The French National Assembly has adopted a draft law designed to make it easier to find the beneficiaries of unclaimed and escheated life insurance policies. A policy is considered escheated when a policyholder dies but the insurer is unable to process the capital payment.
The French National Assembly has adopted a draft law designed to make it easier to find the beneficiaries of unclaimed and escheated life insurance policies. A policy is considered escheated when a policyholder dies but the insurer is unable to process the capital payment.
Delighted that this delicate matter has made it into the parliamentary spotlight, Aviva, bolstered by the AFNOR certification obtained for the settlement of savings policies in the event of the death of the policyholder, is going above and beyond its duty.
Indeed, since 2002, Aviva has adopted a series of specific measures that go beyond the legal requirements: systematically contacting customers at least once a year to ensure that their beneficiary clause is still appropriate for their personal circumstances, paying death benefits within 10 days of receipt of the complete application, getting in touch with policyholders over the age of 80 to check their beneficiary clauses, and so on.
These measures enable Aviva to effectively reduce the number of escheated policies: of the 12,000 inheritance cases investigated in 2005 and 2006, Aviva was only unable to identify 60 beneficiaries with certainty. That represents just 0.5% of the cases handled. In the majority of cases, the reason the claims cannot be settled is inaccurate drafting of the beneficiary clause.
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Press contacts:
Aviva Vie
David Chenu
Telephone: +33 (0)1 7662 6792
E-mail: david_chenu@aviva.fr
HDL Communication
Cyril Chassaing
Telephone: +33 (0)1 5865 0077
E-mail: cchassaing@hdlcom.com
Notes to editors:
About Aviva
Aviva is Europe's leading provider of life insurance and retirement savings products with strong positions in other markets around the world. Based on gross premiums at 31 December 2006, Aviva was the world's fifth-largest insurance group. Aviva's principal business activities are: life insurance and long-term savings, fund management and general insurance. At 31 December 2006, Aviva had turnover of €61.9 billion and €543 billion of assets under management.
With more than 150 years' experience in France, Aviva is one of the top 10 players in the insurance market. Aviva France operates with a balanced multi-distribution model, which has proved hugely successful: 875 general agents, 1,800 branch staff, 400 life insurance advisers, 1,000+ brokers, and its partners (Union Financière de France and Médéric). Aviva France also has important partnerships with AFER, the largest savings association in France, and the Crédit du Nord Group. Specialising in unit-linked products, Aviva is recognised for the excellent performance of its long-term funds and solid commitment to its customers through its Good Advice approach. Aviva employs more than 3,200 staff. At 31 December 2006, Aviva France recorded consolidated sales of €6.4 billion, a consolidated operating profit of €689 million (based on the embedded value - EEV/IFRS standards) and managed assets worth €72.9 billion.