France is one of the most developed countries in Europe and in the world with respect to the financial sector. Among the many branches of the financial industry, the insurance and reinsurance stands out, considering the large number of French insurance companies which provide services on a global level, in 2014 France having the 5th largest insurance market in the world.
The main laws governing the insurance sector in France are the Insurance Code which was last amended in 2014 and the Civil Law. Our company formation consultants in France can offer information on the Insurance Code.
The insurance market ensures one of the largest portions of the financial industry in France and the mandatory requirements for having certain insurance policies has transformed this sector into one of the most prolific. Foreign investors interested in starting a business in the insurance and reinsurance sector in France can operate as:
No matter the form one chooses, a company operating in the French insurance industry must register with the Trade Register and take the form of a joint stock company or European company.
After choosing the right type of company, the business owner must draft the incorporation documents which must state the insurance and/or reinsurance activities to be undertaken by the company and file them together with other supporting documents with the Trade Register.
After the company is registered, it must obtain the approval of the insurance supervisory and regulatory authority (ACPR) in France. As for the types of policies a company in the insurance sector can offer, these can be divided into life and non-life insurance policies.
Foreign insurance companies are also allowed to offer their services in France through branch offices.
For full information on the regulations imposed by the ACPR to insurance and reinsurance companies, please feel free to contact us. Our French company formation agents can also assist with the registration procedure of companies in the insurance sector.