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Posts tagged #VersVG

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BMJ adjusts late withdrawal for life insurance policies

Civil Law 

The Austrian Federal Ministry of Justice has presented a government bill to amend the Insurance Contract Act (Versicherungsvertragsgesetz, VersVG). It is now to be clarified that in the event of a late withdrawal from a life insurance policy, all pre...

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OGH: Consequences of late withdrawal from a life insurance

Civil Law 

The Austrian Supreme Court (Oberster Gerichtshof, OGH) decided that Section 176 para 1 of the Insurance Contract Act (Versicherungsvertragsgesetz, VersVG) is contrary to EU law if it provides the same legal effects for the withdrawal from an endowmen...

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