The Higher Regional Court of Cologne (OLG Köln, judgement of 02.09.2016, file no. 20 U 201/15) forbade a life insurer to charge Riester customers double acquisition costs – once costs with a maximum rate of 2.5 percent (previously 4.0 percent) of the premium volume spread over five years, and in addition further costs over the […]
The case: Employee loses approx. 90% of his company pension scheme: Anna M. (name changed) had asked her employer to invest part of her salary in a company pension scheme for her (deferred compensation). After € 6,230 had been transferred by the employer to a “company pension scheme” over three years, the employment relationship ended. […]
from the law firm of Dr. Johannes Fiala A recent ruling by the Regional Labor Court (LAG) in Munich confirms that the offsetting of acquisition costs in the first few years – in particular by zillmerization – is not permissible in occupational pension schemes (bAV) with deferred compensation. Such agreements are null and void – […]
Investment brokerage: Investment brokerage (also called acquisition brokerage, especially in the insurance sector) is the pure brokering of a third party’s investment (no products created by the client). What is owed is the provision of information and the execution of the mediation, but no advice. The investor has a limited expectation here, because he only […]
– Why the days of effortless money-making via life insurance are long gone – Agents’ commissions fall The Life Insurance Reform Act (LVRG) not only lowers the guaranteed interest rate for life insurance policies from 1.75% to only 1.25% from 2015, but also the permitted inclusion of acquisition costs through zillmerisation from 4% to […]
– Why the Small Investor Protection Act does not protect against investment losses due to low interest rates – Obligation to provide investor-friendly advice According to the BGH Bond ruling (Federal Court of Justice ruling of 14.06.2007, Ref. XI ZR 12/93), all investment advice must be appropriate to the investor and the property. Investor-oriented […]
– Redemption risks for insurers, agents and insurance brokers – The perpetual right to rescind or cancel insurance contracts By judgment of 19.12.2013 (Case C-209/12), the ECJ ruled that a right to withdraw from a life insurance contract is perpetual if the policyholder has not been properly and timely informed of this right. Contrary […]
– Pension capital transfer or change of policyholder – decision between plague and cholera – In purely statistical terms, the length of service of an employee is just under five years. If the employee has a pension plan, he or she will be able to take it with him or her to the new […]
– How the release leads to the thwarting of evidence and denial of benefits -. Evidence thwarting by the policyholder in the event of a claim Whoever starts to repair the damage after the so-called release by the insurer bears the risk of not being able to prove the amount of damage later on. […]
Why you should cancel an insurance policy After taking out an insurance policy, there are Insured persons have two options contractual relationship with your insurer to terminate the contract: On the one hand, the contract can be terminated – like any contract- under Compliance with the legal deadlines informal and on the other hand, it […]
