"The court imposed the penalties after finding Allianz and AWP engaged in misleading and deceptive conduct when selling travel insurance by failing to correctly state how premiums were calculated and by allowing insurance to be sold to ineligible customers," said the Australian Securities and Investments Commission in a press release. (Photo: Martin Leissl/Bloomberg)
On Sep. 7, an Australian court fined two units of German insurer Allianz SE for A$1.5 million (US$1.12 million) for selling travel insurance to ineligible customers and not disclosing how premiums were calculated, Reuters reported.
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