The supervisory board of the German car company approved the settlement on Saturday, a spokesperson for Volkswagen states.
According to German media, Volkswagen is demanding back more than 1 billion euros from people who previously held management positions. Insurance will cover between 200 and 500 million euros.
The scandal in 2015 hit the company hard and led to a marked decline in car sales in addition to the fact that it had to pay large sums in fines and compensation.
The company had deliberately equipped new diesel cars with software that ensured that the cars appeared to be more environmentally friendly than they actually were when they were tested for exhaust gases.
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