Fetched: yes (37-slide PDF downloaded, text extracted locally with PyMuPDF; chart-only values were not transcribed and are not cited)
Annotation: By some distance the densest public source available for French dependency insurance, and the only one that gives a real benefit design. Verified market, 2024: 2.4 million people insured against the dependency risk through insurance undertakings (−6.9 % on 2023), of which contracts where dependency is the principal guarantee represent 58 %; €618.1 m of premiums (−3 %), 88 % on principal-and-only guarantees; for those contracts the average annual premium is €472 individual and €106 collective, the average age at subscription is 64; €357.3 m of benefits paid (+6.3 %); €6.4 bn of provisions at 31 December 2024 (−1.9 %); 41 900 annuities in payment with an average monthly annuity of €583; 28 400 new contracts (−13.7 %). Across all bodies, 6.0 million people were insured in 2024 (56 % mutuelles, 40 % insurance undertakings, 4 % institutions de prévoyance). Verified product design (the OCIRP points-based collective contract, a real market design): contributions of 0.40 % to 1.50 % of the PMSS buy points de rente dépendance; a minimum guaranteed monthly annuity of €200 to €750 for total dependency (GIR 1–2) and 50 % of it, €100 to €375, for partial dependency (GIR 3); a 0.60 % PMSS compulsory base plus a 0.40 % PMSS option (€15.70/month in 2025) lifts the GIR 1–2 minimum by €200 to €500 and the GIR 3 minimum by €100 to €250. Verified claim definition: automatic recognition where APA is in payment for GIR 1–2; otherwise certification by the insurer’s medical officer, a state of dependency lasting more than three months, and inability to perform 2 or 3 of the 4 actes de la vie courante. Verified behaviour and pricing: continuation after leaving the employer without medical selection at the same tariff within six months, and no reduction value — the guarantee is maintained for life even if contributions stop; the valeur d’acquisition scale requires two series per age, mortality of the generation (healthy and future disabled) and future prevalence of disability in the generation, and is more sensitive to the technical rate the younger the insured; individual contracts show subscription ages 60–75, no medical selection and no guaranteed minimum annuity R28. No public French incidence table by age and GIR exists, so every frlib incidence rate is **[std]**, calibrated against the prevalence and duration figures here and in R25/R26.

4. Conduct, contract information and distribution#

R29. Code des assurances, arts. L. 132-5-1 and L. 132-5-2 — renonciation#

Publisher: Légifrance
URL: https://www.legifrance.gouv.fr/codes/article_lc/LEGIARTI000035731314 (L. 132-5-1); https://www.legifrance.gouv.fr/codes/article_lc/LEGIARTI000035731328 (L. 132-5-2)
Accessed: 2026-08-26
Fetched: yes (both in force since 1 April 2018)
Annotation: Verified. L. 132-5-1: any natural person who has signed a proposal or a life insurance or capitalisation contract may renounce by registered letter or registered electronic mail with acknowledgement of receipt within thirty full calendar days from the moment they are informed that the contract is concluded; the deadline expires at midnight on the last day and is not extended if it falls on a weekend or public holiday; the undertaking must repay all sums paid within thirty full calendar days of receipt of the notice, and unrepaid sums bear interest automatically at 1.5 × the legal rate for two months, then at twice the legal rate; the right does not apply to contracts with a maximum duration of two months. L. 132-5-2: before conclusion the insurer must hand over a note d’information, or the proposal/contract may itself serve as that note where it carries the encadré R30 at its head, and the document must include “un modèle de rédaction destiné à faciliter l’exercice de la faculté de renonciation”; the sanction for non-delivery is that the renunciation period runs to the thirtieth calendar day after actual delivery, capped at eight years from the date the subscriber is informed the contract is concluded R29. Load-bearing for the savings products, where a thirty-day unwind is a real first-duration lapse effect; assurance emprunteur follows the consumer-credit regime instead R35 R36.

R30. Code des assurances, arts. A. 132-4 and A. 132-8 — note d’information and the encadré#

Publisher: Légifrance
URL: https://www.legifrance.gouv.fr/codes/article_lc/LEGIARTI000046824912 (A. 132-4); https://www.legifrance.gouv.fr/codes/article_lc/LEGIARTI000031773778 (A. 132-8)
Accessed: 2026-08-26
Fetched: yes (A. 132-4 version 1 January 2023, modified by the arrêté du 22 décembre 2022; A. 132-8 version 1 January 2016)
Annotation: The two articles that decide what a French product document must disclose — and therefore what a reference product specification can legitimately claim to know. Verified: A. 132-4 and its annexe prescribe the note d’information in five blocks — (1) identification of contract and insurer; (2) contract characteristics, including the definition of the guarantees, duration, premium arrangements, “délai et modalités de renonciation au contrat”, claims procedure and specifics for life, unit-linked and group contracts; (3) guaranteed return and participation aux bénéfices, covering guaranteed interest rates and their duration, reduction, surrender and transfer values, and the method of calculating and allocating PB; (4) complaints handling and any mediation body; (5) reference to the SFCR where applicable. A. 132-8 prescribes the encadré at the head of the proposal, draft contract or notice, not exceeding one page, in eight sections in fixed order: (1) type of contract; (2) the guarantees with clause references, and for unit-linked a prominent statement that the amounts invested are not guaranteed and are subject to market fluctuations; (3) participation aux bénéfices and the applicable percentages; (4) surrender and transfer availability and the payment period; (5) fees in four categories — entry and premium charges, recurring annual charges, exit charges, and other charges — with maximum amounts or percentages; (6) recommended holding duration in prescribed wording; (7) beneficiary designation; (8) a closing disclaimer R30. Note what this does not do: it requires maxima to be disclosed, not levels to be capped. No statutory ceiling on any French life charge appears in the retrieved texts, which is why every charge level in an frlib model is **[std]**.

R31. Code des assurances, arts. L. 132-21, L. 132-22 and L. 132-23-1 — surrender, annual information, payment on death#

Publisher: Légifrance
URL: https://www.legifrance.gouv.fr/codes/article_lc/LEGIARTI000030461815 (L. 132-21); https://www.legifrance.gouv.fr/codes/article_lc/LEGIARTI000048252743 (L. 132-22); https://www.legifrance.gouv.fr/codes/article_lc/LEGIARTI000038611225 (L. 132-23-1)
Accessed: 2026-08-26
Fetched: yes (L. 132-21 version 1 January 2016; L. 132-22 version 24 October 2024; L. 132-23-1 version 24 May 2019)
Annotation: Verified. L. 132-21: the contract must state how the valeur de rachat, the valeur de transfert and the valeur de réduction are computed; reduction penalties may not be charged directly against the mathematical provision; the insurer may grant avances up to the surrender value; a requested surrender must be paid within two months at most, with late payment bearing interest at 1.5 × the legal rate for two months then twice the legal rate. L. 132-22: the annual statement must give the surrender value (or transfer value for professional retirement contracts), the reduction value where relevant, guaranteed capital amounts, the premium, “le rendement garanti et la participation aux bénéfices techniques et financiers”, the average guaranteed return and PB rates for comparable contracts open and closed to new business, the ESG dimension of the investment policy, the average asset yield for the contract category, and, for unit-linked, unit values and charges; the insurer must publish on its website within 90 business days of 31 December the average guaranteed returns, average charge rates, the average net return served to policyholders, tax and social-contribution rates and average PB rates, contract by contract, keeping the information online for at least five years; unit-linked and art. L. 134-1 information is updated at least quarterly, and a specific statement is due one month before a contract’s term. L. 132-23-1: on being notified of the death and having identified the beneficiary, the insurer has fifteen days to request the documents needed for payment and must pay within one month of receiving the complete file; overrun of the fifteen-day step triggers twice the legal rate for one month then three times, overrun of the payment deadline twice the legal rate for two months then three times, with the initial fifteen days counting toward that calculation; the insurer may not ask twice for the same document R31. The two-month surrender settlement and the death-payment clock are real timing items for a monthly model; the obseques revaluation between death and payment hangs off L. 132-23-1 R38.

R32. Devoir de conseil — Code des assurances art. L. 132-27-1 (abrogated) and Directive (UE) 2016/97 (DDA)#

Publisher: Légifrance
URL: https://www.legifrance.gouv.fr/codes/article_lc/LEGIARTI000020195154/2026-07-01 (L. 132-27-1); https://www.legifrance.gouv.fr/jorf/id/JORFTEXT000031967447 (Directive (UE) 2016/97, Légifrance landing page)
Accessed: 2026-08-26
Fetched: yes for the article (version 1 July 2010 – 1 October 2018, since abrogated); partial for the directive (Légifrance serves only a metadata landing page pointing to EUR-Lex, and EUR-Lex is blocked — see R1)
Annotation: Verified from the article: the pre-DDA French devoir de conseil required the insurer, before concluding an individual life contract with surrender values or a capitalisation contract, to specify the requirements and needs expressed by the subscriber, record their financial situation and objectives and the reasons motivating the advice given on a particular contract, and “s’enquiert auprès du souscripteur … de ses connaissances et de son expérience en matière financière”; where the customer withheld the information the insurer had to warn them before conclusion, and the advice had to be adapted to the complexity of the contract; it did not apply where an intermediary under art. L. 511-1 presented the contract. This abrogated text is retained here because it is what most French product literature still paraphrases. Verified from the Légifrance landing page for the DDA: entry into force 22 February 2016, transposition deadline 23 February 2018, repealing Directive 2002/92/CE with effect from 23 February 2018; France transposed by ordonnance n° 2018-361 du 16 mai 2018 and décret n° 2018-431 du 1er juin 2018, in force 1 October 2018 (some provisions 23 February 2019). The substantive DDA requirements — the definition of insurance distribution, the IPID, the demands-and-needs test, the appropriateness and suitability tests for insurance-based investment products, remuneration and conflicts of interest, and the Code des assurances Livre V articles L. 521-1 ff. and L. 522-1 ff. that replaced L. 132-27-1 — were never read and are all unverified. Conduct background across the advised-sale products; no cash flow consequence.

R33. PRIIPs — Règlement (UE) n° 1286/2014 and AMF Position-recommandation DOC-2011-05#

Publisher: European Parliament and Council (EUR-Lex); Autorité des marchés financiers
URL: https://eur-lex.europa.eu/legal-content/FR/TXT/?uri=CELEX%3A32014R1286 (PRIIPs); https://www.amf-france.org/sites/institutionnel/files/private/2023-02/DOC-2011-05_VF14_PRIIPs.pdf (AMF DOC-2011-05)
Accessed: 2026-08-26
Fetched: no for the regulation (EUR-Lex AWS WAF challenge, as R1); yes for the AMF document (PDF downloaded, 44 pp., “Document créé le 18 février 2011, modifié le 16 février 2023”)
Annotation: This is where the AMF’s shared conduct competence over unit-linked business actually bites: French UC supports are overwhelmingly wrapped around collective vehicles the AMF regulates, so the disclosure attaching to a unité de compte is governed by AMF doctrine as much as by insurance law. Verified from the AMF document: DOC-2011-05, Guide des documents réglementaires des OPC, cites as its reference texts article 78 of Directive 2009/65/CE, Regulation 583/2010, Règlement (UE) n° 1286/2014, Règlement délégué (UE) 2017/653 and articles 411-106 to 411-120 and 422-67 to 422-78 of the AMF General Regulation; it applies to OPCVM, general-purpose investment funds, private-equity funds, OPCI, funds of alternative funds, professional funds and employee-savings funds, and governs the DICI and the DIC (KID) for those vehicles — naming, investment objective and policy, risk and reward profile, charges, past performance, practical information and formula funds R33. The insurance-side PRIIPs mechanics — the SRI 1–7 summary risk indicator, the four performance scenarios, the RIY cost measure and the recommended holding period, all set by Règlement délégué (UE) 2017/653 — could not be read from a retrieved text and are unverified here. Primary for assurance-vie-uc; reaches the other savings products through their UC compartments.

5. Legislation and tax — retirement, borrower insurance, obsèques and the CGI#

R34. Loi PACTE art. 71 and Code monétaire et financier arts. L. 224-1 to L. 224-8 — the PER#

Publisher: Légifrance
URL: https://www.legifrance.gouv.fr/jorf/article_jo/JORFARTI000038496266 (loi n° 2019-486 du 22 mai 2019, art. 71); https://www.legifrance.gouv.fr/codes/article_lc/LEGIARTI000038507575 (CMF L. 224-1); https://www.legifrance.gouv.fr/codes/section_lc/LEGITEXT000006072026/LEGISCTA000038507459/2019-10-23/ (section L. 224-1 to L. 224-8)
Accessed: 2026-08-26
Fetched: yes, all three (L. 224-1 version 1 October 2019)
Annotation: The constitutive text of the French retirement savings plan, verified article by article. Art. 71 of the loi PACTE creates the plan d’épargne retraite (PER) as a new Chapitre IV of Livre II, Titre II of the CMF, in force at a date fixed by decree and no later than 1 January 2020. L. 224-1: a PER’s object is the acquisition and enjoyment of personal lifetime rights or the payment of a capital, payable from the liquidation of a compulsory old-age pension (or the statutory age); the plan must offer the possibility of acquiring a rente viagère at maturity, with a reversion option; the insurance version is operated through a contrat d’assurance de groupe. L. 224-2: three funding sources and therefore three compartments — voluntary payments; employer profit-sharing, incentive payments and employer contributions; compulsory employer/employee contributions. L. 224-3: investments must offer “sufficient protection of the savings invested”, and the default allocation progressively de-risks with proximity to retirement (gestion pilotée par horizon), the holder being free to choose another profile. L. 224-4: an exhaustive list of early release cases — death of the spouse or PACS partner, disability, over-indebtedness, exhaustion of unemployment benefit, judicial liquidation of the business, and purchase of the principal residence, the last not available from the compulsory compartment. L. 224-5: compulsory contributions convert to a lifetime annuity; other rights may be taken as a lump sum (single or staged) or as an annuity unless an irrevocable annuity election was made at opening. L. 224-6: rights are transferable to any other PER, with transfer fees capped at 1 % of acquired rights and waived after five years from the first payment or once the holder reaches retirement age; compulsory-contribution rights transfer only on leaving the employer; changing plan requires 18 months’ notice. L. 224-7: annual performance data gross and net of fees per investment R34. Primary for per-assurance; the annuity leg of a liquidated PER is the rente-viagere model.

R35. Loi n° 2022-270 du 28 février 2022 (loi Lemoine)#

Publisher: Légifrance (Journal officiel)
URL: https://www.legifrance.gouv.fr/jorf/id/JORFTEXT000045268729
Accessed: 2026-08-26
Fetched: yes
Annotation: The statute that rewrote French borrower insurance, verified article by article. Titre I — art. 1 replaces the twelve-month cancellation window with résiliation à tout moment, amending both the Code des assurances and the Code de la mutualité; art. 2 removes the “de groupe” restriction from the Code de la consommation substitution articles and requires any refusal to be explicit and to list all reasons and the missing information or guarantees; art. 3 imposes an annual notification of the cancellation right and its procedure, with administrative fines of €3 000 for individuals and €15 000 for legal persons, and requires loan offers to mention the right to cancel at any time after signature; art. 4 extends the cost disclosure to eight years; art. 5 sets a ten business day deadline to process a substitution request; art. 7 sets the sanctions framework; art. 8 fixes entry into force — 1 June 2022 for new loan offers and 1 September 2022 for contracts already in force. Titre II — art. 9 droit à l’oubli: insurers may not seek information about a cancer or hepatitis C beyond five years from the end of treatment; art. 10 removes the medical questionnaire where the insured share of the borrower’s loans is at most €200 000 and the loan matures before the borrower’s 60th birthday, effective 1 June 2022; art. 11 requires a report to Parliament after two years on the effect on risk pooling, tariffs and access R35. Primary for assurance-emprunteur, and the direct cause of the fall in aggravated-risk applications recorded at R37.

R36. Code de la consommation, arts. L. 313-8 and L. 313-30 — TAEA, fiche standardisée, substitution#

Publisher: Légifrance
URL: https://www.legifrance.gouv.fr/codes/article_lc/LEGIARTI000035731512 (L. 313-8); https://www.legifrance.gouv.fr/codes/article_lc/LEGIARTI000045271935 (L. 313-30)
Accessed: 2026-08-26
Fetched: yes (both version 1 June 2022)
Annotation: Verified. L. 313-8: any document given to the borrower about the loan insurance must state the cost in three ways — as a taux annuel effectif de l’assurance (TAEA) allowing comparison with the loan’s overall effective rate; as a total amount in euros over eight years and over the full loan term; and as an amount per payment period in euros, stating whether it is added to the loan instalment. The lender must at the same time hand over the fiche standardisée d’information referred to at art. L. 313-10, plus a notice explaining the right to cancel the insurance at any time after signature of the loan offer; the rules apply to loan offers issued from 1 June 2022 and to existing insurance contracts from 1 September 2022. L. 313-30: the lender may not refuse another insurance contract as security if it presents an equivalent level of guarantee to the one it proposes, and any refusal must be an explicit decision listing all the reasons and identifying the missing information and guarantees; the same rules apply when the borrower exercises the cancellation right under insurance law R36. The article as fetched does not itself carry the ten-working-day response deadline or a fee prohibition — those sit in loi Lemoine arts. 5 and 1 R35. Primary for assurance-emprunteur: the TAEA and the eight-year/full-term euro cost are exactly the quantities an ADE model has to be able to produce.

R37. France Assureurs — Statistiques Convention AERAS, année 2023 (November 2024)#

Publisher: France Assureurs (published as Fédération Française de l’Assurance)
URL: https://www.franceassureurs.fr/wp-content/uploads/aeras_dossier_stat_2023_csp_vf.pdf
Accessed: 2026-08-26
Fetched: yes (20-pp. PDF downloaded, text extracted locally with PyMuPDF; statistics stopped at 20 November 2024)
Annotation: The only public French document that puts a price on borrower insurance. Verified applications: 2.9 million loan-insurance applications assessed in 2023 for mortgage and professional credit (down 1.1 million on 2022, tracking a −41 % fall in new household housing credit); 90.0 % presented no aggravated health risk; 7.6 % (224 068) presented a risque aggravé de santé, after 9.6 % in 2022 and 12.1 % in 2021, the fall attributed to the loi Lemoine questionnaire removal and the five-year droit à l’oubli R35; excluding pending and abandoned files, an offer was made on 99.6 % of applications. Verified outcomes on aggravated risks: 94.5 % received an offer covering at least death (202 961 applications); excluding files sent to the very-high-risk pool, offers with no surprime and no exclusion ran at death 65 %, PTIA 87 %, incapacité-invalidité 51 %; death cover was offered with a surprime in 31 % of cases; 6 209 files went to the very-high-risk pool, of which 40.3 % received an offer. Verified premium pooling (écrêtement des surprimes): 18 569 borrowers benefited in 2023 for €4.6 m of capped premiums (€44.6 m cumulative since 2007, financed half by insurers and half by banks); average age 46.4; average insured capital €82 700, average intended term 18.1 years; and — the one public price point — the average insurance rate is 1.01 % of initial capital before écrêtement and 0.65 % after, a 36 % reduction. Verified market shape: €11.8 bn of premiums in 2023, 85 % (€9 987 m) on bank group contracts and 15 % (€1 824 m) on délégation d’assurance (22 % for mortgages alone); by loan type 67 % mortgage, 25 % consumer, 9 % professional; by guarantee 69 % death, 30 % incapacité-invalidité, 2 % unemployment R37. Two cautions: these are aggravated-risk lives, so the 1.01 %/0.65 % rates bound a standard rate from above rather than describing it, and no standard-risk rate table is public, so the frlib ADE premium rate is **[std]**. The AERAS convention’s own numeric thresholds — age limit, insured-capital ceiling, taux d’effort trigger — are not in this document and are unverified.

R38. Code général des collectivités territoriales, art. L. 2223-33-1 — funeral financing formulas#

Publisher: Légifrance
URL: https://www.legifrance.gouv.fr/codes/article_lc/LEGIARTI000027762422
Accessed: 2026-08-26
Fetched: yes (version 28 July 2013, inserted by loi n° 2013-672 du 26 juillet 2013, art. 73)
Annotation: One sentence of verified full text, and it is the whole difference between a French contrat obsèques and an ordinary small whole-of-life policy: “Les formules de financement d’obsèques prévoient expressément l’affectation à la réalisation des obsèques du souscripteur ou de l’adhérent, à concurrence de leur coût, du capital versé au bénéficiaire.” The capital paid to the beneficiary is earmarked, up to the cost of the funeral, for the subscriber’s funeral; anything above that cost falls back to the ordinary life-insurance rules R38. Read with art. L. 132-23-1 of the Code des assurances R31, which separately requires the death capital to be revalued between death and payment on terms the contract must state — the revaluation and the earmarking together are what an obseques model has to represent. Primary for obseques.

R39. Loi n° 2014-617 du 13 juin 2014 (loi Eckert) — inactive accounts and unclaimed life contracts#

Publisher: Légifrance (Journal officiel)
URL: https://www.legifrance.gouv.fr/jorf/id/JORFTEXT000029095362/
Accessed: 2026-08-26
Fetched: yes
Annotation: Verified: an account is inactive after 12 months without operation and without contact from the holder (5 years for savings and securities accounts), or, for a deceased holder, 12 months after death without contact from an heir; a life insurance contract is unclaimed where the benefit has not been claimed for 10 years after the insurer knew of the death or after the contract’s term; insurers must “consultent chaque année” the national register of natural persons (RNIPP) to identify deceased policyholders; balances and unclaimed proceeds transfer to the Caisse des dépôts et consignations after 10 years, within one month of the deadline, and become State property after 20 years at the CDC; revaluation of the death guarantee may not fall below a rate set by ministerial arrêté and continues until the deposit with the CDC. In force 1 January 2016 with limited exceptions R39. Background for every contract with a death benefit; most material to obseques, where small capitals and elderly beneficiaries make unclaimed proceeds and continued revaluation a live cash flow item.

R40. Code général des impôts, art. 125-0 A — taxation of life insurance products#

Publisher: Légifrance
URL: https://www.legifrance.gouv.fr/codes/article_lc/LEGIARTI000038836732/2019-10-01
Accessed: 2026-08-26
Fetched: yes (version 1 October 2019 – 1 January 2020)
Annotation: The single strongest driver of French partial-surrender timing, and therefore a behavioural assumption rather than a tax calculation as far as this library is concerned. Verified duration thresholds: six years for contracts taken out between 1 January 1983 and 31 December 1989, eight years for contracts from 1 January 1990. For contracts meeting the threshold an annual abattement applies to gains accrued from 1 January 1998 — €4 600 for a single, widowed or divorced taxpayer and €9 200 for a couple taxed jointly — applied first to products attached to premiums paid before 27 September 2017, then to products on premiums paid from that date where the art. 200 A option is not exercised. Verified withholding rates: for premiums paid up to 26 September 2017, 7.5 % at or beyond the 6/8-year threshold, 15 % for 4–6 years, 25 % for 2–4 years, 35–45 % under 2 years; for premiums paid from 27 September 2017, 12.8 % standard and 7.5 % at or beyond the threshold. Income tax exemptions apply where the contract terminates by conversion into an annuity, or on redundancy, early retirement or disability of the holder or spouse R40. The €150 000 total-premium threshold above which the 7.5 % rate ceases to apply to the excess is widely reported but was not confirmed in the fetched text — unverified. Social contributions are outside this article. Load-bearing for the surrender assumptions of the savings products; a model that puts no lapse spike at duration 8 has ignored it.

R41. Code général des impôts, arts. 990 I and 757 B — death benefits#

Publisher: Légifrance
URL: https://www.legifrance.gouv.fr/codes/article_lc/LEGIARTI000047288653 (990 I); https://www.legifrance.gouv.fr/codes/article_lc/LEGIARTI000006305367 (757 B)
Accessed: 2026-08-26
Fetched: yes (both version 11 March 2023)
Annotation: Verified. 990 I — the prélèvement on sums paid by insurers on death in respect of premiums paid before the insured’s 70th birthday: a fixed abattement of €152 500 per beneficiary across all contracts, then 20 % up to €700 000 of each beneficiary’s taxable share and 31.25 % above; a further 20 % proportional reduction applies to certain qualifying unit-linked contracts (entered into after 1 January 2014 or substantially modified by then, invested in collective vehicles, SME shares meeting employment and revenue thresholds, real-estate and social-housing funds, and venture/equity funds); annuities acquired “moyennant le versement de primes régulièrement échelonnées … pendant une durée d’au moins quinze ans” are excluded, and spouses and PACS partners are exempt via the arts. 795–796 inheritance exemptions. 757 B — sums payable on death in respect of premiums paid after the insured’s 70th birthday fall into the ordinary inheritance-tax scale by relationship, but only as to the premiums, after a single global abattement of €30 500 across all contracts on the same insured’s life; investment gains on those premiums are outside the charge. The PER carve-out is specific and load-bearing: for a plan d’épargne retraite and for the pan-European PEPP, the whole payout is taxable where death occurs after age 70 — the PER does not get the premiums-only treatment assurance vie gets R41. Shapes beneficiary-side behaviour and the relative attractiveness of pre-70 funding across the savings and protection products.

R42. Code général des impôts, art. 163 quatervicies — PER deductibility#

Publisher: Légifrance
URL: https://www.legifrance.gouv.fr/codes/article_lc/LEGIARTI000038836248
Accessed: 2026-08-26
Fetched: yes (version dated 21 February 2026)
Annotation: Verified: contributions to plans d’épargne retraite populaire, supplementary pension schemes and qualifying retirement contracts are deductible from net global income within an annual ceiling equal to the greater of 10 % of professional income capped at eight times the annual PASS, and 10 % of the PASS, less amounts already deducted under other retirement provisions; spouses and PACS partners filing jointly may on request pool their ceilings; a person newly resident in France gets a tripled first-year ceiling R42. One conflict is left standing rather than resolved: the fetched text reports that unused ceiling may be used in five following years, while the tax administration’s published guidance reports three — the carry-forward length is therefore unverified. The deduction is what makes PER inflows behave differently from assurance vie inflows (year-end contribution spikes, contribution levels keyed to the ceiling) and belongs in any PER premium-behaviour assumption.

6. Professional standards and accounting#

R43. Institut des actuaires — Norme de Pratique Actuarielle 1 (NPA 1), Pratiques actuarielles générales#

Publisher: Institut des actuaires
URL: https://www.institutdesactuaires.com/docs/2016133854_npa1-pratiques-actuarielles-ge-769-ne-769-rales-normes-de-pratique-recommande-769-e-ag-ia-150615.pdf
Accessed: 2026-08-26
Fetched: yes (16-pp. PDF downloaded, text extracted locally with PyMuPDF; the Institut’s normes-professionnelles index page returned HTTP 404, so this was reached by direct PDF URL)
Annotation: Verified: NPA 1 is a category 3 professional standard, i.e. a pratique recommandée. Under art. 28 of the Institut’s Statuts (June 2014), members “devraient normalement se conformer à la pratique recommandée sauf s’il y a des motifs valables et justifiables de ne pas le faire”, and a member who departs from it must be able to explain clearly why and to identify the material respects in which they departed. NPA 1 is the French translation of the IAA’s ISAP 1, approved 18 November 2012, and was adopted by the Institut des Actuaires on 15 June 2015; its sections cover assignment acceptance, knowledge of the environment, external sources, materiality, data quality, assumptions and methodologies (whether chosen by the actuary or imposed), reasonable judgement, vocabulary, cross-references and the effective date R43. The professional frame for the assumption-setting these models make explicit — background rather than operative, since a reference implementation is not an actuarial opinion.

R44. Institut des actuaires — Norme de Pratique Actuarielle 2 (NPA 2), Modèles actuariels#

Publisher: Institut des actuaires
URL: https://www.institutdesactuaires.com/docs/2016133917_npa2-mode-768-les-actuariels-norme-de-pratique-recommande-769-e-ag-ia-150615.pdf
Accessed: 2026-08-26
Fetched: yes (12-pp. PDF downloaded, text extracted locally with PyMuPDF)
Annotation: The standard this library sits under, and the reason its documents look the way they do. Verified: NPA 2 is likewise a category 3 pratique recommandée, adopted 15 June 2015 with effect from 1 January 2016, produced by the Institut’s actuarial-standards working group and not a translation of an ISAP. It “vise à s’appliquer à tout modèle actuariel, qu’il soit basé sur des logiciels externes ou des développements internes”, and its recommendations follow a principle of proportionality — read consistently with the size of the undertaking receiving the model, its resources and market presence, and with the stakes and complexity of the modeling. Its scope covers the critical processes of the actuarial function, including pricing and the technical studies attached to new products such as profitability studies R44. Directly load-bearing for all nine products: it is the standard against which a published model documentation, worked example and test suite are judged. Not retrieved and therefore unverified: NPA 3, NPA 4 (best-estimate provisions in non-life and life) and NPA 5 (data). NPA 4 would be the most directly relevant standard to this library and should be retrieved before this file is finalised.

R45. IFRS 17 Insurance Contracts#

Publisher: IFRS Foundation
URL: https://www.ifrs.org/issued-standards/list-of-standards/ifrs-17-insurance-contracts/
Accessed: 2026-08-26
Fetched: yes (standard landing page; the standard text itself was not read)
Annotation: Verified: IFRS 17 was issued May 2017 and is effective for annual reporting periods beginning on or after 1 January 2023 (earlier application permitted if IFRS 9 is also applied); it replaced IFRS 4 (2004), which had permitted “a wide variety of accounting practices for insurance contracts”. Under the general measurement model an entity measures a group of contracts as “a risk-adjusted present value of the future cash flows (the fulfilment cash flows)”, consistent with observable market information, plus “an amount representing the unearned profit in the group of contracts (the contractual service margin)”; the standard “includes an optional simplified measurement approach, or premium allocation approach, for simpler insurance contracts”; and insurance revenue, insurance service expenses and insurance finance income/expenses are presented separately R45. A variable fee approach exists for direct participating contracts but its mechanics are not set out on the fetched page and are unverified here — which matters, because the fonds en euros and eurocroissance are the archetypal direct-participating contracts. French listed insurers report on this basis from 2023 and there is no French carve-out.

7. Market context#

R46. France Assureurs — “L’assurance vie en 2025 : une collecte solide au service de l’économie française” (27 January 2026)#

Publisher: France Assureurs
URL: https://www.franceassureurs.fr/espace-presse/lassurance-vie-en-2025-une-collecte-solide-au-service-de-leconomie-francaise/
Accessed: 2026-08-26
Fetched: yes
Annotation: Verified 2025 market figures. Encours €2 107 bn at end-December 2025, +6.1 % (+€122 bn) year on year. Cotisations €192.1 bn, +10 % (+€17.1 bn), with December 2025 alone at €16.1 bn, the highest December on record (+17 %). Prestations €141.4 bn, −3 % (−€5.0 bn). Collecte nette +€50.6 bn, up €22.1 bn on 2024 and above €50 bn for the first time since 2010. Split of cotisations: UC 39 %, euro 61 % (46 % UC in December); net inflows UC +€42.5 bn, euro +€8.1 bn. PER assurantiels: €20.2 bn of payments in 2025 (+16 %), about 1 million new plans, 7.9 million holders at end-2025 (+1.0 million), encours €111.9 bn, net inflow +€11.0 bn (the last two figures from the companion chiffres-clés page, same publisher, same date) R46. Market context for the savings and retirement products; no per-insurer or per-contract figure is derivable from it.

R47. France Assureurs — “L’assurance vie en 2024” (chiffres clés, 23 September 2025)#

Publisher: France Assureurs
URL: https://www.franceassureurs.fr/nos-chiffres-cles/assurance-vie/lassurance-vie-en-2024/
Accessed: 2026-08-26
Fetched: yes
Annotation: Verified 2024 figures, and the one page on this list that yields a genuine model calibration point. Encours €1 985.8 bn (+3.9 %). Cotisations €174.9 bn (+14.7 %) — individual €160.0 bn (+16.4 %), collective €14.9 bn (−0.4 %); by support, euro €108.6 bn (+19.2 %) and UC €66.3 bn (+8.1 %). Provisions mathématiques €1 932.2 bn (+4.4 %), split €1 345.1 bn on euro supports (≈70 %) and €587.1 bn on UC (+10.3 %, ≈30 %). Prestations €146.4 bn (−3.1 %). Collecte nette €28.5 bn — UC +€33.2 bn, euro −€4.7 bn. And the calibration point: provision pour participation aux bénéfices €53.6 bn at end-2024, −11.1 % on end-2023 — roughly 4 % of euro-support provisions mathématiques, the most useful public anchor for a PPB buffer in a fonds en euros model R47. The page carries no average euro-fund revaluation rate; that number lives in the ACPR series R11, which — contrary to what this file previously recorded — was retrievable and has been read: 2.63 % in 2024 and 2.63 % in 2025 on individual contracts. The two sources agree on the PPB: €53.6 bn ≈ 4 % of euro-support provisions mathématiques here, 4.3 % of life provisions end-2024 falling to 4.0 % end-2025 at R11.

R48. France Assureurs — “L’assurance vie en unités de compte en 2025” (6 May 2026)#

Publisher: France Assureurs
URL: https://www.franceassureurs.fr/nos-chiffres-cles/assurance-vie/assurance-vie-unite-de-compte-2025/
Accessed: 2026-08-26
Fetched: yes
Annotation: Verified 2025 figures, including the two charge levels a unit-linked model actually needs. UC cotisations €75.1 bn, 39.1 % of all life premiums, +13.2 %; UC provisions mathématiques €666.4 bn, +13.5 %; net inflow €42.5 bn, “its highest historical level” (against €34.3 bn in 2022); UC-backed placements €684.5 bn, of which €567 bn financing enterprises (83 %) — €372 bn equities, €171 bn bonds, €24 bn real estate; performance of UC supports +5.5 % in 2025, “brute des frais des contrats en UC et nette des coûts récurrents des fonds”, with a five-year average of +4.9 % a year. Charges: recurring fund costs 1.60 % (down 2 bp on 2024) and contract charges on UC 0.88 % (stable) R48. These are market averages with real dispersion around them, not any insurer’s rate card — an frlib UC charge parameter cites this entry and still carries **[std]**.

R49. France Assureurs — chiffres clés landing page and the president’s 2025 market review#

Publisher: France Assureurs
URL: https://www.franceassureurs.fr/nos-chiffres-cles/lassurance-vie/; https://www.franceassureurs.fr/nos-positions/tribunes-de-notre-presidente/proteger-aujourdhui-construire-demain/ (25 March 2026)
Accessed: 2026-08-26
Fetched: yes for both
Annotation: Verified. Landing page: encours €2 088 bn at end-2025 — a slightly earlier vintage than the €2 107 bn of R46, from a different cut of the same series — UC cotisations €75.9 bn in 2025, +14.4 %, and monthly premium updates (€19.3 bn in June 2026, page last updated 30 July 2026). Commentary: “Près de 200 milliards d’euros de cotisations en 2025”, net inflows €51 bn, encours €2 107 bn; insurers hold about €2 800 bn invested in the economy, roughly 93 % of French GDP; 2025 natural-event claims €5.2 bn, of which hail €2.2 bn R49. Two disclosures. The €2 088 bn / €2 107 bn discrepancy is recorded and not reconciled — both are France Assureurs figures from different cuts. And neither page gives assurance emprunteur, obsèques or dépendance premium totals (for those see R37 and R28); in particular, a widely quoted 5.7 million active contrats obsèques in 2024 attributed to France Assureurs could not be sourced to a France Assureurs page here and is unverified. Background market sizing for all nine products.

The three measurement bases one projection feeds#

A French life insurer values the same book three times, and all three valuations consume the same per-policy projection of premiums, claims, expenses and discretionary benefits.

Solvabilité II technical provisions. Best estimate — the probability-weighted average of future cash flows discounted at the EIOPA risk-free term structure R5 — plus a risk margin, under the directive R1 and the delegated regulation R2 as described by EIOPA R4 and as transposed into the Code des assurances. Contract boundaries, the cost-of-capital rate and the standard-formula shocks were never read from a retrieved instrument, so every one of them is **[std]** in this library, and the SCR and MCR layers are cited-not-specified.

The Code des assurances statutory provision mathématique. The French GAAP comptes sociaux balance sheet does not disappear under Solvabilité II: both exist, side by side. The provision mathématique is the difference between the present values of the two parties’ commitments, including future management costs, and it sits alongside ten other named provisions R6, among them the PPB R6 R16, the PRE R7 and the PAF R8 R9. This is the balance sheet the participation aux bénéfices obligation actually operates on — the minimum PB R14 R15 and the eight-year PPB release R16 are computed on the statutory accounts, not on the Solvency II ones, which is precisely why a French model must carry a provision mathématique recursion as well as a best-estimate projection. The technical rate inside that recursion is capped by A. 132-1 R17 and any guaranteed uplift by A. 132-3 R18.

IFRS 17. Fulfilment cash flows — a risk-adjusted present value of future cash flows — plus a contractual service margin releasing profit over coverage, effective from 1 January 2023 with no French carve-out R45. The variable fee approach for direct-participating business, which is what a fonds en euros and a eurocroissance contract are, could not be read from a retrieved page and is unverified here.

What this library computes: none of the three. The frlib models publish gross best-estimate-style liability cash flows per model point, income-positive, undiscounted, on a declared grid. The discounting, the margins, the statutory provision recursion and the CSM layer belong to a layer above — which is the only honest way to serve three bases from one projection, and the reason every product document says so in its own scope note.