The French Prudential Supervision and Resolution Authority (ACPR) has issued a final decision imposing a €500,000 financial penalty and a reprimand on CARCO, an insurance institution. The sanctions stem from violations concerning the information provided to policyholders, efforts to combat dormant accounts (déshérence), and CARCO's relationship with its supervisor. The decision, dated January 7, 2025, will be published on the ACPR registry for five years, initially in a nominative form.

This enforcement action signifies a serious breach of regulatory obligations for CARCO, highlighting the ACPR's commitment to enforcing rules on consumer information and anti-dormancy measures within the insurance sector. Regulated entities, particularly insurance institutions, should review their internal policies and procedures related to policyholder communication, management of dormant accounts, and transparency with supervisors to ensure compliance and avoid similar penalties. The publication of the decision serves as a warning and a benchmark for industry practices.