Insurer AIA ordered to pay $700k penalty

The FMA’s head of enforcement, Margot Gatland, says the regulator will "proactively" respond to these types of issues. (Photo: FMA)

Dan Brunskill

Fri, 30 Sep 2022

New Zealand’s largest life insurer, AIA, has been ordered by the high court at Auckland to pay a $700,000 penalty for making misleading representations to some customers. The Financial Markets Authority (FMA) filed a case against the insurance firm in July last year alleging three breaches of the fair dealing provisions in the Financial Markets Conduct Act.AIA admitted the breaches, which were inadvertent and self-reported to the regulator after the recent conduct and culture review.The review resulted in the NZ insurance sector pay...

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