In 2023, more insurance contracts can be terminated at any time during the year, after one year of ownership. And the deadline for waiving kinship insurance, including mobile phones, will be reduced from 14 to 30 days, according to the agreement approved by the CCSF in the conclusion of April 29.
In the period from November 2021 to April 2022, the Financial Sector Advisory Board (CCSF) at the initiative of the insured to create a working group responsible for considering the coordination of terms of termination of insurance contracts. Several measures are the subject of an agreement that insurers must implement from July 1, 2023.
Financial Sector Advisory Committee (CCSF) brings together players in the financial sector: financial institutions, consumer associations, trade unions and employers’ organizations, parliamentarians and academics. It is an advisory body established by law, which is responsible for formulating recommendations and measures aimed at improving relations between financial professionals and their clients.
Insurance contracts can be terminated at any time during the year
From July 1, 2023, all individual insurance contracts (or collective insurance contracts with individual subscriptions) that apply to insured individuals who do not engage in professional activities may be terminated at any time after the first year of subscription. This is the harmonization of termination conditions in order to simplify for consumers. Home, car, supplementary health insurance and so-called kinship insurance (such as mobile phone insurance) can now be canceled at any time.).
The borrower’s home loan insurance can also be canceled at any time, without waiting for the anniversary date, for new housing loans taken from June 1, 2022and from September 1, 2022 for all borrowers who have outstanding credit reimbursement.
In July 2023accident insurance contracts may be terminated at any time, legal protection agreementsin particular.
There are still some insurance contracts canceled only within the prescribed period contract (or in the event of an event that affects the insurance risk):
- insurance (disability / disability / death);
- addiction insurance;
- seasonal contracts (school insurance, hunting insurance);
- yachting insurance;
- insurance of motorized and non-motorized personal vehicles.
30 days for waiver of mobile phone insurance or other affinity insurance
Kinship insurance complements the goods or services for which guarantees are provided. The consumer now has 14 days from the date of subscription to unsubscribe.. Professionals often offer a period of free or deferred payment of the first premium during these 14 days, the consumer without his knowledge is finally done.
In July 2023the insured will have a 30-day period for withdrawal from the contract. And in the case of a free period, a 30-day period is credited from the date of payment of all or part of the first prize.
And you will no longer need to prove that you have already taken out insurance that covers the same risk to exercise the right of withdrawal.