CIPR 6.6.5 Consequences of cancellation
(1) If a retail customer exercises a right under rule 6.6.2 or 6.6.3 to cancel a life insurance contract, the insurer concerned must refund the premiums paid by the customer except that:
(a) the insurer may deduct any expenses for any relevant medical examination, and a proportionate premium for the period of cover; and
(b) for a unit-linked plan, the insurer may make an appropriate adjustment to take account of changes in the unit price.
(2) The refund must be paid to the customer without delay and no later than 20 business days after the day on which the cancellation right is exercised.
|Derived from QFCRA RM/2019-2 (as from 1st January 2020).|