A proposition recently made by the ¨Comité consultatif du secteur financier¨ (CCSF), a French consultative body tasked with submitting measures to improve the relations between banks and insurers and their clients, could lead to new ramifications on the French insurance sphere.
This advisory report (published on the 5th of May, 2022) recommends the implementation of a set of measures to harmonize the termination of insurance policies for non-professionals. This would allow all individual insurance policies to be terminated at any given time after the first year of subscription.
It would also oversee a suppression of the standard obligation of information, replacing it with a shorter, more efficient version easier for the insured to understand.
The withdrawal period would also be extended to 30 days, starting from the day of the first payment by the insured.
These propositions would come in addition to the existing legislation regarding insurance policies termination, of which you can find the summary we have done recently here.