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Insurance Council of New Zealand fines Australian insurer for defrauding customers

The Insurance Council of New Zealand imposed the maximumallowable fine on Youi PtyLtd. for defrauding customers but refrained from terminating itsmembership due to its apology to the affected customers.

In a statement, the council said it fined the companyNZ$100,000 and warned that it could face termination of its membership for anyfuture misconduct. The decision came after Youi pleaded guilty in the AucklandDistrict Court to multiple charges brought against it by the CommerceCommission.

The charges included making misleading statements toconsumers seeking a quote, demanding credit card details when providing a quoteand billing customers for policies they never agreed to.

Earlier in August, TheSydney Morning Herald reported that Australian regulators were investigatingthe company over allegations of defrauding customers.

As of Oct. 3, US$1 wasequivalent to NZ$1.38.