Also going over these payments any more income from the life insurance should represent the additional profits of the claimant. Only this amount not yet been defined. Playback of the payouts in the insurance certificate corresponding to the insurance proposal can therefore from an objective view of the receiver ( 133, 157 BGB) be understood otherwise than that this amounts to the specified payment dates should be made and it is a part of the benefits promised by the insurer. “Smart In “-investors who have taken out an insurance policy of the type”Wealthmaster Noble”with CMI with regular payouts (sampling plan), can therefore CMI require that they receive regular disbursements referred to in the certificate of insurance on the whole there called time.” 3. Invalid clauses – “Smart In” investors who have terminated their CMI agreement, have received low payouts.

Also for “Smart In” investors, who in the meantime have cancelled their insurance contract with CMI, arise after the decisions of the Federal Court of Justice further claims against the British insurer. It is based on a faulty calculation of the payment amount, the CMI has put illegal contractual clauses based on their behalf. Because the Federal Court has determined that cross-pool reserve accumulation of CMI and the market price adjustment are not permitted. Cross-pool reserves: shares in a “pool” are associated with any insurance contract. With the funds of the pool earned income flow to a part in the growth of value declared for the insurance contract. Another part flows in a general reserve pot of the CMI due guarantee obligations operated.

From the profits generated with a pool of funds, disbursements to other pools are subsidized. The policy conditions which have become part of the contract, included no explanation, according to the finding of the Federal Court of Justice. This is according to our understanding of the result that CMI retroactively must write to the income generated from the funds of the respective pool it, so in fact must lead to the reserve of that a pool. Market price adjustments: The regulations on the market price adjustment in the policy conditions are ineffective due to breach of the principle of transparency, as the Supreme Court noted. CMI was allowed to adjustments so no market price in determining the payout amount in the case of early termination of an insurance contract. In the episode of BGH judgments, CMI has the payout gekundigter “Wealthmaster Noble” recalculate insurance contracts. In doing so she needs to assign the income generated from the assets of the pool associated with the insurance contract only the pool as reserves and may make no market price adjustments. For the “Smart In” investors, who have already announced their health insurance contract can result higher payouts. You want to know what legal possibilities for you from the Federal Court of Justice judgments? Call us, we know how to get to your right. Nittel Banking and capital market law firm contact Mathias Nittel, lawyer specializing in banking law and capital market law Tino Ebermann, lawyer specializing in banking law and capital market law Heidelberg: Hans-Bockler-Strasse 2 A, 69115 Heidelberg phone: 06221 915770 Fax: 06221 9157729 Munich: residential street 25, 80333 Munich Tel.