The most recent developments concerning rescissions of life insurances are gaining momentum: already thousands of Austrians are aiming to withdraw their premiums from insurance companies through lawsuits. The first processes are now underway. A detail which has ignited the case is the fact that life insurances in combination with credits are often used as a repayment vehicle for foreign currency loans. This applies to thousands of households in Austria alone.
What the insurance holders want is clear: to get their accumulated premiums back. And if the contract is nullified retroactively, then not only does the law require for the deposited money (minus risk costs) to be refunded, but also for the amount to be paid out with a four percent interest rate. So far, insurances have remained relatively calm in the wake of these advances. However, the situation could change drastically, as soon as the first large class action lawsuits for those wanting to reverse their life insurance agreements come knocking at their doors.