Overview
On December 31, 2014, Law No. 2014-1662 of December 30, 2014 “portant diverses dispositions d’adaptation de la législation au droit de l’Union européenne en matière économique et financière”[1] (the 2014 Law) was published in the Official Journal. Article 5 of the 2014 Law significantly amends cooling-off and cancellation rights under French insurance law. The amendment is favorable to insurers.
This briefing summarizes the relevant rules and the amendment made by Article 5 and comments on the amendment from the perspective of unit-linked life insurers.
[1] i.e. Law No. 2014-1662 of 30 December 2014 on “various provisions to adapt legislation to economic and financial law of the European Union.”
