News: IAG Australia's ASIC Launches Court Action & Calls On General Insurers To Review Pricing...

Oct 15 (Reuters) -

• LAUNCHES FEDERAL COURT ACTION AND CALLS ON GENERAL INSURERS TO REVIEW PRICING PRACTICES
• LAUNCHED CIVIL PENALTY PROCEEDINGS IN COURT AGAINST INSURANCE AUSTRALIA FOLLOWING FAILURE TO HONOUR DISCOUNT PROMISES MADE TO ITS CUSTOMERS
• ALLEGES THAT THIS PRACTICE IMPACTED NRMA INSURANCE RENEWALS BETWEEN MARCH 2014 AND NOVEMBER 2019 AND AFFECTED AT LEAST 596,000 CUSTOMERS
• ALLEGES THAT IAL ENGAGED IN MISLEADING OR DECEPTIVE CONDUCT AND MADE FALSE OR MISLEADING REPRESENTATIONS TO SOME NRMA INSURANCE CUSTOMER
• AFFECTED CUSTOMERS DID NOT RECEIVE PROMISED DISCOUNTS TOTALLING AROUND A$60 MILLION
• CLAIMS IAL INCREASED GROSS INSURANCE PREMIUMS THAT WOULD APPLY TO CUSTOMERS TO ENSURE THEIR NET PREMIUMS AFTER DISCOUNTS DID NOT FALL BELOW CERTAIN LEVEL

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