On May 3, BEL GVT approved decree on ending an insurance policy.
BEL GVT issued ministerial council's decisions including approval of a draft royal decree fixing the information required as part of the policyholder's right of termination.
Follows BEL PRL Oct. 2023, published bill on termination of contracts, see #187131.
Purpose
The Law of Oct. 9, 2023 simplifying the rules for terminating insurance contracts allow consumers to terminate insurance contracts after one year without costs or penalties.
A new article 85/1 was inserted into the law of Apr. 4, 2014 relating to insurance.
It provides for the possibility for policyholders to ask the new insurer/insurance broker to carry out on their behalf the formal steps to exercise their right of termination.
To this end, consumers will have to provide their surname, first name and address.
The identification of the current insurer or insurance intermediary who, as agent of one or more insurance companies, has the power to manage the insurance contract.
In the name and on behalf of those consumers, including the company number, the policy number of the contract to be canceled and the guarantees that are concerned.
The contract's start date, and the annual expiry date of the contract to be terminated.
The request must be submitted by the policyholder on a signed durable medium.
The signatory identifies himself, the will to terminate contract and take out a new one.
The draft is sent for opinion to the Data Protection Authority and the Council of State.
Effectiveness
The decree's entry into force is scheduled for Oct. 1, 2024.
