Delta Lloyd Group has reached agreement with the consumer activist groups Verliespolis and Woekerpolis Claim on the terms of a compensation scheme for unit-linked insurance cost-capping.
Delta Lloyd Group has reached agreement with the consumer activist groups Verliespolis and Woekerpolis Claim on the terms of a compensation scheme for unit-linked insurance cost-capping.
In September 2008, Delta Lloyd Group became the first insurer to enter into an agreement with the consumer activist groups about unit-linked insurance cost-capping, thus finally realising a breakthrough on this issue after several years of protracted negotiations. With the compensation scheme now agreed, the definite arrangement is in place and clarity is provided on the use of the earlier agreed total amount of compensation.
The agreement applies to all units of Delta Lloyd Group covered by the compensation scheme. Apart from Verliespolis and Woekerpolis Claim, the agreement has also been signed by the Association of Homeowners (Vereniging Eigen Huis / VEH) and the Association of Stockholders (Vereniging van Effectenbezitters / VEB).
Compensation scheme
In addition to the agreement of September 2008, costs of unit-linked insurance policies with an accrued value over €100,000 are capped at 1.5% for the value above €100,000. Moreover, additional arrangements have been made for unit-linked policies whose level of the term life insurance premium depends on the accrued value of the unit-linked policy.
Finally, customers who were forced by special personal circumstances to commute their unit-linked insurance policy may also be eligible for the compensation scheme.
What customers must do
Delta Lloyd Group has meanwhile sent customers a letter providing an indication of the compensation, where applicable. Customers who may be eligible for the compensation scheme now reached will be advised of this.
Exceptions are customers who believe they are eligible for the compensation scheme on the grounds of being forced by special personal circumstances to commute their unit-linked insurance. These customers must take action themselves. From 1 July 2010, they can register via the special page on the Delta Lloyd Group website: www.deltalloydgroep.com/beleggingsverzekeringen.
-ends-
More information:
Delta Lloyd Groep
Media relations +31 (0) 20 594 44 88
Investor relations +31 (0) 20 594 96 93
Notes to editors:
About Delta Lloyd Group
Delta Lloyd Group is a financial services provider offering life insurance, general insurance, fund management and banking products and services. Delta Lloyd Group's target markets are the Netherlands and Belgium. In the Netherlands it mainly operates under the brand names of Delta Lloyd, OHRA and ABN AMRO Insurance, in Belgium under the Delta Lloyd brand.