The High Court of New Zealand has imposed penalties totalling NZ$7.88m (US$3.63m), on CBL Corporation and four former directors for breaches of continuous disclosure obligations.
The Auckland High Court has ordered the insurer, a subsidiary of Suncorp New Zealand, to pay the reduced fine for failing to apply multi-policy discounts to nearly 42,000 customers
Four insurance companies will be penalised for breaching regulations in sale of insurance products through banks, with further investigations planned for 2023.
The Australia Federal Court court ruling is the largest penalty ever imposed on an insurer for violations of financial services consumer protection laws.
The Indian GST authorities are investigating a wider issue involving the alleged offering of fictitious services and fraudulent tax credits, which the demand forms part of.
