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Madrid civil court rules against life insurance policy

Wed 4th May 2011

Over five years ago - In 2005 - a client bought a life insurance unit-linked policy set to pay a premium of EURO 100,000 from a branch of a Portuguese bank in Spain. The client requested an investment product with a conservative level of security. However, the insured did not receive all the information schedules and conditions of the policy until Lehman Brothers bankruptcy; up until this point he had not received any document that reflected the investment had been made through the U.S. institution.

Earlier this year a civil court in Madrid ruled that the policy information which the insured received before the bankruptcy "can only be described as dark and ambiguous". The judge held that the bank and insurer had both been grossly negligent in relation to their actions in the execution and duration of the policy, and as such the insured was awarded 200,000 euros by the court.

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