CommInsure will refund more than $12 million to about 30,000 life insurance customers after pleading guilty to 87 counts of unlawfully selling policies over the phone.
The Commonwealth Bank-owned insurer pleaded guilty to the hawking charges brought by the financial regulator and expects to refund customers by the end of this year.
The Australian Securities and Investments Commission flagged a number of issues with CommInsure over the sale of its accidental death insurance, including the fact that almost half the policies sold in 2012/13 were cancelled within six months and that the speed of sales indicated customers could not have made an informed purchase.
AAP