CNP Assurances, 50 million USD fine for unredeemed life insurances

CNP Assurances has been fined 50 million USD for the delay to find the rightholders of unredeemed life insurance contracts.

The French prudential control authority (ACPR), that judged "the reaction [of CNP] highly inadequate", justified the severity of the penalty by the high level of the sums wrongfully kept by the insurer.

CNP Assurances, that noted the ACPR's decision, specified that the processing of the files concerned, now under a 60-person team, should be definitely closed the 31^st December 2015. The French life insurance leader also informed that it did not "obtain any benefit from unredeemed capital", which was supported by ACPR's conclusions.