From January 01, 2023, buyers may refuse to participate in insurance within 21 days

In particulars, Law on insurance business 2022 supplements the time to consider participating in life insurance and health insurance as follows:

For insurance contracts with a term of more than 1 year, within 21 days from the date of receiving the insurance contract, the insurance buyer may refuse to continue participating in insurance.

In case the insurance buyer refuses to continue participating in insurance, the insurance contract shall be canceled and the insurance buyer shall be refunded the premium paid after deducting reasonable expenses (if any) as agreed in the insurance contract.

Insurance enterprises shall not be required to indemnify or pay insurance premiums when the insured event occurs.

In accordance with the Law on insurance business, life insurance means a type of insurance provided in cases where the insured is alive or dead. The objects of life insurance contracts shall be the human age and life.

Health insurance means a type of insurance provided in cases where the insured suffers an injury, accident, illness, or disease or needs health care. The object of health insurance contracts shall be human health.

Law on insurance business 2022 takes effect on January 01, 2023.

See the full text: Law on Insurance Business 2022.