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Trilogy International Partners Inc Reports Second Quarter 2021 Results

Trilogy International Partners Inc Reports Second Quarter 2021 Results
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AIA Admits False And Misleading Representations To Customers In FMA Fair-dealing Proceedings

Thursday, 29 July 2021, 11:52 am Life insurer AIA has admitted making false and/or misleading representations to customers in proceedings brought by the Financial Markets Authority (FMA) - Te Mana Tātai Hokohoko. The case was filed in the Auckland High Court and alleges three causes of action under the Fair Dealing provisions (Part 2) of the Financial Markets Conduct Act 2013 (the FMC Act). AIA has agreed to admit all causes of action and will file a Notice of Admission of the breaches in the High Court. The matter will proceed to a penalty hearing before the High Court where the FMA will

AIA admits it misled customers, overcharging or wrongly ending cover

The FMA case was based on three core breaches: purported enhancement of policy benefits; charging premiums after the termination of a policy and treating policies as terminated when they should have remained in force; and incorrect inflation adjustments. AIA wrongly told some customers they were entitled to cover enhancements for existing policies, also knowns as passback benefits. However, in reality the benefits only applied to policies after 2003. Supplied CEO Nick Stanhope says AIA NZ has reviewed its systems and processes so the situation doesn’t happen again. AIA misrepresented the benefits and in some cases misled customers about their policies, the FMA said.

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