An insurance portfolio cannot be pledged

Legal news

If banks finance an insurance intermediary for their business operations, they generally require security. Usually, the insurance intermediary establishes a right of pledge in respect of the insurance portfolio. However, on 6 December 2019 the Dutch Supreme Court ruled that this is not possible. Below you can read the grounds and the consequence of this judgment in proceedings between ING Bank and a receiver in the liquidation of an insurance firm.