18 May 2010 HMN & Partners Law firm

1. VALIDITY OF THE CREDIT INSURANCE CONTRACT REGARDING THE “FULL DISCLOSURE” OBLIGATION AND THE PAYMENT OF THE PREMIUMComparison between French and “Common Law” 18 May 2010 HMN & Partners Law firm

2. TABLE OF CONTENTS • I. The full disclosure obligation of the elements of risk: • - in French law • - in Common law • II. Questions related to the payment of the premium

3. INTRODUCTION INTRODUCTION

4. INTRODUCTION Our presentation as part of the workgroup on credit insurance, is about: Firstly, the full disclosure obligation at the signature of the contract and, - Secondly, the questions about the payment of the premium. - 4

5. Full disclosure obligation in French law: Provisions of Article L.111-1 of the Code des Assurances Disclosure obligation and hypothesis of avoidance Relevancy of the writing of contractual documents I. The full disclosure obligation of the elements of risk 5

6. Full disclosure obligation in Common Law : Reinsurance and political risk in English law Definition in English law of Insurance contract Requirement of an Utmost Good Faith Requirement of a Warranty system I. The full disclosure obligation of the elements of risk 6

7. In French law: The framework of the payment of the premium by Insurance law Conventional provisions in Insurance Conventional provisions in Credit Insurance II. Questions related to the payment of the premium 7

8. II. Questions related to the payment of the premium In Common Law : The "Premium Warranty Clause" (PWC) Application of the PWC before English courts 8

9. Conclusion The analogy between French and English credit insurance law Dispute resolution before a state judge The arbitration solution 9