(1) The policyholder may revoke his or her contractual agreement within 14 days. The policyholder declares his or her revocation to the insurer in writing, but need not state any reason; timely dispatch suffices for compliance with the time limit. Section 356a of the Civil Code applies to distance contracts in accordance with section 312c of the Civil Code which are concluded via an online user interface.
(2) The revocation period begins on conclusion of the contract. It does not however begin before the policyholder receives the following documents in writing:
1. the insurance policy and the terms of the contract, including the general terms and conditions of insurance, as well as the other information to be provided in accordance with the Information Obligation Ordinance on the Insurance Contract Act (VVG-Informationspflichtenverordnung), and
2. an instruction regarding the existence of the right of revocation in accordance with subsection (1), information on the revocation period and on the arrangements for exercising the right of revocation, including the name and the address of the person to whom the revocation is to be stated at which documents may be served, and any amount which the policyholder has to pay, as well as the consequences of failing to exercise this right.
With regard to insurance products for which a key information document in accordance with Regulation (EU) No 1286/2014, or a PEPP key information document, is to be drawn up in accordance with Article 26 of Regulation (EU) 2019/1238, the revocation period does not commence before the key information document, or the PEPP key information document, has also been made available. Proof of receipt of the documents in accordance with sentences 2 and 3 is incumbent on the insurer.
(3) The right of revocation does not apply
1. to contracts of insurance with a term of less than one month,
2. to contracts of insurance for provisional cover, unless they are distance contracts in accordance with section 312c of the Civil Code,
3. to contracts of insurance with pension funds based on the provisions set out in a contract of employment, unless they are distance contracts in accordance with section 312c of the Civil Code,
4. to contracts of insurance covering a jumbo risk in accordance with section 210 (2).
(4) The right of revocation ceases to apply if the contract has been wholly fulfilled by both sides, at the explicit request of the policyholder, before the policyholder has exercised his or her right of revocation. The right of revocation ceases to apply at the latest twelve months and 14 days after conclusion of the contract. This does not apply if the policyholder was not informed, in accordance with subsection (2) sentence 2 number 2, of his or her right of revocation in accordance with subsection (1).
(5) The instruction to be given in accordance with subsection (2) sentence 1 no. 2 is deemed to meet the requirements stipulated therein if the model of the Annex to the present Act is used in text form. The insurer may deviate from the model, in compliance with subsection (2) sentence 1 no. 2. Sentence 1 applies accordingly if the deviation is limited to format and font size, in compliance with subsection (2) sentence 2 no. 2, or to the insurer inserting addenda such as the firm name or a mark of the insurer. Sentences 1 to 3 do not apply to distance contracts in accordance with section 312c of the Civil Code.
(6) The Federal Ministry of Justice and Consumer Protection is authorised, with the consent of the Federal Ministry of Finance, to determine the obligations to provide information in accordance with Subdivision 2 of the Annex by statutory ordinance, without the consent of the Bundesrat, and to alter the Notice on drafting issued in this regard, if this is necessary in order to adapt the obligations to provide information in accordance with Subdivision 2 of the Annex, and the Notice on drafting issued in this regard, in line with an amendment of the Information Obligation Ordinance on the Insurance Contract Act.