Zurich hit with $37,560 ASIC penalty
Major insurer Zurich has been hit with two infringement notices totalling $37,560 for allegedly making false and misleading statements to two policy-holders regarding their entitlement to benefit payments.
The Australian Securities and Investments Commission (ASIC) said that in May 2024 Zurich declined two trauma insurance claims advising the policyholders that their particular medical conditions were excluded, and no benefit was payable.
ASIC alleges that these statements were false or misleading as the policy terms applicable to the trauma cover held by the policyholders did not exclude their medical conditions and they were entitled to a benefit payment.
Zurich discovered these errors following a quality assurance review and subsequently remediated the policyholders paying them their benefit entitlements with interest. Zurich also reported the matter to ASIC.
Zurich paid the infringement notices on 8 May 2025.
Insurance claims handling was a 2024 enforcement priority and failures by insurers to deal fairly and in good faith with customers is a 2025 enforcement priority.
You lost me at Labor Senator, Deborah O'Neill. ALP OUT.
What they have done is stifled the youth even more, by taxing all the investments that they could have used…
talk about fees for no service
Twin Twits with zero accountability. Let’s blame Advisers again, their joint response for 25 yrs.
Twin Twits with zero accountability. Let’s blame Advisers again.