Life insurance: cooling-off period

The Insurance Conduct of Business Rules (ICOBS), implementing the Solvency II Directive 2009, provide for a 14-day cooling off period during which the policy may be cancelled for any reason. The insurer is under an obligation to inform the assured of the right of cancellation, and the time for cancellation runs from the date on which the assured is informed of the right to cancel.

The CJEU in Rust-Hackner and Others v Nürnberger Versicherung Aktiengesellschaft Österreich and Others, Joined Cases C-355/18, C-356/18, C-357/18 and C-479/18 considered a number of questions relating to the running of time where the insurer has given incorrect information as to the formalities of cancellation.