The bill of socialist MP Christian Eckert, on life insurance contracts dormant and inactive bank accounts is debated Wednesday in the Chamber.

This is an issue that everyone is happy to close once and for all. The bill on the thorny issue of dormant bank accounts , but also unclaimed life insurance contracts is discussed Wednesday afternoon the National Assembly. It should “finally settle an abnormal situation” , said the general rapporteur of the Budget Christian Eckert (PS). According to the Court of Auditors, the assets in question would amount to more than 4 billion euros: 1.6 billion euros for bank accounts and 2.76 billion for life insurance contracts.

Very favorable insurers text

Providing new obligations for financial institutions from the beginning of 2016, the proposal is relatively consensus. All left is favorable, although the Left Front regrets the absence of sanctions, and intends to vote for the UMP. Insurers and bankers accused of letting them sleep these unclaimed assets are also not unhappy to set a very damaging in terms of image file.

Meet deadlines

The purpose of the bill is twofold: to respect the rights of investors by ensuring greater transparency and a return of the sums due to them, but also ensure that the funds anyway unclaimed property are returned to the State.

The challenge text is strictly define the contracts concerned. Are considered “dormant” bank accounts inactive for more than two or ten years depending on the case, and contracts of life insurance unclaimed for more than ten years after the date of taking cognizance of the death of the client. It is expected that the amounts are abandoned then transferred to the (CDC) and the State if unclaimed or inactivity lasts for over 30 years.

The proposal also provides enhanced due diligence for banks and insurance companies: annual census for the first inactive accounts, and more assiduous research insureds or beneficiaries of contracts for seconds. Before each step, it is planned to inform subscribers or assigns. The Commission and resolution (ACPR) is responsible for ensuring compliance with these rules or to impose sanctions.