THE REGULATIONS WILL BE IMPLEMENTED FROM NEXT JANUARY ONE OF 2016
As of next January 1, 2016, policyholders will have one month prior to the end of the current insurance period to oppose its extension.
With this modification, introduced by the First Final Provision of the Law 20/2015, from 14 of July (ordination, supervision and solvency of insurance and reinsurance entities) The insured would have to send the insurance company a written notice opposing the renewal of the contract up to one month before the end of the period of validity of his policy.
If the policyholder wants his insurance broker to make said notification on his behalf, he will have to give express consent..
If the person who opposes the renewal is the insurance company, would have to notify the decision maker in writing two months in advance.
The insurance company is obliged to highlight the conditions in the policy, the terms of opposition to the extension of each party and its unenforceability.
If you want to make any changes to the insurance contract, has the obligation to notify the policyholder two months before the end of the current period.
The aforementioned modifications could not be applied if they were incompatible with the specific regulation of life insurance, which are therefore an exception.
On the other hand, The aforementioned First Final Provision establishes that the duration of the insurance contract must be determined in the policy, and it may not set a term of more than ten years. Habitually, contracts are established by annuities, that can be extended one or more times, for a period not exceeding one year at a time.
