Capimmo, SCI GF Pierre, SCI Afer Pierre: these names bring back bad memories to thousands of savers. Since the real estate crisis of 2023, these real estate companies (SCIs) housed in life insurance contracts have suffered sudden drops in valuation, and certain savers have had to wait before being able to recover their stakesometimes at a loss. SCI still represented 21.35 billion euros in life insurance contracts at the end of 2024, according to Aspim. The regulator has decided to react.
A decree published in the Official Journal on April 30, 2026 prohibits brand new SCI referencing and other unregulated alternative investment funds (AIFs) in life insurance contracts and retirement savings plans (PER), since May 6. Gilles Belloir, general manager of Placement-direct, summarizes the problem that this reform intends to correct: “These vehicles had few entry costs compared to SCPIs, a net asset value every two weeks, but behind that, a appearance of liquidity that wasn’t really real “.
A positive decision?
This false liquidity has led to real problems: “ Finally, these SCI were invested like SCPIs. And when the market fell, and savers wanted to sell their shares, insurers had to ensure liquidity with difficulty »remembers Gilles Belloir. When savers wanted to recover their money, insurers had to advance the funds from their own balance sheets, as they were unable to sell the real estate assets quickly enough.
What was supposed to be an individual risk has become a collective risk. He specifies: “ The legislator has identified a somewhat systemic risk These vehicles were little covered by legislation, each SCI set its own rules”. This is why he believes that the signal sent by this decree is positive : “These are vehicles that no longer interested our customers for several years. This goes in the direction of better protection of the saver, with more transparent and sound management, and less concentration risk”.
What actually changes
If you already have SCI in your contract, no need to worry. A transitional regime runs until January 1, 2029. The SCIs still listed have the choice: transform into SCPI or OPCI, two well-regulated vehicles, or adopt the European ELTIF framework (European long-term investment funds), with an additional period until 2032 for the most complex strategies. If an SCI does not comply by 2029, it will not disappear from your portfolio; but it will no longer be able to receive further payments or be used in arbitration.
However, should we arbitrate now? “The fact that an SCI is no longer authorized for referencing is not, in itself, an arbitration signal”nuance Gilles Belloir. “The real question is rather that of the dynamics of the underlying real estate market. If I own a vehicle that has fallen significantly, I have to ask myself what the expected rebound is in two or five years. If there is nothing clear about the terms of recovery, the question arises », Estimates our life insurance expert. Before concluding: “The real estate market has already fallen, but I’m not sure that all the drop in value has yet been recorded. »
