Segregation of assets

Article 117 (Segregation of assets)

1. If the premiums paid to the intermediary and the amounts to be used for the payment of claims or due by insurance undertakings are managed through the intermediary they shall be kept in a segregated account whose holder may also be the intermediary expressly as such, and shall represent independent assets from those of the intermediary.

2. No actions, seizure or distraint of the segregated account may be carried out by creditors other than policyholders and insurance undertakings. Actions by their creditors are allowed, up to the limits of the amount owed to the single policyholder or the single insurance undertaking respectively.

3. Statutory and judicial offsetting shall not apply to the segregate account, neither shall contractual offsetting of the claims of the depositary on the intermediary.

3-bis. The intermediaries referred to in article 109 (2 a, b and d) who can permanently prove, by means of a bank guarantee, that their financial capacity is equal to 4% of the premiums collected, with a minimum 15,000 euros, shall be exempted from the obligations.