Women to Pay Same Insurance Premium as Men!

16th March 2011
Women to Pay Same Insurance Premium as Men! image

Women to Pay Same Insurance Premium as Men!

A recent case from the European Court of Justice means that from December 21st 2012 that insurers cannot take gender into account as a risk factor when setting premiums and payouts in respect of annuities, retirement savings and accident cover.

The European Court of Justice considered that using “the gender of the insured individual into account is a risk factor in insurance contracts constitutes discrimination” contrary to article 4(1) and 5(1) of the EU Directive 2004/113/EC which implements the principal of equal treatment between men and women in the access to and supply of goods and services. Hence for example insurance companies, as currently is the case, will not be able to offer lesser premiums to women as opposed to men.

The European Court of Justice has ruled that from December 21st 2012 insurers will not be allowed to take gender into account as a risk factor for setting premiums. Therefore from that date, a rule providing for unisex premiums and benefits will come into effect. Before 21st December 2012 there is a transitional period which will allow EU Member States to decide what action to take on domestic laws and give companies a chance to adjust and to find ways to mitigate the potentially very substantial knock-on effects

Daven Naghen, head of our Employment Team commented as follows:-

“This decision from the European Court of Justice comes as little surprise. In essence this country has until 21st December 2012 to implement the ruling. It will be interesting to see what if any action is taken by insurance companies between now and the implementation date. I would suspect that as of 21st December 2012 at the very latest that premiums for women will generally increase, and whether there is any knock-on increase for men remains to be seen.

This ruling also affects many insured benefits provided by employers such as life assurance and private medical cover. This may well lead to a substantial increase in the level of pensions paid to women for example, although the pension contributions payable by women may also increase substantially.”

We at Maples Solicitors LLP will keep you up to date with any developments in respect of this ruling. If currently you do require advice in respect of this ruling, or any other issue relating to discrimination then please do not hesitate to contact Daven on 01775 722261 or email Daven at daven.naghen@maplessolicitors.com or write to Daven at 23 New Road, Spalding, Lincolnshire PE11 1DH.


How Banks are Cashing in on Wills image

How Banks are Cashing in on Wills

Recent headlines have reported how banks are now cashing in on Wills.

During the 1990s and early 2000s, banks offered customers low cost Wills (or sometimes even free Wills) but the small print allowed the bank to charge extortionate rates to act as Executors. It is reported that banks are expecting billions of pounds of revenue from their Will writing services and administering estates and in some cases their fees have been over £12,000 to administer an estate as they look to charge a fixed fee PLUS a percentage of the deceased’s wealth.

If you or a loved one has made a Will through a bank we would urge you to check who you have appointed as Executors and check any small print which you may have signed. If you are unsure then please speak with one of our lawyers in the Wills and Probate team who can look at your existing Will with you. It may be appropriate to make a new Will which revokes any previous Will you have made which could save your family thousands of pounds when your estate needs to be administered.

In the majority of cases, when someone has passed away we can provide the family with a quote of how much the legal fees will be so that there are no nasty surprises once the administration is complete.

Read More

Testimonials

Gemma Mayer LLB

"I would highly recommend Maples Solicitors, especially Gemma Mayer, for any conveyancing work. The level of support and professionalism was excellent at all times. I also felt if I needed to ask or clarify anything that it was not an issue. Buying and selling a house is stressful enough, but Gemma helped me through it step by step."

Anita Toal LLB BA

"I think you are brilliant. You can use my comments above. You are efficient, friendly and quite clearly very good at what you do. Mainly you don’t leave people hanging around too long for." "So easy to talk to her and she understood what I wanted. She put me at ease and I cant thank her enough"

Daven Naghen LLB

"Daven provided an excellent service, from attending the first interview with me to the final court appearance. He filled me full of confidence that he would defend me to which he did and come out with an excellent outcome in view of my position that I had put myself in."

Faye Blair LLB

Faye was excellent, sensitive and acted very well to the time constraints we faced. Great service and dealt with compassion at such sad times made the process less painful very professional.

Jamie Dobbs ACILEx

Over the last forty years I have cause to deal with many law firms both in a personal and professional capacity, including some ‘top’ London Companies. In all of those dealings I have never found anyone as proactive and so willing to offer help and advice as Jamie Dobbs. During the last two years Jamie guided my parents through the completion of Lasting Powers of Attorney. Helped myself with the use of the LPA and recently dealing with Probate and Estate Administration following their death.

Mike Pepper MA

Mike Pepper gave us excellent advice. He was always most helpful and accommodating giving lucid explanations every step of the way. Thank you Mike.

Claire Smith FCILEx

Claire Smith has been amazing in every way. I highly recommend her and I am so grateful for all her help. She’s professional on all levels, reliable, extremely organised and I will be recommending her to everyone. I’m very lucky to have had her representing me and I can’t thank her enough. She is an asset to Maples. Thanks so much Claire!