The usury policy affair has occupied the minds of the financial world for years. In 2006 it came to light that far too high costs have been charged for many unit-linked insurance policies since the 1990s. Claims organizations have been trying to mobilize victims ever since to get compensation from the insurers.
Wakkerpolis stated that about 600,000 policyholders still have to get money back. This would amount to about € 7,000 per insured person, which means that the total claim could run into the billions.
First costs
But the judge does not agree. Only part of the claims are awarded in the judgment. The verdict is clear about the policies taken out between 1990 and 1994. According to the judge, NN made a mistake with so-called first costs. There is also a stock of policies for which part of the costs must be reimbursed. Wakkerpolis does not yet dare to make an estimate of that amount. In other respects, the claims organization has not been found to be in the right.
Wakkerpolis had hoped that the judge would follow an important advice that the Advocate General had previously provided to the Supreme Court. But that wouldn’t have happened. “Although the verdict means a good result for 50,000 policyholders, unfortunately the judge is not making the fundamental turn in the right direction with regard to the main question,” says Wakkerpolis lawyer Michiel van Eersel. The foundation is considering an appeal.
NN is still studying the ruling, but concludes that Wakkerpolis’ claims have largely been rejected by the court. Although the ruling is largely in line with NN’s views, NN disagrees with the court on a number of points and is considering lodging an appeal.