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ING announces agreement with Dutch consumer organisations on universal life cost charges

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2008-11-21 16:55

ING announced today that Nationale-Nederlanden and its other Dutch insurance subsidiaries reached agreements with the Stichting Verliespolis and Stichting WPC and their related consumer organisations to resolve a dispute regarding the cost charges related to individual universal life insurance products (“particuliere beleggingsverzekeringen”) sold to customers in the Netherlands. The agreement is in line with an arrangement that was previously reached by another company in the Dutch insurance sector.rn rnUnder the terms of the agreement, ING’s Dutch insurance subsidiaries will offer compensation to policyholders where individual universal life policies have a cost charge in excess of an agreed maximum. rn rnThe costs of the settlement have been valued at EUR 365 million. As adequate provisions were established in the fourth quarter of 2007 and the second quarter of 2008, ING expects no material impact to results in the fourth quarter of 2008. The class action that was launched against Nationale-Nederlanden NV will be terminated subject to a positive outcome of a consultation of relevant policy holders.rn

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