Dutch insurer offers compensation to policy holders
Nationale Nederlanden will compensate customers who have paid too much for investment policies if they can prove the company was in the wrong.25 June 2008
THE NETHERLANDS - Dutch insurance company Nationale Nederlanden has agreed to compensate customers who have paid too much for investment insurance policies.
Many companies sold policies of this kind which were touted as alternatives for conventional mortgages and private pension schemes. Investors paid huge sums in 'administration costs' which only later came to light.
Nationale Nederlanden says that, if customers can show the company was in the wrong, they will be reimbursed for the extra costs incurred. The company has now stopped selling these policies and will introduce policies with no hidden costs at the end of the summer.
The Verliespolis Foundation, which represents over 100,000 dissatisfied buyers, has welcomed the news. However, it is pushing for other insurance companies to admit their fault and offer similar compensation.
[Radio Netherlands / Expatica]
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