This reform, which will take effect on June 1, will strengthen competition between banks and insurers.
It will take about ten years for borrower insurance reform to complete. It’s done now. From what 1er In June, French people taking out a real estate loan will be able to change insurers at any time, free of charge. Initially, the reform resulting from the Lemoine law voted in February will only apply to new contracts. From 1er September, the long-awaited measure by insurers and brokers will be extended to all home loan holders. Until now, they had to wait until the anniversary of their contract before they could compete. The expected earnings of a change of insurer will be between 5,000 and 15,000 euros, on average, during the loan period.
Other advances are on the agenda: for old cancer or hepatitis C, the deadline. “Right to be forgotten”, which allows them to no longer have to report their illness to their insurer, goes from ten to five years. Also