FMA takes Medical Assurance Society to court over fair dealing breaches

The FMA said MAS’ failures were due to errors and deficiencies in its systems. (Image: Getty)

Thu, 01 Jun 2023

The Financial Markets Authority (FMA) is filing proceedings against the Medical Assurance Society for fair dealing breaches under section 22 of the Financial Markets Conduct Act.The FMA claimed that between 2014 and 2022, the Medical Assurance Society (MAS) failed to apply the correct inflation adjustments on its customer policies, failed to apply multi-policy discounts and no claims bonuses, and underpaid life and disability claims to eligible clients.MAS self-reported the issues to the FMA between 2019 and 2022, including reporting one of the...

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