The conditions under which licences may be lost are laid down in each of the three codes governing insurance institutions.

Apart from disciplinary sanctions, a licence may be deemed lost if it is withdrawn, lapses or becomes invalid.

The ACPR may decide to withdraw an administrative licence when an institution no longer fulfils the licensing conditions. This applies, in particular, in the event of an extended period of inactivity, a mismatch between the institution’s financial resources and its activities or substantial changes affecting the distribution of its capital, the quality of its shareholders or the composition of its governing bodies.

A licence may also be deemed to be invalid or to have lapsed when an institution has not made use of the licences issued to it, decides no longer to make use of them or does not use them for lack of activity, or when the institution has announced its dissolution. A licence may also cease to be valid in the special case of a full portfolio transfer.