In 2023, more insurance contracts will be cancellable at any time during the year, after one year of ownership. And the deadline for waiving affinity insurance, particularly mobile phones, will be reduced from 14 to 30 days, according to the agreement approved by the CCSF in its opinion of April 29.
Between November 2021 and April 2022, the Financial Sector Advisory Board (CCSF) set up a working group responsible for thinking about harmonizing the notice periods for insurance contracts, at the initiative of the insured. Several measures are the subject of an agreement which will have to be implemented by insurers on July 1, 2023.
The role of CCSF
The Financial Sector Advisory Committee (CCSF) brings together players in the financial sector: financial institutions, consumer associations, trade unions and employers’ organisations, parliamentarians and academics. It is a consultation body, created by law, and responsible for formulating recommendations and measures intended to improve relations between financial professionals and their clients.
Insurance contracts cancellable at any time during the year
From July 1, 2023, all individual insurance contracts (or collective insurance contracts with individual subscription) covering insured natural persons outside their professional activities may be terminated at any time, after the first year of subscription. This is a harmonization of termination conditions with a view to simplification for consumers. Multi-risk home, car, complementary health insurance and so-called affinity insurance (such as mobile phone insurance) can already be canceled at any time.).
The borrower’s insurance for a home loan will also be cancellable at any time, without waiting for the anniversary date, for new home loans taken out from June 1, 2022and from September 1, 2022 for all borrowers with an outstanding loan reimbursement.
In July 2023life accident cover contracts may also be terminated at any time, legal protection contractsparticularly.
Certain insurance contracts remain cancellable only on the due date of the contract (or in the event of an event affecting the insured risk):
- provident insurance (invalidity/incapacity/death);
- dependence insurance ;
- seasonal contracts (school insurance, hunting insurance);
- insurance covering yachting;
- insurance of motorized and non-motorized personal transport vehicles.
30 days to waive cell phone insurance or other affinity insurance
Affinity insurance is a supplement to the good or service covered by the guarantees offered. The consumer currently has a period of 14 days from the subscription to renounce it.. Professionals often offer a period of free or deferred payment of the first premium during these 14 days, the consumer finds himself definitively committed without his knowledge.
In July 2023the insured will have a 30-day period to withdraw from the contract. And in the event of a free period, the 30-day period will be counted from the date of payment of all or part of the first premium.
And it will no longer be necessary to prove that you have already taken out insurance covering the same risk to benefit from the right of renunciation.