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Australian insurers to refund $1.5 million payday insurance premiums after court decision

( July 8, 2015, 16:27 GMT | Official Statement) -- MLex Summary: Australia's CGU Insurance and Accident and Health International Underwriting have agreed to refund consumers over A$2 million ($1.5 million) in payday loan consumer credit insurance, or CCI, premiums and fees. The insurance product, sold by The Cash Store alongside payday loans, covers consumers against the risk of becoming unemployed, sick or dying during the period of the payday loans, which usually last about two weeks. The move follows a Federal Court decision that The Cash Store had acted unconscionably in selling a payday loan CCI product, the Australian Securities and Investments Commission, or ASIC, said in a statement. The lawsuit was brought by the ASIC on concerns about the unfair sale of the products when it was highly unlikely that consumers would be able to make a claim, the statement said.The statement follows....

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