October 4, 2019
ASIC has charged The Colonial Mutual Life Insurance Society Ltd, trading as CommInsure, with 87 counts of offering to sell insurance products in the course of non-compliant unsolicited telephone calls.
The regulator has alleged that between October and December 2014, CommInsure, through its agent, telemarketing firm Aegon Insights Australia Pty Ltd (Aegon), “…unlawfully sold life insurance policies known as Simple Life over the phone. CommInsure provided customer contact details to Aegon from CBA’s existing customer database.”
ASIC alleges that the calls to CBA customers were unsolicited, and that CommInsure did not comply with all of the hawking exceptions in section 992A(3) of the Corporations Act.
In its release, ASIC states the maximum penalty for each of the charges is 125 penalty units ($21,250) and that the matter has been listed for the first mention on 19 November 2019 at the Downing Centre Local Court in Sydney.
ASIC also advised the Commonwealth Director of Public Prosecutions is prosecuting this matter and that because it is a criminal matter before the Court, the regulator will not be making further comment.