Groupama Gan Vie, a 3.32 million USD fine for unredeemed life insurance policies

The life insurance company Groupama Gan Vie has been fined 3 million EUR ( 3.32 million USD) for the delay in finding the beneficiaries of unredeemed life insurance contracts.

The French prudential control authority (ACPR) justifies this sanction by the non-compliance with the 2007 law requiring insurers to look for the beneficiaries of unclaimed life policies. Groupama is not the only penalized insurer.
Allianz vie and CNP Assurances have been fined respectively 55 million USD and 50 million USD.

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