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Life insurance policy

Financial investment enabling the policyholder to save money with a view to passing it on to a beneficiary when an event directly involving the insured person occurs: either s/he dies or s/he survives. This savings product enables the policyholder to earn interest on his/her policy depending on the capital invested. 

If the policyholder survives, s/he remains the beneficiary and holder of the funds and is free to recover the capital and interests.

If the policyholder dies, the policy is wound up and the capital and interest transferred to the beneficiary(ies) of his/her choice (children, spouse, live-in partner, siblings, etc.).

Unclaimed life insurance policy

Life insurance policy whose capital has not been paid out upon expiry of the term fixed in the policy or upon the death of the insured person.

Unclaimed life insurance policy

Life insurance policy which has expired and whose capital has not been claimed by the policyholder or the beneficiaries. Or, in the event of the policyholder's death, the life insurance policy is declared "unclaimed" when the insurance company learns of the date on which the policyholder died.

When the insurance company declares a policy "unclaimed", it must make active efforts to track down the beneficiaries.

Endowment policy

An endowment policy is a savings product. It makes it possible to capitalise on a sum or sums paid by an investor within a contract which may then be invested in various other schemes. Over the life of the endowment contract, the investor may withdraw all or part of his funds which otherwise are paid out to him when the contract expires, either in the form of an endowment which represents the amount invested increased by the capitalised interest, or else in the form of an annuity paid during his lifetime.

Thirty-year forfeiture period

As part of the "Eckert" Act of 13 June 2014, this is the 30-year timeframe at the end of which unclaimed sums will be handed irreversibly over to the State. This 30-year timeframe encompasses both the period during which the sums are kept by the financial institution (bank, insurance company or employee savings body) and by Caisse des Dépôts.

Before the "Eckert Act" entered into force and through 2016, financial institutions directly transferred their unclaimed sums that had lain dormant for 30 years to the State.

Claimant

Any person submitting a request or claim to Caisse des Dépôts via Ciclade.fr.

N.B.:  during his/her search on Ciclade.fr, the claimant must enter the name of the person who held the account or life insurance policy being tracked down.

Time deposit

See "time deposit account".

Expiry

Date on which the life insurance policy ends. This date is set by the policy signed between the insurance company and the insured person.

Investment firm

Legal entity, other than a credit institution whose main and usual line of business entails providing an investment service.

Employee savings

Collective savings scheme set up within certain companies. The principle entails paying each employee a share of the company's earnings (profit-sharing incentive) or its profits (participation bonus). The sums attributed are deposited in a company savings scheme (PEE). They may also be paid directly to the employee if requested by the latter.

On Ciclade.fr it is possible to search for a dormant company savings scheme (PEE). Profit-sharing incentives and participation bonuses which have not been paid into a company savings scheme and were deposited at Caisse des Dépôts before 2016 do not come within the scope of the Eckert Act. This means that they cannot be accessed from this website. To find out more, have a look at http://consignations.caissedesdepots.fr/participation-des-salaries.html.

Personal account

On Ciclade.fr, a password-protected space where a claimant whose initial search has yielded results can continue his or her claim. S/he then enters the information required and attaches the documents supporting the account or policy being sought as well as his/her identity. Once his/her claim has been submitted, it is processed by a Caisse des Dépôts operator. All of this data is compared with the information forwarded by the financial institutions to Caisse des Dépôts. If the claimant is identified as a legitimate beneficiary of the sums s/he is claiming, they will be returned to him/her.

Financial institution

Entity subject to the law on dormant bank accounts and unclaimed life insurance policies, particularly the requirement to transfer unclaimed sums to Caisse des Dépôts: banks, insurance companies and employee savings bodies.

Credit institution

Credit institutions cover several types of entities accredited by the ACPR (the authority responsible for supervising the banking and insurance sectors in France), notably banks, but also specialist credit institutions which are primarily authorised to receive repayable funds from the public and grant credits.

Payment institution

Institutions other than credit institutions and e-money institutions accredited by the ACPR (the authority responsible for supervising the banking and insurance sectors in France) to provide payment services (e.g. institutions that enable customers to send money overseas).

Account-holding institution

See "employee savings body".

Flows

Under the "Eckert" Act of 13 June 2014, sums from dormant accounts and unclaimed life insurance policies which, after reaching the statutory dormancy periods, are transferred to Caisse des Dépôts by the financial institutions (monthly for life insurance policies and quarterly for accounts).

Financial instrument

See "security".

Profit-sharing incentive

A profit-sharing incentive is a bonus whose amount and payment conditions are set out in the profit-sharing incentive agreement. Out of principle, it is deposited in a company savings scheme (PEE) which, under the "Eckert" Act of 13 June 2014, can become dormant and any sums transferred to Caisse des Dépôts.

Livret A

Savings account whose funds can be accessed at any time. The interest is exempt from income tax and social security contributions.

Bankbook

See "passbook savings account".

Livret de développement durable (LDD)

Formerly called "compte pour le développement industriel" (Codévi), the LDD is a regulated savings account, exempt from tax and social security contributions, which can be opened by any adult domiciled in France. The sums deposited in LDD accounts are mainly used to help finance programmes of social benefit or in connection with sustainable development, such as projects aimed at saving energy.

Passbook savings account

Passbook savings accounts can be opened in banks for depositing cash over the short term, in preparation for an investment or purchase. The bank is free to determine their interest rate.

Company passbook savings account (LEE)

Bank account for people starting up or taking over a company with the aim of borrowing, after a savings period of between two and five years.

Passbook savings account for low-income households (LEP)

Regulated passbook savings account, exempt from tax and social security contributions. The LEP was created to help low-income households deposit their savings under conditions enabling them to maintain their purchasing power.

Passbook savings scheme for young people

Passbook savings scheme for 12-25 year olds living in France. Banks are free to determine their interest rate.

Regulated savings accounts

All savings products (accounts and passbook schemes) whose operating terms and conditions are determined by the public authorities. e.g.: livret A, livret de développement durable (LDD), livret d’épargne populaire (LEP), livret jeune and so on.

"Eckert" Act of 13 June 2014

Act bearing on dormant bank accounts and unclaimed life insurance policies aimed at improving protection for savers and beneficiaries of life insurance policies.

See the text of the Act.

Contact

Any contact initiated by the customer with the financial institution (call, email, online banking connection, appointment, etc.) which activates an account or life insurance policy.

Transaction

Any order given by the payer or beneficiary in which sums are paid in, transferred or withdrawn.

Employee savings body

Investment firm tasked with managing savers' personal accounts. It receives instructions to apply for and buy back shares, processes these and initiates the corresponding payments or transfers.

Participation bonus

A participation bonus is one whose amount is determined by rules as set out in the participation bonus agreement. Out of principle, it is deposited in a company savings scheme (PEE) which, under the "Eckert" Act of 13 June 2014, can become dormant and any sums transferred to Caisse des Dépôts.

Fixed term

Period during which an account cannot be considered dormant insofar as its dormancy is a result of the application of legal or regulatory provisions or of a judicial ruling.

Legal entity

Group whose legal status grants it rights and obligations. The group is generally made up of several natural persons (individuals) but can also bring together several legal entities.

There are two different categories of legal entities: public legal entities (the State, public institutions or local authorities) and private legal entities (companies, associations, non-trading companies, unions, etc.).

Natural person

Individual with its own legal personality in its own right. To be able to benefit directly and fully from its legal capacity, a natural person must be of age (except in the case of emancipation before coming of age) and not partially or totally disabled (placed under supervision or guardianship); otherwise this capacity is exercised on its behalf by a legal representative.

Share savings plan (PEA)

The PEA allows for a portfolio of shares to be acquired while benefiting, under certain conditions (such as keeping the shares for at least five years), from tax exemption on dividends and capital gains. Making up the PEA is a securities account and a cash account.

Share savings plan aimed at financing small- and medium-sized enterprises and mid-caps (PEA PME-ETI)

Complementary to the share savings plan, the PEA PME-ETI is aimed at facilitating the financing of small- and medium-sized enterprises (SMEs) and mid-caps, both listed and unlisted.

Universal retirement savings scheme (PERP)

The PERP is a long-term savings product which gives its holders the chance to top up their pension at regular intervals once they retire.

Employee savings scheme

See "Company savings scheme (PEE)".

Company savings scheme (PEE)

An employee savings product enabling employees to build up savings in the form of a portfolio of securities (shares and/or bonds) with the help of their company. The sums are unavailable for a minimum of five years, save in the event of withdrawals allowed in exceptional circumstances (such as marriage or civil partnership, birth of a third child or divorce) and come from voluntary contributions on the part of employees and a supplement from their company. Profit-sharing incentives and participation bonuses may also be deposited into a company savings scheme.

Home ownership savings scheme (PEL)

Savings product making it possible to save with a view to obtaining a loan at the prime rate and a subsidy from the State.

Tax-friendly long-term savings account (PEP)

Regulated savings product that could be opened between 1990 and 2003. PEP holders can continue to use them.

Thirty-year guideline

See "thirty-year forfeiture period".

Savings products

Passbook accounts, savings accounts and schemes: company savings scheme (PEE), Livret A, Livret de développement durable (LDD), home ownership savings scheme (PEL), home ownership savings account (CEL), savings scheme for young people, share savings plan (PEA), share savings plan aimed at financing small- and medium-sized enterprises and mid-caps (PEA PME-ETI), Passbook savings account for low-income households, tax-friendly long-term savings account, etc.

Financial products

On Ciclade.fr, these refer to accounts (current accounts, Livrets A, home ownership savings schemes, company savings schemes and so on), life insurance policies, capitalisation bonds and bearer bonds which may be the subject of a search.

Search

Anyone who has reason to be believe they are a beneficiary of dormant sums transferred by the financial institutions to Caisse des Dépôts can enter a search on Ciclade.fr. If their search yields results, the claimant must create a personal account to continue with his or her claim.

Annuity

Regular income from investment of a capital sum. This is also the payment of income from a policy (life annuity, death insurance), a judicial ruling or a debt security.

National Directory for the Identification of Natural Persons (RNIPP)

Held by the French National Institute of Statistics and Economic Studies (Insee) since 1946, the RNIPP displays birth, marriage and death records. It is kept up-to-date at regular intervals through civil registration reports forwarded to Insee by parishes following births, deaths, acknowledgements and indications made in the margin of birth certificates for people born in mainland France and its overseas départements (DOM).

Legal representative

Person legally designated to represent and defend the interests of another person, be they natural (such as a minor's mother or father) or legal (a company for example).

Restitution

Under the "Eckert" Act of 13 June 2014, return of sums from a dormant account or unclaimed life insurance policy to their legitimate beneficiary. Restitution may be carried out by the original financial institution when it is still in possession of such sums. If the sums have lain dormant for so long that they have been transferred to Caisse des Dépôts, their beneficiaries must search for them on Ciclade.fr. Caisse des Dépôts examines their claim and, if approved, the sums are returned to their beneficiary(ies).

Sums acquired by the State

See "thirty-year forfeiture period".

Stock

Under the "Eckert" Act of 13 June 2014, sums from dormant accounts and unclaimed life insurance policies that have reached the statutory dormancy periods by 1 January 2016 to be transferred to Caisse des Dépôts by the financial institutions.

Stocks of dormant assets were transferred to Caisse des Dépôts between 1 July 2016 and 31 December 2016. Sums that have lain dormant for 30 years or longer have been transferred by the financial institutions to the State directly.

Policyholder

Person who signs the form taking out a life insurance policy or capitalisation bond or contract.

Holder

Any natural person or legal entity owning a bank account. If the account is held by several different persons, they are called joint account holders.

SEPA transfer

SEPA transfer

A SEPA transfer is a transfer in Euros which is able to move funds both within France and throughout all of the countries in the Singe Euro Payments Area.

To make SEPA transfers and payments, you must use the new bank details in the IBAN and BIC format. These codes have already been around for several years on the bank statements provided by your bank.

The following are members of the SEPA:

- The 28 member States of the European Union;

- The four member States of the European Free Trade Association: Iceland, Liechtenstein, Norway and Switzerland;

- The Principality of Monaco and the Republic of San Marino.

In terms of France, the overseas départements and regions (Guadeloupe, Martinique, French Guiana, Reunion and Mayotte), as well as the territories of Saint-Pierre-et-Miquelon, Saint-Barthélemy and the French part of San Marino are part of the SEPA.

Correspondence

A correspondence exists when there is a possible correlation between the data entered into the search form and that sent by the financial institutions.

A correspondence does not necessarily mean the repayment of amounts.

Examples of a rejection:

  • A homonym: you have the same surname and first name as another person, after verification of other personal information like the date and place of birth, you are not the beneficiary of the account. It is important to get as much precise information as possible during your search (preferred name in addition to the surname, other first names on the registry)
  • In the personal area you have not properly identified yourself (example: notary, beneficiary or account holder, etc.). Don't forget to position yourself according to your situation during your request.

Estate assets

All of the assets in a person's possession at the time of his or her death, which will be redistributed in the context of an inheritance. These assets are made up of tangible or intangible personal or real estate and diverse receivables.

Association for the Management of Information on Insurance Risk (AGIRA)

The AGIRA brings together the insurance companies operating on the French market as well as the professional organisations involved in the sector. It can be contacted free of charge by natural persons or legal entities potentially designated by the beneficiary clause of a life insurance policy whose policyholder died within the last ten years. The AGIRA will pass the request onto insurance companies who are then obliged to make efforts to find beneficiaries.

If you have reason to believe you are the beneficiary of an insurance policy whose policyholder died in the last ten years, get in touch with the AGIRA:

http://www.agira.asso.fr

Association pour la Gestion des Informations sur le Risque en Assurance (AGIRA)

1 rue Jules Lefebvre

75431 PARIS CEDEX 09 FRANCE

Beneficiary

Person named by the policyholder in the beneficiary clause of a life insurance policy to receive the benefits covered when the policy expires in the event of a life or death policy. Depending on the type of policy taken out, the beneficiary and the insured person may not be the same person:

  • if a life insurance policy is taken out: the policyholder can be both the insured person and the beneficiary; a third party can also be named a beneficiary.
  • if a policy providing cover in the event of death is taken out: the insured person is different from the beneficiary and, in this situation, the capital or annuity is paid to the latter when the policy expires.

Any natural person or legal entity with reason to believe they are a beneficiary of a life insurance policy whose policyholder died within the last ten years can contact the AGIRA.

On Ciclade.fr, the term "beneficiary" also refers more broadly to anyone able to recover sums that have been transferred to Caisse des Dépôts, either because they are the holder of an account, life insurance policyholder or beneficiary or entitled party of an account holder or life insurance policyholder.

Caisse des Dépôts

Caisse des Dépôts and its subsidiaries form a public group serving the general interest and economic development of local areas. Caisse des Dépôts is a special public institution founded by the Act of 28 April 1816. The Law has particularly tasked Caisse des Dépôts with managing deposits and making long-term investments in companies to contribute to their development. Its mission was reaffirmed by the Act of 4 August 2008 bearing on modernisation of the economy.

Insurance company

On Ciclade.fr, insurance companies refer to insurance firms, insurance businesses, mutual companies, unions and personal protection institutions.

Life insurance

See "life insurance policy".

Insured person

Person who is covered by an insurance policy.

Insurer

See "insurance company".

Dormant asset

Authority responsible for supervising the banking and insurance sectors in France.

Entitled party

Corporate proxy, legal proxy or proxy by agreement (in terms of legal proceedings), legal representative, heirs, creditors and solicitor/notary in charge of the holder's or policyholder's estate.

Bank

Financial institution in which bank accounts and savings products are open in the meaning of the Monetary and Financial Code.

Bearer bond

A bearer bond is a debt security. The customer deposits a sum of money with a financial institution which, in return, issues a bond representing its debt. On the bearer bond, the creditor recognises its debt and undertakes to reimburse the capital and interest.

Bearer bond(s)

The www.ciclade.fr website does not allow searches for bearer bonds. To initiate the examination of your application for the recovery of dormant assets, make contact with the financial institution of origin (bank branch or general insurance agent) in order to deposit your original bearer bond(s).

Once the bearer bond(s) has/have been checked by the insurance organisation, you will be issued with a certificate. You may then contact the Caisse des Dépôts to proceed with the examination of your application, on 0 809 40 40 41 (calls from landlines and mobiles are charged at the local rate, additional charges depend on your operator), Monday - Friday from 9am – 5pm.

 

Benificiary clause

Life insurance policy clause in which the policyholder names one or more beneficiaries.

Closure

When an account or life insurance policy is irrevocably closed down. Under the "Eckert" Act of 13 June 2014, such closure may also be initiated by the bank, insurance company or employee savings body when dormant accounts or unclaimed life insurance policies have reached the statutory timeframes for their balance to be transferred to Caisse des Dépôts.

Codevi (Compte pour le développement industriel)

Regulated passbook savings account, tax-free, created in 1983. The Codevi has been officially named "Livret de développement durable (LDD)" since 2007.

Account

On Ciclade.fr, "account" means all bank accounts and savings products (current accounts, livrets A, home ownership savings schemes, employee savings schemes, etc.) subject to the "Eckert" Act of 13 June 2014.

Time deposit account

Account on which the sums deposited are locked away for a certain period, in return for a rate of interest determined when the account is opened. The rate of interest varies depending on the time deposit account (fixed rate, progressive rate, variable rate, etc.).

Sight deposit account

See "current account".

Locked account

See "fixed term".

Current account

Ordinary individual account used for depositing and managing one's own money and having payment means. Also called a bank account or checking account.

Deposit account

See "current account".

Joint account

Collective account opened on behalf of two or more people, who do not have to be related or united in any way, known as joint account holders. When a joint account is opened an account agreement must be signed by all the joint account holders. Each of the joint account holders can use the account alone, just as if s/he was the sole account holder.

Dormant account

Bank account or savings product in the meaning of the Monetary and Financial Code for which no transaction initiated by the customer, his/her legal representative or duly authorised person to act on his/her behalf has occurred, and the customer has not made any contact, over a 12-month period. This 12-month period is extended to five years for fixed-term accounts. An account is only dormant if all of the other accounts held in the same institution are also dormant.

Home ownership savings account (CEL)

Regulated savings product whose funds can be accessed at any time.

Cash account

Comprising cash, the cash account is associated with the securities account which, by definition, comprises securities. In order to acquire the securities, deposits must already have been made into the cash account.

Passbook account

See "passbook savings account".

Securities account

Account into which any security can be deposited (shares, bonds, equity warrants, fees, etc.) held by the account holder.

Collective insurance policy

Policy taken out by a legal entity, or a company manager, called the policyholder, on behalf of a group of members and possibly their beneficiaries. The insurance policy may be amended between the policyholder and the insurance company without having to obtain the permission of each member.

Group insurance policy

See "collective insurance policy".