The law liberalizing access to borrower insurance was published yesterday in the Official Journal. Reminder of the measures and their date of entry into force.
Law of February 28, 2022 for fairer, simpler and more transparent access to the borrower insurance market. It is under this name that the text reforming access to loan insurance was published yesterday morning in the Official Journal. In particular, it sets the implementation schedule various measures of this text, expected for a very long time and which aims to liberalize a market today held almost 90% by banks that lend money.
Real estate credit: the borrower insurance reform adopted
Termination at any time from June 1
Despite improvements made over the years, changing the insurance covering the repayment of a mortgage loan remained too complex. After the first year, the insurance delegation, that is to say the possibility of opting for the insurer of your choice, could only intervene on the anniversary date of the signature of the contract. The text published today removes this constraint and authorizes the delegation at any time, throughout the repayment of the credit, even after the 1st year.
This advance will take effect next June 1 for contracts signed from this date and September 1 for existing contracts.
End of the medical questionnaire on June 1
The text adopted on February 17 does not just introduce this termination at any time. It also removes the medical questionnaire, used by insurers to assess the risk of non-repayment of the loan. Are affected by this deletion credits of less than 200,000 euros which will be repaid before the 60th birthday of the borrower. Or 80% of the loans, according to the estimate of the Senate. This measure will come into effect for contracts signed from June 1st.
Extension of the period of the right to be forgotten on July 31
The right to be forgotten authorizes loan applicants who have suffered from cancer or hepatitis C not to mention it in the medical questionnaire of their loan insurance. The time limit for benefiting from this right to be forgotten was 10 years after the end of treatment related to the pathology. He will spend 5 years at the latest from July 31, 2022.
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