Life insurers paid out $43m to reimburse customers since culture review

Bolingford’s speech to the Financial Services Council was discussing the Conduct of Financial Institutions regime, also known as CoFI. (Photo: FMA)

Dan Brunskill

Thu, 22 Sep 2022

The Financial Markets Authority says life insurers have repaid almost half a million customers more than $43 million as a result of its 2018 conduct and culture review. The Financial Markets Authority's (FMA) director of banking and insurance, Clare Bolingford, said life insurers had been evaluating their products and self-reporting concerns. “In that time – almost four years – 225 such issues have been reported to us involving life insurers, many the result of creaking systems and weak controls,” she said...

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