📋 Tender Overview
In the Insurance Contract Act Amendment 2022 late withdrawal for life insurance is to be revised after an amendment in 2018 based on judgments by the Supreme Court and the European Court of Justice. As Justice Minister Zadi explained it is made clear that in the case of a grossly incorrect - or even missing - cancellation policy for life insurance companies there is an eternal right of cancellation. By definition this is about such a cancellation policy that is so flawed that it deprives the policyholder of the opportunity to exercise his right of cancellation essentially under the same conditions as with the correct policy.In such a case the point that only the surrender value would have to be reimbursed should also be omitted. Those affected should be entitled to the repayment of premiums paid and no longer just to the surrender value according to the Minister of Justice.The regulations are to come into force on August 1 2022 and also apply retrospectively to corresponding cases of withdrawals that were declared after December 31 2018. According to the explanations this means that the case law of the Supreme Court is applicable which has previously left the relevant paragraph unapplied and in the event of a late withdrawal carried out a reversal under the law of enrichment.Ulrike Fischer Greens Nurten Ylmaz SP and Johannes Margreiter NEOS welcomed the clarifications for consumers. The changes are important emphasized Johanna Jachs VP. It remains to be seen how they will be implemented in practice. Harald Stefan FP was sometimes skeptical about the burden of proof for cases that were years ago but still signaled approval.
