Escheat: the French insurer Mutex sanctioned

The ACPR has imposed a censure and an 8 million EUR (8.75 million USD) fine on the French insurance company Mutex, specialized in group and individual benefits, pension plans and health.

The decision came after the company failed to comply with the law on escheated contracts (unknown beneficiaries).

The ACPR also sanctioned BNP Paribas Cardif, CNP Assurances, Groupama Gan Vie and Allianz France between 2014 and 2015 for the same reasons.