The Nationale-Nederlanden (NN) Corporation charged customers incorrectly for insurance policies in the 1990s. These are usury policies. These were unit related insurance policies where high returns were expected, when in fact they were mainly associated with high costs.

The insurance company must reimburse the costs and missed returns to the victims of this type of usury policy, judges Rotterdam court now. According to Wakerpolis’ claim, this is about 350 million euros. In 2017, the foundation initiated a class action lawsuit against NN on behalf of 600,000 policyholders. wake-up policy student then compensation of 3.2 billion euros.

The amount is now much lower because Wakkerpolis wasn’t quite right. NN sold usury policies between 1990 and 2004. But only in the first four years was NN really wrong. The insurance company must now reimburse policyholders for damages during that period.

According to Wakkerpolis, this relates to about 50,000 policies with an average damage rate of 7,000 euros. In addition, there is a group of policyholders who must be partially compensated by the courts. This relates to people who made a policy between 1994 and 1999 and who ended it prematurely. The size of that group is unknown.

The judge ruled in the past five years that NN has sold insurance policies, the insurance company was not at fault. After that, NN had the right to charge the costs in the way it was done.

“This ruling is a step in the right direction,” says Marnix Bos, president of the Walkerpolis Foundation. “We will study the ruling in more detail and consider filing an appeal for full compensation for all 600,000 NN policies.”

NN is also considering an appeal. “Although the ruling is largely in line with NN’s views, NN does not agree with the court on a number of points.”