In the settlement of profiteering affair will this week be a major breakthrough. Wednesday fells the European Court of Justice judgment on controversial investment insurance of Nationale-Nederlanden. The decision could also have implications for other large insurers
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Everything is about the complaint of a Dutchman who says that Nationale-Nederlanden (NN) it has provided too little information at the conclusion of the insurance Flexible Insured Investment, a so-called profiteering. The complainant is to NN at loggerheads over the amount of the policy costs and premiums for term life for the unit linked.
The Dutchman was last year equivalent of an important adviser to the court. That Advocate General argued that an insurance company must provide all
Total turnaround
The lawyer of the aggrieved policyholders predicts a total reversal in the affair, the court may follow this advice . Judges will have no choice but “substantially higher damages” award, counsel Dries Beljon suggested recently in a statement.
The profiteering affair keeps minds in finance working for years. In 2006 it was revealed that excessive costs are charged to many insurance. Organizations try to claim victims since then mobilize to loosen compensation to the insurers. But that process is very slow and not every victim provides this thing on.
Claim 3 billion
The procedure with the court covers about 595,000 policies sold by NN. The claim against the insurer could go at least 3 billion euros, as estimated
Other insurers hang in the affair potentially high amounts overhead
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