Question 27066 — insurance

Summary

Ms. Bénédicte Peyrol alerts the Minister of the Economy and Finance to the lack of publication of the decrees provided for in Article L. 131-1-2 of the Insurance Code. Law No. 2019-486 of May 22, 2019 relating to the growth and transformation of businesses introduced, in article 72, the obligation, from January 1, 2020, for all new life insurance contracts expressed in units of account to refer to, at least, one unit “solidarity” account unit, a “socially responsible” unit of account or a unit of account intended to finance the energy and ecological transition. From January 1, 2022, each new contract must refer to each of these units of account and their proportions in the contracts must be communicated to subscribers prior to the conclusion of the life insurance contracts. In order to combat the risks greenwashing, article L131-1-2 of the insurance code, which codifies this obligation, provides that to satisfy it the “socially responsible” and “energy and ecological transition” units of account must have obtained a label recognized by the State according to terms defined by decree. Faced with the emergence of labels, sometimes self-proclaimed, within sustainable funds, the State and the regulator have a role major role to play in guaranteeing the quality and reliability of these funds for investors. This is the meaning of the European Commission's work on taxonomy and the definition of a European Euro-label. With its two labels, ISR and Greenfin, which saw a doubling of their assets in 2019, according to the latest Novethic data, France is a leader in this area, thus offering a reliable and credible for investors. However, to date, none of the decrees relating to article 72 of the PACTE law, that is to say neither decree no. 2019-1437 of December 23, 2019 relating to insurance or capitalization contracts comprising commitments giving rise to the constitution of a diversification provision and adapting the operation of various insurance products, nor decree no. 2019-1172 of November 14, 2019 promoting investment in the economy through the diffusion of investment capital, do not refer to the labels concerned by the obligation of article L131-1-2 of the insurance code. She therefore asks him if he intends to define, by decree, the labels concerned by the obligation provided for by article L. 131-1-2 of the insurance code in order to guarantee to each new subscriber of a unit-linked life insurance contract, the possibility of moving towards solidarity funds, socially responsible or financing the energy and ecological transition. Finally, she asks him to what extent the State intends to gradually update this list of labels, particularly with regard to the future Euro-label, to guarantee savers a demanding and quality offer.

Machine translation from French. The official text remains authoritative.

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1. 2 March 2020

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• Bénédicte Peyrol · auteur

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