Insurance policyholders could get windfalls

Tue, 28 Nov 2006

Windfalls of cash could be on the way for over a million insurance policyholders. The news comes following a decision by insurance giant Aviva, who will likely release up to £3 billion worth of assets.

Over a million customers may receive over £400 each. The lucky bunch includes pension holders and those with endowment and with-profit bond policies. Aviva is also not likely to be the last major insurer to pay out big time. Other companies who may be forced to spend include Prudential .

The huge vaults of money are known as ‘inherited estates .’ These vast sums of money build up over hundreds of years. Whether the money belongs to shareholders, companies or the policyholders themselves is often left up to debate. The financial services authority, the financial regulator, has been in discussion with these large companies about what to do with the money.

Aviva are apparently taking positive action, following meetings with the FSA. However, policyholders who insure with the Norwich Union Life Assurance Company will receive no part in the distribution.
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