Australia’s corporate regulator commenced civil proceedings against a unit of Insurance Australia Group on Friday, for failing to pass on discounts worth A$60 million ($44.51 million) to nearly 600,000 customers. The Australian Securities and Investments Commission (ASIC) alleged that Insurance …
Britain’s markets watchdog told financial advisers on Tuesday they face a two-year crackdown to stop unsuitable advice, investment scams and excessive fees. The Financial Conduct Authority (FCA) said in a “Dear CEO” letter to heads of financial advice firms it …
U.K. home and car insurers could be stopped from jacking up prices when customers’ policies come up for renewal as the country’s financial-markets watchdog clamps down on an industry that’s not giving a “good deal” to about 6 million customers. …
Providers in the U.K.’s markets for cash savings, mortgages, insurance, mobile phone contracts and broadband are burdening customers with a “loyalty penalty” of around 4 billion pounds ($4.4 billion) a year, the Competition and Markets Authority said. Vulnerable people, including …
Some UK insurers may be forced to change how they set their prices for motor and home insurance as a result of a regulatory investigation next year, according to Fitch Ratings. Insurers have been accused of overcharging customers who do …
Untimely claims handling and failure to provide required compliant claims, underwriting, and policyholder service disclosures are the U.S. insurance industry’s top compliance shortcomings. That’s according to a review by Wolters Kluwer of U.S. insurers’ market conduct actions published by state …
Telecoms and financial services companies face an investigation by Britain’s competition regulator after consumer body Citizens Advice complained that customers who do not switch providers were being “ripped off” . Such customers were being overcharged 4.1 billion pounds ($5.2 billion) …
Slow claim handling, the use of unapproved rates and a failure to provide required compliant disclosures top the list of market conduct actions taken against U.S. property and casualty insurers in 2014, according to Wolters Kluwer Financial Services. Wolters Kluwer …
Connecticut Insurance Commissioner Thomas Leonardi announced last week that the Connecticut Insurance Department recovered approximately $8.7 million for policyholders and state taxpayers in 2012. The department’s consumer affairs unit fielded more than 6,100 complaints and inquiries and helped policyholders recoup …
Delaware’s insurance department announced it has fined State Farm Fire and Casualty Company a $150,000 penalty for failing to include in some of its non-renewal notices a written explanation of the specific reasons for non-renewal. The insurer has also been …
