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Allianz Australia to pay A$1.4 million in refunds for self-reported non-compliance

( May 29, 2015, 23:00 GMT | Official Statement) -- MLex Summary:  Allianz Australia Insurance Limited and Allianz Australia Life Insurance Limited have implemented and will soon finalize a process to refund approximately 20,000 customers over A$1.4 million ($1.1 million). Allianz notified the Australian Securities and Investments Commission, or ASIC, of two breaches of financial services law in 2013, and advised its intention to undertake remedial action, which led to the refunds. The insurer admitted to failing to refund stamp duty amounts owed to customers with consumer credit insurance policies and overcharging some 2,591 customers since 2001.The regulator's full statement follows:...

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