29/06/2023
Just to let you know what is happening in the Pet Insurance World.
This ban is for 21 days and impacts new applications, NOT existing customers.
Stop orders relate to pet insurance products issued by the insurers via brands including Woolworths, RSPCA, Petbarn, Guide Dogs, Medibank, Bupa and HCF.
The full ASIC report is in the "comments" below.
Medibank, Bupa, Woolworths and the RSPCA have been banned from selling pet insurance for at least 21 days after the corporate regulator found they were marketing products that may not have “properly considered the financial situation” of customers.
The Australian Securities and Investments Commission has issued 38 interim stop orders that relate to 67 pet insurance products issued by The Hollard Insurance Company and PetSure.
These insurers provide pet insurance to Medibank, Bupa, HCF, Woolworths, RSPCA, Petbarn and Guide Dogs.
The action prevents them signing on new customers. Existing customers are not affected.
In a statement, ASIC said it was concerned that insurers failed to consider the financial situation of customers, such as their ability to pay upfront for treatment before being reimbursed later.
The full details in the link, and in the ASIC document in "comments" below:
Medibank, Bupa, Woolworths and the RSPCA have been banned from selling pet insurance for at least 21 days after the corporate regulator found they were marketing products that may not have “properly considered the financial situation” of customers.
