David
Beats Goliath in Insurance Battle |
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The Amplico AIG Life insurance
company must pay nearly ZL11.8m to Life Plus insurance brokerage chain for
reneging on an agreement, announced the Polish Chamber of Insurance and
Financial Brokers (PIPUiF) on Monday. An arbitration court decided in April,
after a two-year trial, that Amplico had no grounds to renege on the contract
with Life Plus. The court's decision is valid, but Amplico's managing board
disagrees with the verdict and plans to file a complaint at a civil court.
"We wish to underline that the compensation - should it be paid - will not
affect the company's current financial results, as appropriate reserves were
established for the purpose last year," reads Amplico's official statement.
According to the PIPUiF, the court's verdict is unprecedented in the history of
Poland's insurance market. "A small Polish brokerage company has won a
case against an American financial giant," said the Chamber.
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