The war against unliquidated contracts continues. The Ministry of Economy, Finance and Industrial and Digital Sovereignty is taking another step towards strengthening the information on dormant contracts. Following the launch of a new free online service that allows savers to find their contracts and the governing bodies, Bercy refines the annual reporting of these media. A decree published in the Official Journal of the European Union of 27 October changes the format of the report submitted each year by insurance companies, mutual insurance companies and pension institutions to the ACPR.
“This decree will enable better monitoring of this phenomenon by organizing specific reporting for contracts not liquidated after the age of 70, which are more likely to correspond to concrete situations of escheat.“, announces a representative of the ministry. Escorting is a difficult phenomenon to measure, as it is a case of non-use of a right. For this purpose, the contracts that were not liquidated after 65 years have been followed up to now. However, some savers choose not to immediately liquidate their contract when they retire and prefer to keep it. These cases therefore do not correspond to an escheat situation.
Thanks to this order, the public authorities will be able to monitor the scope of the phenomenon more closely. The specific follow-up of savers over the age of 70 will also reinforce the effectiveness of the measures taken by players to combat escheat.