Regulatory Alerts2010-09-07
MUT'EST Mutual Society Ordered to Cease Marketing by ACPR
The Prudential Control Authority (ACPR) issued a formal notice to the MUT'EST mutual society on August 26, 2010, requiring it to permanently cease marketing the 'PréVIEsion' contract and similar products. This order, effective October 1, 2010, was issued pursuant to Article L. 612-31 of the Monetary and Financial Code due to violations of Article L. 114-1 of the Mutual Code. The prohibited products are defined as contracts where the beneficiary is a legal entity rather than an individual.
Notice
By decision of August 26, 2010, taken by its Vice-President, the Prudential Control Authority has formally notified the MUT'EST mutual society, in accordance with the provisions of Article L. 612-31 of the Monetary and Financial Code, to permanently cease, as of October 1, 2010, the marketing of the "PréVIEsion" contract, as well as any other similar product, namely contracts where a legal entity is the beneficiary, contrary to the provisions of Article L. 114-1 of the Mutual Code.