Another insurer has had to tell the corporate regulator of errors in discount disclosures, coming amid a wider industry review.
In that case, a computer algorithm specially designed to stop prices dropping too much – called cupping – had been triggered when premiums went too low. Customers there were not warned of such a mechanism.
RACQ had started investigating itself amid IAG’s high-profile errors, hiring KPMG to review policies. The KPMG probe unveiled this discount disclosure issue, triggering a legally required breach notice to ASIC.The probe was separate to ASIC in October last year telling the industry to review its pricing and promises going back five years. But following ASIC’s call, RACQ expanded KPMG’s role and has found “a smaller number of cases” in which members may not have received full discounts.
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