Simplifying Insurance Termination Rules: Free and Easy Contract Cancellation for Belgian Citizens

2023-10-05 21:07:00

The Chamber adopted Thursday in plenary session a PS bill simplifying the rules for terminating insurance contracts.

This offers the possibility of terminating your contract, at any time, after the first year, free of charge and with one month’s notice.

“Today, when citizens wish to stop or change their insurance contract, the procedure is very cumbersome. They must, in fact, send a registered letter or a bailiff’s writ at least three months before the contract expires. . From now on, thanks to the socialist text that I had the pleasure of defending, citizens will be able to terminate their insurance contracts electronically at any time and free of charge after the first year of the contract”, indicates MP Patrick Prévot, author of proposal.

“In Belgium, each household pays on average 2,046 euros per year in insurance costs. This is an enormous amount. And with this text, we want to bring greater competition into the insurance sector in order to lower the bill for households,” he adds.

The law was approved unanimously.

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