By David Jacobson ASIC has ended 2017 with a series of announcements about refunds by insurers as a result of mis-selling of products or misleading advertising. The insurers are Comminsure, Latitude Insurance and Swann Insurance.
ASIC says CommInsure will pay $300,000 to the Insurance Law Service in the form of a Community Benefit Payment and have its advertising sign-off processes independently reviewed after ASIC raised concerns about CommInsure’s advertising of two life insurance policies:
Total Care Plan, sold through financial advisers;
Simple Life Insurance, sold directly to consumers
ASIC reviewed advertising from mid-2013 to March 2016 and found that misleading and deceptive statements are likely to have …read more
Source:: Bright Law