Crucial ruling on saving insurance policies in Poland
On May 10th 2017 District Court in Warsaw issued crucial ruling in case initiated by class action filled by the clients of Generali Życie TU SA against their insurer with regard to financial product widely known as saving insurance policies.
The ruling was issued upon the most controversial clause of saving insurance policies – liquidation fees. The Court decided that insurer is obliged to return to its clients circa 3.5 mln zloty. Particular claims amount to even few hundred thousand zloty.
This is the first significant ruling issued in the matter of liquidation fees of saving insurance policies. In verbal justification, the Court stated that despite that amount of liquidation fee was expressed by percentage rate counted form paid amount, the liquidation fee charged for termintaion the policy by client, still was disproportionately high and unacceptable.
Having regard to the above, the contractual clause, which contains the liquidation fee shall be treated as abusive clause. Therefore, liquidation fees shall be returned to clients of Generali Życie TU SA.
The matter of liquidation fees in saving insurance policies is still widely discussed. Polish Financial Information Officer severally times has notified about controversial clauses in this type of insurance contracts.
Despite that the ruling is not final, is constitutes bases to pursuing the claims by other clients of insurance companies with regard to liquidation fees of saving insurance policies.
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