Life insurer CommInsure has been charged with 87 counts of offering to sell insurance products in the course of non-compliant unsolicited telephone calls.
In a statement, ASIC alleged that between October and December 2014, CommInsure, through its agent, telemarketing firm Aegon Insights Australia Pty Ltd (Aegon), unlawfully sold life insurance policies known as Simple Life over the phone.
CommInsure then provided customer contact details to Aegon from CBA’s existing customer database, ASIC said.
ASIC also alleged that the calls to CBA customers were unsolicited, and that CommInsure did not comply with all of the hawking exceptions in section 992A(3) of the Corporations Act.
ASIC confirmed the maximum penalty for each of the charges is $21,250.
The matter has been listed for the first mention on 19 November 2019 at the Downing Centre Local Court in Sydney.
The Commonwealth Director of Public Prosecutions is prosecuting the matter.
APRA has launched a review into the capital treatment of the major banks’ investments in their banking and insurance subsidiaries, followi...
The government has directed the Australian Competition and Consumer Watchdog (ACCC) to investigate the banks’ mortgage pricing, following ...
ASIC has urged investors to be careful in establishing self-managed superannuation funds (SMSFs), declaring many Australians set up funds th...