Insurance cancellation procedures to be aligned in France

The Financial Sector Consultative Committee (CCSF) has adopted an advisory opinion on the possible harmonization of insurance contract cancellation procedures and an extension of the cancellation period for affinity insurance.

The CCSF has suggested that all individual insurance contracts covering individuals outside their professional activities should be terminable at any time after the first year of contract.

This measure does not apply to provident insurance (disability, incapacity, death), long-term care insurance, seasonal insurance (school, hunting) or insurance covering pleasure craft and motorised and non-motorised personal transport equipment.

Another important point supported by the committee is that for affinity insurance, the waiver period should be extended from 14 days to 30 days from the date of subscription. Cancellation and travel policies and cover for less than one month will be excluded.

The entire package of proposals will come into force on 1 July 2023. For the moment, however, this opinion is non-binding but may become so in the future.