(Reuters) – An Australian court fined local units of Allianz SE for selling travel insurance to ineligible customers and not properly disclosing how it calculated premiums on Expedia websites, the country’s corporate watchdog said. The units, Allianz Australia and AWP Australia, committed A$10 million in October last year to compensate around 31,500 customers who were sold potentially incorrect travel insurance through Allianz’s own website and Expedia, ASIC said. Allianz Australia issued the travel insurance while AWP handled its sale. ASIC said the court took into consideration the early admission by the Allianz companies in deciding the penalty. The two units also face separate criminal charges https://asic.gov.au/about-asic/news-centre/find-a-media-release/2021-releases/21-029mr-criminal-charges-laid-against-allianz-and-awp-alleging-the-making-of-false-statements for allegedly making inaccurate statements between 2016 and 2018 when selling both domestic and international travel insurance.

Source: MetroXpress September 06, 2021 23:03 UTC