Brokerage reform in France

reformOn 1 April 2021, the French Parliament definitively adopted the insurance and banking brokerage reform bill.

The reform provides, among other things, for the creation of professional associations, approved by the authority of prudential supervision and resolution (ACPR), to which brokers are required to belong.

The associations will be in charge of monitoring and supporting insurance and banking brokers. However, they will be able to refuse a broker's membership if they do not meet a certain number of requirements.

The text also deals with telephone canvassing for insurance contracts through implementing an obligation to keep phone records for two years.

Such amendments, aimed at the 56 000 professionals in the insurance and banking sector, are intended to put an end to a series of shortcomings noted in recent years.

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