Legislation – November 2023

This month, read more about recent updates on new legislation impacting the insurance industry.

• New rules for cancelling an insurance policy 
• The House passed the law restricting the link between mortgage loans and insurance

New rules for cancelling an insurance policy

As we discussed last month, a new law regarding the cancellation of an insurance contract was being debated in the House. It has now been published in the official government bulletin and will come into effect on 1 October 2024.

For this purpose, Assuralia has explained the new rules. You can consult them here: FR/NL

The House passed the law restricting the link between mortgage loans and insurance

There has also been further progress on the implementation of a law aimed at restricting the link between mortgage loans and fire insurance. The House has now passed this bill in plenary session.

Consumers will now be able to take out a new fire insurance or outstanding balance insurance policy with another insurer free of charge once a third of the mortgage term has expired.

Sources:

• Assuropolis, La Chambre adopte une limitation du lien entre crédit hypothécaire et assurance
• Assuralia, Résilisation du contrat d’assurance : les règles “simplifiées”