 IPI policies are classed as long-term insurance and are regulated by the Financial Services Authority (FSA) under its Insurance Conduct of Business Sourcebook (ICOBS) rules.This requires the issuing insurance company to keep records of the contract for a minimum of six years, and the policyholder has a minimum of 30 days to cancel the contract.If cancelled, the policyholder is entitled to a full refund of any premiums paid.