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

• Administrative penalties cannot be covered by insurance.    
• Scam alert: fraudsters are impersonating the Banque de France.
• Employee savings and group retirement plans reach record levels in 2024
• CNIL unveils its 2025 support program for professionals.
• ACPR publishes a study on the life insurance market in 2025.
• The AMF reminds us of the obligations of FIAs using referral platforms.
• ACPR organizes a webinar on the European anti-money laundering reform.
• AMF International Seminar 2025: key issues for financial market regulators.
• Bill to simplify economic life: MPs vote on a series of amendments concerning insurance.

Administrative penalties cannot be covered by insurance

March 18, 2025

In a press releasethe Autorité de contrôle prudentiel et de résolution ("ACPR") reminds us that no financial penalty imposed by an administrative authority can be assumed by an insurer.

This principle, based on respect for public order, is designed to ensure that penalties remain personal and dissuasive. Any contractual clause providing for such coverage would therefore be deemed null and void.

Scam alert: crooks impersonating the Banque de France

March 24, 2025

The Banque de France warns of fraudulent calls and SMS messages claiming to come from its services. The scammers encourage their victims to cancel false transactions by logging on to their bank account, leading them to validate transactions in their favor.

The Banque de France reminds you that it never asks for bank details or the validation of transactions. If you suspect fraud, we recommend that you contact your bank and report the scam to the appropriate authorities.

DORA: ACPR clarifies new obligations for financial entities

March 25, 2025

The Autorité de contrôle prudentiel et de résolution ("ACPR") has updated its frequently asked questions (FAQ) to clarify the implementation of the Digital Operational Resilience Act ("DORA"). This text aims to strengthen the digital resilience of the financial sector in the face of cyber threats and technological incidents.

In this new publication, the ACPR details several key aspects of the obligations incumbent on entities, including:

- Information register delivery procedures.

- Intrusion testing.

- The scope of the regulations.

Group contracts: any changes made by the insurer to a group insurance contract must be sent to the policyholder on a durable medium, failing which they will be unenforceable.

March 31, 2025

In a new case published in March 2025the Médiateur de l'assurance reminds us that any change in cover under a group insurance contract must be transmitted on a durable medium, failing which it cannot be enforced against the policyholder.

In this case, a policyholder was refused coverage for sick leave because of a change in coverage that required hospitalization. However, the insurer had only informed him of this change by sending him a letter inviting him to download a new information leaflet, with no direct link to his secure personal space.

The Mediation officer considered that this information was not sufficiently explicit or accessible, and invited the insurer to re-examine the case according to the initial conditions of the contract. He recommends that insurers clearly draw policyholders' attention to any reduction in cover, and ensure that modifications are directly accessible, without requiring any active action on their part.

Employee savings and group retirement plans reach record levels in 2024

March 14, 2025

According to the annual survey by the AFG (Association Française de la Gestion d'actifs - French Asset Management Association), employee savings and company pension schemes reached an all-time high of 200 billion euros in 2024, up 6.5% year-on-year. This increase is due to a rise in the number of beneficiaries, growth in diversified funds, particularly in equities, and a 15% rise in group retirement savings outstandings, reflecting savers' strong attraction to long-term investment.

CNIL unveils its 2025 support program for professionals

March 27, 2025

The Commission nationale de l'informatique et des libertés ("CNIL") continues its commitment to RGPD compliance by publishing its work program for 2025. It focuses on supporting professionals via practical tools and recommendations tailored to various business sectors.

In 2025, the CNIL will continue its clarification work to help professionals reconcile innovation and respect for people's rights for an innovative and responsible development of their AI systems.

ACPR publishes a study on the life insurance market in 2024

March 27, 2025

A study published this week by the Autorité de contrôle prudentiel et de résolution ("ACPR") confirms the positive momentum of the life insurance market in 2024. Net inflows reached 22.8 billion euros, a record since 2011, driven by high premiums and lower surrenders.

Unit-linked products remain in the majority with +25.5 billion euros, while euro-denominated funds, although improving, still posted negative net inflows of -2.7 billion euros. The study also highlights the predominance of bancassurers, who recorded net inflows of +24.6 billion euros, compared with -1.8 billion euros for other players.

Retirement savings also grew, thanks in particular to PERs, with net inflows of 11.2 billion euros.

The ACPR points out that the increase in the rate of return on euro-denominated funds and the decline in other investments have boosted the attractiveness of life insurance in 2024.

AMF reminds FIAs using referral platforms of their obligations

March 25, 2025

In a publicationThe Autorité des marchés financiers ("AMF") warns financial investment advisors ("FIAs") of their professional obligations when using financial product listing platforms. A recent AMF study reveals that these platforms, although regulated, do not relieve FIAs of their responsibilities.

FIAs must ensure that the information provided to their customers remains clear and transparent, particularly with regard to their links with these platforms. They must also carry out in-depth analyses of referenced products before advising them, in order to meet their obligations in terms of competence and diligence.

ACPR organizes a webinar on European anti-money laundering reform on April 09, 2025

April 9, 2025

As part of the new European regulatory package on the fight against money laundering and terrorist financing (AML package), the Autorité de contrôle prudentiel et de résolution ("ACPR") is organizing a webinar on Wednesday April 09, 2025 from 11am to 12pm. This event will present the work in progress and the public consultation conducted by the European Banking Authority ("EBA").

The aim is to support institutions in the face of regulatory changes, particularly in terms of risk assessment, supervision and sanctions. A public hearing will be held on April 10, and the public consultation will close on June 06, 2025.

AMF International Seminar 2025: key issues for financial market regulators

March 28, 2025

The Autorité des marchés financiers ("AMF") 2025 international seminar came to a close on March 20, after ten days of discussions attended by over 950 regulators from around the world. Financial stability, artificial intelligence, data quality and financial education were at the heart of the discussions.

AMF Chairman Marie-Anne Barbat-Layani stressed the importance of investor education and harmonized supervision across Europe. Discussions also focused on non-bank finance, the regulation of crypto-assets and the risks associated with private finance. The seminar underlined the need for greater cooperation between regulators in the face of emerging challenges.

Bill to simplify economic life: MPs vote on a series of amendments concerning insurance

March 28, 2025

Adopted by the Senate on first reading, the bill to simplify economic life is now being examined by the French National Assembly.

On March 25, members of parliament met in a special commission and voted on a series of amendments concerning insurance, the two most important of which are described below:

More transparency for affinity :

It would be compulsory to send an annual notice summarizing the purpose, cost and cancellation terms.

Senate calls for longer compensation periods

The compensation deadlines shortened by the Senate would be reinstated at 6 months in the case of property damage for procedures with expert appraisal and, without expert appraisal, at 2 months, compared with only one month sought by the Senate.

In the same spirit, an amendment has been tabled to remove the Senate's restriction on the time allowed for the insurer to appoint a repairer or pay compensation, leaving it to the regulators to determine the terms and conditions.

All these amendments are can be consulted on the National Assembly website.

The amended bill will be examined in public session from April 8.

Very good week.