BELLEVUE (dpa-AFX) - The Federal Court in Australia has ordered Allianz Australia Insurance Ltd and AWP Australia Pty Ltd to pay penalties of A$1.5 million regarding the sale of travel insurance policies through Expedia websites, the Australian Securities and Investments Commission said in a statement.
The Court imposed the penalties after finding Allianz and AWP engaged in misleading and deceptive conduct when selling travel insurance by failing to correctly state how premiums were calculated and by allowing insurance to be sold to ineligible customers.
The Court acknowledged Allianz and AWP's efforts to make early admissions of liability and took this, and other relevant considerations, into account in determining penalty.
AWP was ordered to pay A$1.14 million and Allianz A$360,000 and have also been ordered to pay ASIC's costs.
Copyright RTT News/dpa-AFX
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