RetryPolicy not a monoid?

`RetryPolicy` seems to fail the identity laws for a monoid. This also seems to be indicated in the docs for `RetryPolicy`:

> -- 1. If either policy returns 'Nothing', the combined policy returns
> -- 'Nothing'. This can be used to @inhibit@ after a number of retries,
> -- for example.

I'm a haskell newbie so I might be misreading something or not testing things right.
Any kind of confirmation (either way) would be great.

Thanks