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French Life Insurance Contract Transformations

Analysis of the "Fourgous" amendment in French life insurance law, focusing on contract transformations and tax implications.

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French

France

FranceInvestmentFinanceRegulationLawInsurance

Nortia

Philippe Parguey

How has the "Fourgous" amendment evolved over time?: The 2014 and 2019 updates extended this possibility to contracts with euro-growth funds and all contracts within the same company, respectively, simplifying the process of upgrading older, less efficient policies.
Is the insurer obligated to facilitate contract transformations under the law?: The law allows for contract transformation, but it doesn't force insurers to do it; insurers define the transfer conditions. Annual client notification about this possibility and transfer conditions is required.
What are the practical challenges in utilizing the contract transformation option?: While theoretically cost-free to switch within the same insurer, the implementation varies; not all insurers readily facilitate this process, and the client might encounter obstacles.
What was the initial impact of the "Fourgous" amendment on the life insurance market?: The "Fourgous" amendment, part of the 2005 Breton law, initially allowed transforming single-support life insurance contracts into multi-support contracts without tax penalties, provided at least 20% of savings were invested in units of account.
What are the tax implications of switching life insurance contracts between different companies?: Switching insurers necessitates withdrawing funds from the old contract, potentially triggering tax implications based on the contract's opening date, premium payment dates, and the amount involved.

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