Insurer dumps ‘profiteering’ policies

Insurance company Nationale Nederland is to stop selling investment-based insurance products, a spokesman said on Monday.

Such savings schemes are now known colloquially as ‘woekerpolissen’ or ‘profiteering policies’ because of the high charges – up to 40% of the premiums in some cases.
Nationale Nederland, part of the ING group, said it will have replaced all its investment-based policies by the end of the summer. All its products will then meet the 2.5% or 3.5% maximum for charges, as decided by the financial services ombudsman, the company said.
No decision has yet been taken about what to do with the high-charging policies which have already been sold, the spokesman said.
Legal action against companies selling investment-based savings schemes is in the pipeline. Finance minister Wouter Bos also wants the financial services watchdog AFM to investigate, after saying he had no faith in a report drawn up by the financial research institute IFO.

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