RIGHTS TO WITHDRAW FROM AN INSURANCE CONTRACT WILL BE
HARMONISED IN AUSTRIA
It has been almost four years (19 December 2013) since the
European Court of Justice delivered a preliminary ruling related to
a life insurance contract to which the insured was not sufficiently
informed of his right to cancel the policy (C-209/12,
Endress/
Allianz).
This ECJ ruling also had an impact on life insurance policies that
are subject to Austrian law and regarding which a policyholder has
not been informed accurately about his right to withdraw from
it.
The Austrian High Court of Justice initially ruled on the basis
of
Endress/
Allianz that a consumer is
entitled to
with
draw
from a unit-linked LIFE INUSRANCE POLICY
for
an
inde
fini
te
perio
d of
time
if the insured was inaccurately informed of the withdrawal period
(OGH 2. 9. 2015, 7 Ob 107/15h). Whereas the core consequence of
such inaccurate information seemed to be further undisputed, i.e.
the right to withdraw
