PetSure and Hollard present insurance coverage to the manufacturers and the cease orders relate to 67 of its merchandise.
ASIC is especially involved about pet insurance coverage homeowners’ potential to pay for veterinary bills in full and upfront earlier than receiving a partial reimbursement or declare.
“ASIC made the interim orders to protect consumers from acquiring pet insurance products that may not be consistent with their objectives, financial situation or needs,” the fee mentioned.
“ASIC was concerned that the insurers failed to appropriately define the target market for these products using objective and tangible parameters.”
The ban will probably be in place for 21 days “unless revoked earlier”.
ASIC is contemplating extra cease orders for different insurance coverage merchandise.
“ASIC will consider making a final order if the concerns are not addressed in a timely manner.
“The insurers could have a chance to make submissions earlier than a choice is made about any remaining cease orders.”
Source: www.9news.com.au
