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Insurance Australia agrees to $40M penalty in ‘very serious’ case over unpaid discounts
Insurance 2023-05-11 4:57 pm By Cindy Cameronne

Insurance Australia has agreed to pay a $40 million penalty in a case by the Australian Securities and Investments Commission alleging it short-changed NRMA customers a staggering $60 million in promised loyalty discounts. 

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Class actions pile up over Medibank data breach
Privacy & Cybersecurity 2023-05-05 6:45 am By Christine Caulfield

Private health insurer Medibank has been served with a second class action over a data breach exposing the personal details of 10 million customers.

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Medibank defence says data breach class action ‘hopeless’
Class Actions 2023-05-03 3:36 pm By Sam Matthews

Private health insurer Medibank has hit back at a class action over a data breach that affected close to 10 million customers, describing the claims as “hopeless.”

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MLC agrees to pay $10M penalty in ASIC case
Insurance 2023-05-01 11:56 pm By Christine Caulfield

MLC has agreed to cop a $10 million penalty for admitted breaches of the Corporations Act in an ASIC case that alleged the insurer failed to promptly update medical terms in policies and withheld payment of a life insurance benefit.

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Deloitte report into Medibank cyberattack to be kept secret
Privacy & Cybersecurity 2023-04-28 11:52 pm By Christine Caulfield

Private health insurer Medibank has not released a Deloitte report into last year’s cyberattack that exposed the private information of 10 million customers.

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Allianz to appeal ruling over indemnity for historic sex abuse claims
Insurance 2023-04-27 10:06 pm By Cindy Cameronne

Allianz has flagged it will appeal a ruling that found it must indemnify the Uniting Church for historic claims of sexual abuse that allegedly occurred up to four decades ago at the exclusive Sydney boys’ private school Knox Grammar.

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AIG can’t withdraw admission in Linchpin class action
Insurance 2023-04-26 11:31 pm By Cindy Cameronne

A judge has refused American International Group’s bid to withdraw an admission that directors of defunct advisory firm Linchpin Capital were covered under a D&O policy in an investor class action that has settled against everyone but the insurer. 

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KordaMentha partners fight examination over Arrium administration
Restructuring & Insolvency 2023-04-14 3:38 pm By Cindy Cameronne

The Australian Securities and Investments Commission is fighting a challenge by three KordaMentha partners to the regulator’s decision to allow insurer Atradius to subject them to public examination over their administration of failed steel giant Arrium.

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High Court snubs Sunwater in appeal over coverage for $440M floods settlement
High Court 2023-04-13 2:15 pm By Cat Fredenburgh

The High Court has rejected dam services provider Sunwater’s request that it weigh in on a dispute over insurance coverage for a $440 million class action settlement with victims of the 2010-2011 floods in Queensland.

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ASIC brings first case over unfair insurance contract terms
Insurance 2023-04-04 10:21 pm By Cindy Cameronne

The Australian Securities and Investments Commission has brought its first-ever case concerning unfair insurance contract terms, targeting Auto & General Insurance Company’s standard form home and contents insurance agreement.

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