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...

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