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Wakkerpolis Wins Test Case Against Nationale-Nederlanden

Profiteering insurance policy affair reaches a new stage – On 29 March 2016 the interest group, Wakkerpolis, achieved a significant victory in a test case over the insurer, Nationale-Nederlanden. The Financial Services Complaints Board ordered the insurer to pay substantial compensation for the so-called ‘initial charges’ and leverage and impairment effects. In its ruling the Financial Services Complaints Board tightened the standards governing the information which an insurer should or should not have provided when selling investment-linked insurance policies. The ruling represents a breakthrough in liability proceedings undertaken against insurers, such as Nationale-Nederlanden. Within a few weeks Nationale-Nederlanden will be summonsed by Wakkerpolis to appear in a class action seeking compensation. Wakkerpolis has arranged to be counselled by a team of specialist financial law practitioners headed by Adriaan de Gier of De Gier Business Finance Law. For the Financial Services Complaints Board’s press release see: KiFid press release concerning NN Initial Costs and Effects of Leverage & Capital Erosion.pdf