Finance minister to intervene in savings premium scandal

Finance minister Jan Kees de Jager has agreed intervene in an effort to end the ongoing dispute over excessive fees charged by insurance companies over life insurance-based savings schemes.

MPs had called on the minister to talk to insurance companies about the policies, which became known as woekerpolissen (profiteering policies) because of the high charges.
Two foundations have been set up to try to win compensation for people who put money into the schemes only to have a large part of their contributions eaten up in fees.
Some 6.5 million woekerpolissen were sold in the 1990s, with costs amounting to almost half the premium in some cases. The scandal cut across the entire financial services sector.
The big insurance firms have now agreed a total compensation package worth up to €3bn, the Financieele Dagblad says.
But they have come under fire for being slow and for the complicated rules surrounding compensation.
The financial service regulators have since agreed insurance policy fees and other related costs should not account for more than 2.5% of the total premium

Thank you for donating to

We could not provide the Dutch News service, and keep it free of charge, without the generous support of our readers. Your donations allow us to report on issues you tell us matter, and provide you with a summary of the most important Dutch news each day.

Make a donation