Stolen Louvre jewels weren't privately insured, French government says

The priceless jewels thieves stole from the Louvre museum in a brazen heist this week were not privately insured, France's Ministry of Culture said in a statement to the daily newspaper Le Parisien .

French law prohibits entities like the Louvre from insuring its property, except when part of a collection is moved or loaned to another institution, Romain Déchelette, president of France-based Serex Assurances, a fine art insurer, told CBS News.

Because the Louvre is a national museum, its collections are considered state property for which the state alone bears responsibility, according to Déchelette. The French Ministry of Culture did not immediately return a request for comment.

"Everything that belongs to state museums in France is uninsured, unless it leaves the museum," Déche