The Medical Assurance Society gets slapped with $2.1m fine

Margot Gatland says MAS's systems and processes “overtly relied on manual processes with no detective controls". (Image: FMA)

Staff reporters

Mon, 27 Nov 2023

The Medical Assurance Society has been ordered to pay a penalty of $2.1 million after admitting it breached one of the Financial Markets Conduct Act fair dealing provisions, which affected thousands of its customers.The Financial Markets Authority (FMA) announced on Monday that the society (MAS) had made false and/or misleading representations to some of its customers.Between 2014 and 2022, the FMA said, MAS didn’t apply the multi-policy discount, or incorrectly applied a lower rate of the discount to premiums owed by some eligible custom...

Subscribe to BusinessDesk

Stay informed on business, government and financial developments across New Zealand.

Deeply researched, twice-edited and fact-checked news
Annual subscribers also receive a complimentary subscription to The Wall Street Journal
Personalised email news alerts, plus gift up to 5 stories a month to non-subscribers

You can cancel anytime with two clicks, an email or a phone call.
Find out more.

We are serious about journalism.

Name {{ registerForm.errors.get('name') }}

Email address {{ registerForm.errors.get('email') }}

Phone Number {{ registerForm.errors.get('phone') }}

Job Title {{ registerForm.errors.get('title') }}

Password Minimum password length of 8 characters.
Require at least one upper and lowercase, numeric, and special character. {{ registerForm.errors.get('password') }}

Repeat password {{ registerForm.errors.get('password_confirmation') }}

We had trouble validating your card. It's possible your card provider is preventing us from charging the card. Please contact your card provider or customer support.

Credit Card

Cardholder's name

{{ __(plans[index].name) | capitalize }} {{ plans[index].attributes.old_price | currency }} {{ plans[index].price | currency }}

All subscriptions auto renew but are easy to cancel.

I Accept The Terms Of Service

{{ registerForm.errors.get('terms') }}

Tax: {{ taxAmount(selectedPlan) | currency }}

Total Price Including Tax: {{ priceWithTax(selectedPlan) | currency }} {{ selectedPlan.type == 'user' && spark.chargesUsersPerSeat ? '/ '+ spark.seatName : '' }} {{ selectedPlan.type == 'user' && spark.chargesUsersPerTeam ? '/ '+ __('teams.team') : '' }} / {{ __(selectedPlan.interval) | capitalize }}

Markets Market Close

NZ sharemaket up 0.1% despite 'volatile' markets

The S&P/NZX 50 Index closed at 12,338.57, up 18.38 points or 0.15%.

Graham Skellern 03 Apr 2025

Economy

NZX-listed companies take stock in wake of US tariff moves

Wine makers, manufacturers and others mull what trade wars will bring.

Ian Llewellyn 03 Apr 2025

NZX-listed companies take stock in wake of US tariff moves

Economy

Analysts struggle to find upside from Trump tariffs

‘They've forgotten the lessons of the Great Depression,’ one analyst said.

Gregor Thompson 03 Apr 2025

Analysts struggle to find upside from Trump tariffs

Sponsored

New life in property market

Tax rule changes are bringing back mum-and-dad investors.

Fletcher Living

Sponsored

Commercial property trends: AI, sustainability and growing confidence

Falling rates and green tech shape property investment’s future.

PMG

More Law & Regulation

Law & Regulation

Telco fined $325k for misleading 'free' roaming claim

Telco 2degrees has been fined $325,000 after admitting it made misleading claims about its “free” Aussie business roaming plans.The Commerce Commission took action last year after claims made by 2degrees in its advertising campaign between 2020 and 2023 created an impression that...

Staff reporters 03 Apr 2025