May 30, 2022 – The chairman of the consumer protection association Peter Kolba has his sights set on life insurance contracts with an option to pay in installments. A first lawsuit has now been filed against Generali. This explains that the products are legally compliant and transparent.
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At the beginning of April he had Consumer Protection Association (SAAM) criticized life insurance contracts in which specific installment payment dates were agreed with customers when the contract was concluded (VersicherungsJournal April 8, 2022); at the same time a collection campaign was started.
VSV chairman Peter Kolba speaks of a faulty design; the customer is deprived of every opportunity to build up long-term assets because, in addition to high acquisition costs in the first five years, partial payments are already planned after six years.
In the cases reported so far, the General Insurance Ltd stand out “clearly”, according to the SAAM in a press release. Lawyer Robert Haupt has therefore filed a first complaint with the district court for commercial matters.
Specifically, Haupt accuses Generali of “fraudulently misleading policyholders in the construction of life insurance policies with partial payments”. The lawsuit seeks to annul the contract.
Generali: No obligation to claim
In a statement to VersicherungsJournal, Generali emphasizes that it designs products and solutions flexibly in order to cover the needs of policyholders as best as possible. There are no products that oblige customers to make partial payments.
Although customers have the option of agreeing on partial payment options at certain times, there is no obligation to make use of them.
In addition, the products are shown in accordance with the law and have been legally checked. According to Generali, the contract documents are complete and transparent and contain model projections of the services included.
Bit to date there is a lawsuit, further complaints would not exist.
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