The Autorité des marchés financiers reports that it has assumed provisional administration of the insurer, La Vigilance société de secours mutuels for at least seven working days, starting on November 15.

The AMF reports that it has taken these steps in response to concerns it has noted with respect to La Vigilance, including: an unsatisfactory financial position, with the insurer recording a net loss and negative equity capital for the fiscal year ended December 31, 2004; investments prohibited under insurance legislation; and, management practices that it claims are inconsistent with sound and prudent practices.

Accordingly, the AMF is assuming the powers of the members of the board of directors and of the general meeting of La Vigilance. The AMF must, within the shortest time possible, present a complete report of its findings to the Minister of Finance, together with its recommendations.

No allegations have been brought against the firm, and nothing has been proven.