The Australian Securities and Investments Commission has asked a court to impose penalties of up to $36 million on an AMP subsidiary for failing to take reasonable steps to stop its representatives from churning life insurance policies.
AIG Australia has failed to convince the Full Federal Court that an insolvency exclusion in a directors and officers policy held by Kaboko Mining should exempt it from covering claims brought by the collapsed mining company against four former executives after a failure to repay a US$5.95 million loan allegedly led to the company’s insolvency.
The National Australia Bank has filed a lawsuit against its Singapore-based captive insurance unit and three syndicates of global insurance giant Lloyd’s seeking coverage for two consumer redress schemes related to the bank’s sale of interest rate hedging products and fixed rate tailored business loans.
A judge has raised questions about a redacted funding agreement in a class action against two IAG units over allegedly worthless add-on insurance products, saying the details were needed for a swift resolution of the case.
AMP’s financial planning unit has admitted it breached the Corporations Act when at least one of its representatives engaged in so-called insurance policy churning, in a case brought by the Australian Securities & Investments Commission that will now head to a hearing on penalties next month.
Insurance giant Metlife has launched legal proceedings against the Australian Financial Complaints Authority to challenge a finding in favour of an injured former NSW police officer, in what is the first Federal Court action against the new external dispute resolution body.
The Bank of Queensland has criticised a judgment which found the bank’s insurance policy left it on the hook for a $6 million settlement of a class action brought by investors in a multi-million dollar Ponzi scheme by jailed fraudster Bradley Sherwin.
Insurance Australia Limited is facing a class action alleging it engaged in misleading and deceptive conduct by pushing worthless add-on insurance onto individuals purchasing motor vehicles through authorised dealers.
An argument over the admissibility of an expert report produced by the Australian Securities and Investments Commission in its insurance churn case against AMP was sidestepped Monday, with a judge proposing experts from both sides instead file a joint report in the case.
An insolvent mobile ticketing company wants a slew of documents from HWL Ebsworth related to its allegations that an HWL partner aided its former directors in diverting the proceeds of a life insurance policy to pay money owed to the firm.