Renato De Maria, former insurance broker and director of AIBS, receives permanent ban from the financial services industry following allegations of misappropriating AU$35m (US$29.97m) of client funds.
Two former insurance agents been banned by the Insurance Authority for three years after being found to have submitted false academic certificates to meet qualification requirements.
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
APRA and ASIC publish information package to oversee implementation of FAR, a new regime which aims to improve transparency and accountability in the insurance, banking, and superannuation sectors.
Tokio Marine, Sompo Japan, Mitsui Sumitomo, and Aioi Nissay Dowa have reportedly found evidence of suspected fraud in 17,000 of the 53,000 claims examined so far.
The four major Japanese insurers will report their findings to the FSA on Friday, with an anonymous source claiming 100 corporate clients have been affected by improper business practices.
