The country’s biggest insurance company, IAG, is being taken to court for overcharging about 239,000 customers $35 million by not giving promised discounts and benefits.
The Financial Markets Authority (FMA) has started civil proceedings against the company for not correctly pricing the premiums charged to customers, and failures to correctly advertise and apply important discounts to its insurance products.
FMA head of enforcement Margot Gatland said the IAG breaches were extensive.
“IAG is…
