If you have just renegotiated or closed a five-year transfer in advance, you are probably trying to get back the insurance premium paid but not enjoyed. In the first part of this article we want to put some clarity in this matter, as online information is partial and unfortunately not always exact.
In the second part, however, we will analyze when it is convenient to request the insurance premium immediately and when it is better to analyze the contract of sale of the fifth and then request much higher amounts compared to the insurance premium not enjoyed.
Let’s start by saying that all loans with assignments of the fifth or delegated loans (loans whose installment is deducted from the paycheck or from the pension slip), must be accompanied by two types of insurance coverage: one on life and the other covering the risk of loss of employment.
- These policies are debited at the same time as the assignment contract with any guarantee of the aforesaid risks, for the entire duration of the bank loan. However, if you close the loan in advance, or you renew it (renegotiation), the customer will receive the reimbursement insurance cession of the fifth , as it lapses the reason why the policy was stipulated and the so-called “not enjoyed” award be repaid, even without the latter making a formal request. Very often however, the ” insurance reimbursement of the transfer of the fifth” is not carried out.
- We emphasize that the renegotiation, as well as the early repayment of employee loans can, under ’38 of Law 180 of 1950. However, s and the loan with employee loans has a term of ten years, we will be obliged to keep in at least four years before being able to renegotiate it. Instead for early closure we will be free to close it at any time.
Keeping in mind that the date of stipulation of these insurances always coincides with the date of signature of the loan contract, for the Italian law we will have to distinguish the following cases:
- insurance stipulated before 1/12/2010, date before which the law did not provide any insurance reimbursement cession of the fifth. But then we will explain that it is not said that reimbursement can not be obtained anyway.
- insurances stipulated after 1/12/2010, as from this date, there is a rule that obliges the insurance companies to reimburse the insurance of the assignment of the fifth, to the customer who has extinguished in advance a loan of any kind, the premium part (policy payment) not used. Unfortunately, the same law does not indicate how to calculate such reimbursement, with the result that many customers do not even know that their right does not know how to enforce it. And in cases where there was a refund we noticed how often these are nothing short of ridiculous compared to the premium paid.
Calculation reimbursement insurance cession of the fifth
But let’s sum up the main indications of the Ivass:
- Hypotheses not taken must be repaid automatically, in the days immediately following the extinction of the loan.
- In the contracts relating to bank loans, the procedures for calculating the portion of the premium that has not been received and therefore to be repaid will be explicitly indicated. Equally understandably, those administrative costs that will not be reimbursed will be listed.
- Finally, as stated above, these rules will be retroactive, thus also applicable to loans extinguished before December 1, 2010. In fact, no retirement limit has been placed on sale contracts already extinguished. Unfortunately, since in this case it is rare for insurance companies to voluntarily take care of reimbursement, it will be advisable to send a written request via certified e-mail.
The Bank of Italy’s Arbitration was also expressed on this topic with various decisions. According to which also those whose insurance policy is before the date of 01/12/2010 must be repaid. But there is more: in the absence of clear rules that already in the first contract indicate how to perform the calculation related to the repayment, it will be calculated in direct proportion to the period of time between the early repayment and that provided by the amortization plan native to.
In the event of a refusal by the insurance company or a calculation, or recalculation of reimbursements already received, insufficient, the insurance company must also send a Letter of Complaint, again via PEC or Registered.
IVASS guarantees an answer within 90 days. We remind you that the procedure does not entail any additional costs or legal risks, not even in the case of a negative answer. Naturally, if instead of a positive assessment, the insurance company will promptly provide for the reimbursement of the insurance on the sale of the fifth due.
Insurance premium repayment letter (Fac-simile)
We have prepared a similar facet of letter that you can send directly to the insurance company to request the reimbursement of the prize not enjoyed. Here is the link to download it: Letter reimbursement insurance cession of the fifth
Pay attention to requests for reimbursement of the insurance policy for the sales of the fifth subscribed before 2011
As anticipated previously in this second part we want to inform you of something that nobody talks about. Be careful to request the repayment of the fifth assignment insurance for contracts signed before 2011 to the Bank or Finance.
We see more and more often how banks lend themselves to repayment terms that go beyond a fair behavior towards their customers.
We are seeing as more and more financial customers contact their customers who have extinguished in advance a transfer of the fifth telling them that there is a refund to be obtained for the old extinct practices. This “voluntary” or “proactive” reimbursement is no more than an excuse to repay only a small part of what is really due to the consumer.
Obviously, the user does not know that the financial debt has unduly deducted amounts (in addition to the insurance premium) signs the release that the bank proposes to you in exchange for a small repayment, thus permanently blocking the road to the consumer in obtaining everything the due.
Attention therefore to the request for reimbursements for contracts signed before 2011 as they present serious anomalies (also usury) that could in most cases result in a repayment to the consumer. Therefore, we advise you to send us your contract before checking the insurance coverage to check for any usury and other bank anomalies.
If the policy signed by me is later than 2010, what should I check to make sure I get my money back?
You have to check two very important things:
- In the claim you make to the insurance company must be specified that in case of refusal, non-response or proposal of a lower amount due will be appealed to IVASS.
- In the form that will be proposed to you and which you will have to underwrite to obtain the reimbursement of the insurance, the amount that will be reimbursed must be specified. (spent this important data is simply omitted from the company).