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

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
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...

More Law & Regulation

Winton 'stands to gain millions': MP
Property

Winton 'stands to gain millions': MP

The proposed fast-tracking of Sunfield is 'cronyism', local MP claims.

Maria Slade 11 Dec 2024
Supermarkets say ‘errors’ behind ComCom criminal charges
Retail

Supermarkets say ‘errors’ behind ComCom criminal charges

ComCom has filed criminal charges against Woolworths and two Foodstuffs supermarkets. 

Gregor Thompson 11 Dec 2024
Govt's ‘cost-effective’ second emissions reduction plan
Law & Regulation

Govt's ‘cost-effective’ second emissions reduction plan

The Government will recognise carbon capture and storage in the ETS.

Greg Hurrell 11 Dec 2024
Olliver avoids bankruptcy – for now
Property

Olliver avoids bankruptcy – for now

A bid by BNZ to bankrupt the developer has been adjourned until February.

Maria Slade 10 Dec 2024