Australian regulator files suit against Allianz Australia over travel insurance sales
Reuters
Published Sep 30, 2020 03:37AM ET
(Reuters) - Australia's corporate regulator said on Wednesday it started civil court proceedings against units of Allianz SE (DE:ALVG) for misleading consumers through the sale of travel insurance products on websites run by Expedia (O:EXPE).
Between February 2015 and September 2018, the Australian Securities and Investments Commission (ASIC) alleges that Allianz Australia Insurance and AWP Australia failed to disclose how it calculated premiums for travel insurance products and sold it to ineligible customers.
Allianz in an email response to Reuters acknowledged the ASIC suit, but declined to comment further.
The ASIC is seeking monetary penalties against Allianz Australia and AWP, it said.
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Written By: Reuters
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