Standardized information sheet (borrower insurance)
A normed document given before taking out borrower insurance, detailing the minimum cover required by the bank and its cost. It allows the lender's group policy to be compared with a delegation on identical bases and supports the free choice of insurer.
Key points
- Standardized document given before any borrower insurance subscription, listing required minimum cover.
- Enables like-for-like comparison between the bank's group policy and an external delegation.
- Mandatory provision by the lender or intermediary, regulated by law.
- Supports the effective exercise of the free choice of insurer right provided by law.
Frequently asked questions
At what point must the standardized information sheet be given to the client?
It must be provided from the very first credit application, before any formal loan offer. The objective is to allow the borrower to compare insurance alternatives using the same guarantee reference required by the bank. Late or incomplete provision is a regulatory irregularity that the broker should flag.
How does the standardized sheet concretely facilitate insurance delegation?
By precisely listing the equivalence criteria required by the bank, the sheet allows the external insurer to match their contract to these requirements and the broker to demonstrate equivalence point by point. Without it, the comparison remains vague and the bank can refuse the delegation on a pretext of insufficient coverage.
Is the standardized sheet also relevant for mid-contract cancellation?
Yes, when changing insurance mid-loan, possible at any time thanks to annual cancellation laws, a new standardized sheet can be requested to ensure the alternative contract's cover still matches the bank's updated requirements. The broker must verify that no conditions have changed since the initial offer.
In practice
Armed with the standardized sheet provided by the bank, a broker compares the group policy at 0.38% on the original capital with an individual delegation at 0.19% offering the same guarantees; the saving over 20 years on a €250,000 loan amounts to several thousand euros, a decisive argument to persuade the client.
Put it into practice with CourtImmo
See how CourtImmo software helps brokers on this topic:
Official sources
- Borrower insurance for a mortgage · Service-Public.gouv.fr
- Law of 28 February 2022 (Lemoine Act) · Vie-publique.fr