Allianz Australia falls foul of regulator
The ASIC alleges a lack of disclosure on travel insurance premium calculations and mis-selling
Reuters reports that Australia's corporate regulator, the ASIC (Australian Securities and Investments Commission), has alleged that Allianz Australia Insurance and AWP Australia failed to disclose how it calculated premiums for travel insurance products and sold it to ineligible customers between February 2015 and September 2018.
The ASIC has said that it has started civil proceeding against Allianz and AWP.
Allianz Australia told ITIJ: “Allianz acknowledges the legal action by the Australian Securities and Investments Commission but, as the matter is now before the court, we are unable to comment further.”