IAG insurance australia group limited
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Oct 15 (Reuters) - Insurance Australia Group Ltd (IAG) : IAG...

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    15/10/21
    08:45
    Post #: 56817047

    Oct 15 (Reuters) - Insurance Australia Group Ltd (IAG) :

    • IAG ACKNOWLEDGES PROCEEDINGS COMMENCED BY ASIC-
    • WHEN IAG IDENTIFIED THIS ISSUE AS PART OF A PROACTIVE REVIEW IN 2019, COMPANY SELF-REPORTED ISSUE TO ASIC
    • CUSTOMER REFUNDS ASSOCIATED WITH PROCEEDINGS COVERED BY CUSTOMER REFUND PROVISION THAT WAS ESTABLISHED IN FY20 AND FY21
    • WORKING CLOSELY WITH ASIC THROUGH REMEDIATION PROGRAM
    • MORE THAN 80% OF AFFECTED NRMA INSURANCE CUSTOMERS HAVING NOW BEEN COMPENSATED IN RELATION TO ISSUE
    • PROCEEDINGS RELATE TO IAL'S FAILURE TO PASS ON FULL AMOUNT OF DISCOUNTS TO SIGNIFICANT NUMBER OF NRMA INSURANCE CUSTOMERS
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