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

• The French Constitutional Council gives the green light to the Social Security Financing Act 2025  
• Audioprostheses: a bill to create a national order to combat fraud
• Cyclone Garance: CCR estimates damage could reach €200M
• A Senate commission of inquiry is looking into financial delinquency and economic crime.
• Tougher rules on cold calling adopted on first reading by the French National Assembly

Green light from the Constitutional Council for the Social Security Financing Act 2025

February 28, 2025

The French Constitutional Council has validated almost all of the Social Security Financing Act (" LFSS ") for 2025, despite the censure of 14 articles deemed outside the scope of the law. Promulgated on February 28, the law is immediately applicable, albeit exceptionally late this year.

The text forecasts a Social Security deficit of 22 billion euros in 2025, up from 18.2 billion euros in 2024. It also provides for an increase in resources for healthcare and medical-social establishments, with a 3.4% rise in the national health insurance expenditure target, bringing its budget to almost 266 billion euros.

Audioprostheses: bill to create a national order to combat fraud

February 18, 2025

Faced with rising fraud in the hearing aid sector, a draft law to create a National Order of Hearing Aid Practitioners has been submitted to the French National Assembly.

The aim is twofold: to clean up the profession by strengthening regulation, and to guarantee better supervision of practices. In particular, the Order would be tasked with ensuring the quality of care, keeping an up-to-date register of authorized professionals and punishing fraud.

The sector has been particularly exposed to abuses since the introduction of the 100% healthcare reform, which has led to an explosion in claims and a resurgence in fraud.

Cyclone Garance: damage estimated at up to 200 million euros

March 5, 2025

In a press releasethe Caisse Centrale de Réassurance (" CCR ") estimates the cost of damage caused by cyclone Garance on La Réunion at between 160 and 200 million euros under the natural catastrophe system. With 16,000 claims reported, this estimate could change as new data is integrated.

Garance could become one of Réunion's most costly cyclones, surpassing Belal in 2024 (100 million euros in damage) and approaching the levels reached by Dina in 2002 (169 million euros).

The Senate investigates financial and economic crime

March 2025

Since the end of January, a Senate committee of inquiry has been assessing the effectiveness of the French system for combating financial delinquency, organized crime and circumvention of international sanctions. An ambitious scope for major issues of economic ethics and security.

The commission highlights the growing importance of criminal financial flows and their impact on the economy. One year on from its investigation into drug trafficking, the Senate is continuing its work on financial security, and is expected to put forward proposals for regulatory changes, notably concerning international sanctions and the coordination of the relevant services.

The hearings began with the main regulators involved in the fight against money laundering and the financing of terrorism, such as ACPR, Tracfin and the Customs Department. Videos of the hearings can be viewed on the Senate website..

The National Assembly has adopted on first reading, with amendments, the proposed law for consensual telephone canvassing and enhanced consumer protection against abuse.

March 6, 2025

The French National Assembly has adopted on first reading a proposed law aimed at tightening the rules on telephone canvassing. This reform aligns the regime for telephone canvassing with that for e-mails and SMS messages: from January 1, 2026, professionals will be required to obtain prior consent from consumers before making any commercial call.

Members of parliament have strengthened penalties for abuse of weakness and banned canvassing in new sectors.

Finally, the law facilitates cooperation between supervisory authorities to better combat abusive canvassing and fraud.

The text must now be examined by the Senate on second reading.

Very good week.