Crac Fwu, broker ready to sue. What savers risk and what to do to recover policies

Insurance agents, brokers and financial promoters move against FWU, the insolvent insurance companyliquidation on January 31 by the Luxembourg court. To pay the consequences will be, first of all, 110 thousand Italian savers for a shortage of over 300 million EURor: they will enter the complex process of the procedure. But also the intermediaries who have sold the offending policies are activated to protect their position. They consider themselves a part damaged in this story, since they were in the dark about the situation in which Fwu's accounts paid. Instead, now they have to face the discontent of betrayed savers on the front line.
«It is clear that intermediaries are also an injured party in this story. Not only because they boast credits towards the company, but are suffering a reputational damage important for choices not attributable to their work, « he explains Rudi Floreni, expert lawyer in the insurance sectorwho is dealing with the issue at national level.

Thus, while subscribers of policies pop up almost everywhere from Tuscany to the Puglia Salento, in addition to naturally to regions such as Lombardy or Veneto, Floreni points out that does not compete with intermediaries « Employment of management choices of the companies or compliance with parameters provided for by the Solvency 2 legislation and they also learned of the state of crisis of the company only by the information bodies ». The legal action will not be a walk «but it is clear that these professionals are title and reason for protect your interests and good name. At this moment it is important to use calm and understand the terms of the story. The protection tools are there, « concludes the lawyer.

AND Which destiny awaits insured savers? « However complex, the procedure provided in the event of liquidation is clear, » says Floreani. By 31 July 2025that is, six months from the judgment of the Court, they will receive a pre -filled document and declaration from the liquidator. To read and evaluate well, to avoid new surprises.

The security triangle

The fundamental question is: Will the money invested be recovered all?
The Luxembourg law provides for a very strong form of protection for those who subscribe to life policies. This type of protection, defined the Security trianglecalls the country's supervisory authority to the field, the same company and a custodian bank that must keep the assets that derive from the insurance credits separate from those of other activities. A second level of protection is the recognition of a super-private in any procedures: those who boast credits are satisfied as a priority compared to other creditors, such as the state, social security bodies, the company's same employees. If these protection levels have worked, then the savings have been protected.

Calculate the amount

But it is not yet enough to establish how much it will be recovered. The amount that savers will have behindcompared to the total paid, depends on two factors. The first is the type of policy stipulated: Not all FWU products on the market are the same. In the case of a Unit-Linked, the entire risk of the investment is for those who contract. Therefore, the credits that derive from this policy are evaluated on the basis of the number of shares held on the day on which the company was liquidated. In practice, the total credit value that the saver can boast is the same as the value of all the shares related to the insurance contract on that day.
Then There are guaranteed capital policieswhere the risk is in charge of the company that guarantees the prize, net of the commissions. Here the total credits are equal to the value of the technical reserves, that is, of all the prizes collected by the company, net of costs and increased by interest.

But, be careful: some policies work like bank accumulation plans (PAC) and foresee loading expenses that serve the company to « absorb » immediately the costs incurred. For example, on an investment plan from one hundred thousand euros for 20 years, part of the money is not investments but cover costs. In theory, they will not be returned. Yet, those money was paid for the entire duration of the plan. Therefore, says Floreani, it is right that they are repairate for the entire period of the policy. Otherwise, there are the extremes for a legal containment.