Insurance laws French Polynesia (France)
French Polynesia, as an overseas collectively of France, adheres to the same insurance laws and regulations as mainland France. The primary legal framework governing insurance activities is the Code des assurances (Insurance Code), which applies uniformly across all French territories.
Regulatory Authority
The Autorité de Contrôle Prudentiel et de Résolution (ACPR) is the central regulatory authority overseeing the insurance sector in France, including its overseas regions like French Polynesi. The ACPR ensures the stability of the financial system and the protection of policyholders by supervising insurance companies, enforcing compliance with regulations, and addressing issues related to solvency and conduct.
🏛️ Local Oversight in French Polynesian
In addition to the ACPR, French Polynesia has its own regulatory body: the **French Polynesia Financial Services Authority (FPFSA)* Established by the FPFSA Act No. 33 of 2011, the FPFSA is responsible for supervising and regulating non-bank financial entities within the territoy While the FPFSA oversees various financial services, including insurance, it operates within the framework set by French national laws and regulations.
📄 Insurance Framework
The insurance framework in French Polynesia aligns with the broader French system, encompassing:
*General Insurance: Covers property, liability, and casualty insurance.
*Life Insurance: Includes life, health, and pension-related products.
*Compulsory Insurance: Certain types of insurance, such as vehicle liability insurance, are mandatory.
Insurance companies operating in French Polynesia must comply with the same solvency and capital requirements as those in mainland France, as stipulated by the APR.
🧾 Consumer Protection
Consumer protection is a cornerstone of the French insurance regulatory framework. Policyholders in French Polynesia benefit from the same protections as those in mainland France, including:
Transparency: Insurers e required to provide clear and comprehensible information about insurance products, terms, and conditions.
Claims Handlin: regulations ensure that claims are processed fairly and promptly.
Dispute Resolution: Mechanisms are in place for resolving disputes between insurers and policyholders, including access to mediation and legal recourse.
🌐 International Insurance Companies
French Polynesia also permits the establishment of international insurance companies under the International Insurance c. These companies can operate in various classes, including:
Class I - Unrestricted: Insurers can carry on any international insurance business, including long-term insurance.
Class II - General: Insurers can carry on general but not long-term international insurance business.
Class III - Association: Insurers can carry on general and long-term international insurance business with two or more owners of the insurer and/or their affiliates.
Class IV - Group: Insurers can carry on general and/or long-term international insurance business with one owner, its affiliates, and employees.
Class V - Singe: Insurers may carry on international insurance business with the sole owner of the insurer, in the case of a company, or with the beneficial owners of the insurer, in the case of a rush
Each class has specific capital requirements and operational guidelines. The application process involves submitting various documents, including financial statements and business plans, and typically takes 4–6 weeks.
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