Consumer protection institution presents its opinion in the unit-linked case

The President of the Office of Competition and Consumer Protection has presented yet another reasoned opinion concerning unit-linked life insurance plans (ULIPs), also known as savings insurance policies. Up to this moment, the President of the Competition Authority has issued about 30 reasoned opinions in which he questioned the validity of contractual provisions which provided for exorbitant cancellation fees. In this case, however, the circumstances of the case were such that the President of the Office was able to express an opinion on the invalidity of the insurance contract with respect to a specific insured entity.