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NIB Health pays penalty after Australian competition regulator issues infringement notice

( May 5, 2015, 06:02 GMT | Official Statement) -- MLex Summary: NIB Health Funds Ltd., or NIB, has paid a penalty of A$10,200 ($8,000) following the issuance of an Infringement Notice by the Australian Competition and Consumer Commission in relation to advertising about the waiver of the waiting period for “Extras” cover. From December 2012 to November 2014, in promoting its combined Hospital and Extras cover, NIB offered to waive the waiting period on its Extras option, which it represented as “usually” or “normally” requiring a 2-month wait. ACCC had reasonable grounds to believe that NIB had contravened the Australian Consumer Law ACL by making a false or misleading representation that it required a 2 month waiting period, when in fact NIB had made this benefit available to all customers immediately for 23 months from December 2012....

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