The Insurance Mediation Directive has been fully transposed into French law. The transposition was carried out via a law passed on 15 December 2005 which was completed by an application decree of 30 August 2006 and a ministerial order of 3 November 2006. The decree specifies the applicable systems to be applied to insurance mediation activities. The ministerial order gives more information on the contents of the registration procedure and the amount of financial guarantee required.
The new law adds articles to the French Insurance Code and requires any insurance or reinsurance intermediary to be registered on a national registry, in addition to ensuring that customers are provided with adequate information on products before the conclusion of the contract. (The registry is due to be operational by 31 January 2007.)
Registration allows for the issue of the European passport to enable cross-border intermediation activities. In France, the body which will maintain the registry and will be in charge of registration is called ORIAS (Organisme pour le Registre des Intérmediaries d’Asssurance).
Insurance intermediaries have three months to comply with the provisions and register with ORIAS.