§ Mr. McCrindleasked the Secretary of State for Trade (1) whether he will introduce regulations under the Insurance Companies Act 1974 requiring sellers of life assurance to provide a period during which a purchaser may change his mind and cancel the arrangement;
(2) if the proposed requirement to allow a purchaser of life assurance to change his mind within a given period will not apply after the first premium on a long-term contract has been paid.
§ Mr. Clinton DavisIt is my intention to introduce regulations as soon as pos-180W sible under Section 65 of the Insurance Companies Act 1974. These regulations will activate Sections 66 and 67 of the Act, which provide for a 10-day cooling-off period within which a purchaser of a life assurance policy may withdraw from his contract without loss. Under Section 66(1) the cooling-off period cannot expire before the day on which the first or only premium has been paid and, in some circumstances, may extend beyond that day.