VKI Examines Lawsuit Due to Non-Transparent Clauses in Old Life Insurance Policies

The Association for Consumer Information (VKI) is in talks with major insurers regarding cost clauses in life insurance policies concluded before 2007. From the VKI's perspective, some clauses are non-transparent, and related payments should be refunded. Discussions about an out-of-court settlement are "promising," the VKI announced, while also promoting participation in a collective action against the insurers by the end of the year.

Agreements in Old Endowment Insurance Not Transparent Enough

If no agreement is reached, the consumer protection organization is considering going to court, according to a statement on Tuesday. According to the VKI, the agreements in the old capital-forming life insurance contracts (endowment insurance) were not transparent enough. The collective action is directed against Wiener Städtische, Uniqa Austria, Allianz Elementar, Nürnberger Versicherung, Generali, and FWU Life Insurance Austria (formerly Skandia). Registration is possible at www.verbraucherrecht.at/kostenabzug.

(APA/Red)

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