Cancellation Rights

January 2015

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Members who are based in an EEA state or have a policy where the state of commitment or state where the risk is situated is in the EEA may, under the local law of such state, have a right to cancel their policy as set out below.

Austria – Following the making of an order approving the Scheme, according to Austrian law policyholders have the right to cancel their contracts at the end of the insurance period during which they were informed about the transfer of portfolio. Policyholders are entitled to reclaim part of the premium due for the period following the termination of the insurance contract less the costs incurred for said period of time.

Belgium – Following the making of an order approving the Scheme, according to Belgian law policyholders may cancel their contracts within 90 days of publication of approval of the transfer in the Belgian Official Gazette.

Czech Republic – Following the making of an order approving the Scheme, according to Czech law a policyholder may terminate a private insurance contract within one month of notice of the transfer. An eight-day period commences on the date of the notice of cancellation and the private insurance contract shall expire at the end of this period.

Estonia – Following the making of an order approving the Scheme, according to Estonian law policyholders can cancel the insurance contract within 1 month of publication of the notice on this website that authorisation for the transfer has been granted.

Hungary – Following the making of an order approving the Scheme, according to Hungarian law policyholders have the right to terminate their insurance contract within 30 days of receiving notification of the transfer.

Iceland – According to Icelandic law policyholders may cancel their policies within 1 month of the date of transfer.

Italy – Following the making of an order approving the Scheme, according to Italian law policyholders have the right to cancel their contracts within 60 days of the notice of approval being published by IVASS in their bulletin.

Lithuania – Following the making of an order approving the Scheme, according to Lithuanian law objecting policyholders may terminate the insurance contract within 1 month from the effective date of the transfer.

Netherlands – Following the making of an order approving the Scheme, according to Dutch law policyholders may cancel their policies and receive any unearned premiums within 3 months after the date of publication of the notice in the Dutch Gazette.

Norway – According to Norwegian law policyholders may cancel the policies within 4 weeks of notification or announcement of the transfer.

Poland – Following the making of an order approving the Scheme, according to Polish law policyholders have the right to cancel their policies within 3 months of publication of an announcement regarding the Scheme.