Hello everyone, your insurance, banking and finance press review this week.

• France slips back in global Corruption Perceptions Index rankings  
• Cour de cassation: the insurer cannot invoke a clause not brought to the attention of the policyholder
• Bruna Szego takes office as first Chair of the European Anti-Money Laundering Authority
• The next "Matinée de la protection des clientèles" organized by the ACPR will be held on March 14.

Corruption Perceptions Index 2024: France takes a step backwards

February 2025

The Corruption Perceptions Index (" CPI ") 2024, published by Transparency International, paints a worrying picture of the global situation. With a stagnant global average of 43 out of 100, corruption remains a major problem, affecting 85% of the world's population. Denmark retains first place with a score of 90, while South Sudan closes the ranking with a score of 8.

One of the highlights of this edition is the sharp drop in France's ranking, from ^20th to ^25th place, with a score of 67, down four points. This decline is attributed to the growing influence of consulting firms and lobbies in an unstable economic and political context. Transparency is calling for structural reforms, including a strengthening of the Parquet National Financier and greater transparency in the interactions between politicians and influential groups.

More broadly, the IPC 2024 is a reminder that the fight against corruption is essential to global economic and political stability. The full ranking and detailed analyses are available on the Transparency International website..

The insurer may not invoke a clause that has not been brought to the attention of the member.

January 23, 2025

In a ruling dated January 23, 2025 (no. 23-16.292)the French Supreme Court reiterates a fundamental principle in insurance: an insurer cannot hold a policyholder liable for a clause in a contract that has not been communicated to him in advance.

The case concerned a woman who had taken out a life insurance policy that included death benefits. On her death, the insurer refused to pay the capital to the designated beneficiary, her brother, on the grounds that he had not provided certain documents required by the policy. Dismissed at first instance and on appeal, the beneficiary appealed to the Court of Cassation.

The Cour de cassation censured the appeal decision, pointing out that the insurer had to prove that the clause in question had been brought to the attention of the policyholder, in accordance with article L. 141-4 of the French Insurance Code. In the absence of such proof, the insurer could not require the beneficiary to comply with formalities that were not clearly stipulated.

Bruna Szego takes office as first Chair of the European Anti-Money Laundering Authority

February 17, 2025

This Monday, February 17, 2025 marks a key milestone for the Anti-Money Laundering Authority ("AMLA") with the inauguration of Bruna Szego as the institution's first president.

Under his leadership, AMLA aims to structure and consolidate the European supervisory community in the fight against money laundering and the financing of terrorism, notably in cooperation with financial intelligence units. This appointment comes against a backdrop of tightening regulations and increased European efforts to combat illicit financial flows.

Read the AMLA press release.

Customer protection morning: March 14 in Paris

February 12, 2025

The next Matinée de la protection des clientèles des banques et des assurances will be held on Friday March 14, 2025 at the Maison du Barreau in Paris. Organized by the Autorité de contrôle prudentiel et de résolution (" ACPR "), this event aims to take stock of current consumer protection issues.

Jean-Paul Faugère, Vice-Chairman of the ACPR, will open the morning session, which will be punctuated by a number of presentations on key industry topics. These will include an analysis of the customer's interest in non-life insurance products, illustrated by lessons learned from recent inspections, a review of the marketing of funeral contracts, and a presentation of the recommendation on the duty to provide insurance advice.

Very good week.