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Loan Insurance and the Insurance Code


The Insurance Code and the termination of an insurance contract:

According to the Insurance Code , it is possible for the insured to terminate his insurance contract on the condition that the rules set out in it are respected. It is indeed provided by law for the insured as for the insurer the possibility of an annual cancellation of the insurance contract. To cancel his insurance, the insured must send the insurer a registered letter (preferably with acknowledgment of receipt) at least 2 months before the annual due date. If the deadlines are not respected, the insurance contract can not be terminated (Article L.113-12 of the Insurance Code). For a contract other than that of an individual, this possibility of annual termination may be waived. It is good to know that life insurance contracts are not concerned the annual termination.

Any insurance contract concluded between an insurer and an insured person for a fixed period ends on the expiry of the due date. But many contracts provide for a clause of tacit renewal allowing automatic renewal for a year except in the event of opposition by the insured or the insurer. In order to facilitate this opposition, the insurer must indicate in the annual maturity notice, or on an attached document, the deadline before which the insured can terminate his insurance contract.

The insurer must also notify the insured that he has a period of 20 days from the date of sending the notice of expiry to request that his insurance contract not be renewed. In the event that this information has not been issued, the insured is entitled to terminate his contract when he wishes, without penalty, by sending a registered letter with AR to the insurer.

The word of the broker

The word of the broker

The Insurance Code governs the regulation of insurance companies. Mutual insurance companies are governed by the Mutuality Code.