Cigna responds to $180,000 FMA fine, and other news

The FMA has announced OnePath Life and Cigna Life will jointly pay $180,000 to the FMA after admitting liability for breaching the fair dealing provisions of the FMCA. While OnePath Life and Cigna Life did not directly make any misleading representations, their agent, ANZ was found to have. Tamsyn Parker writes in NZ Herald:

The breaches relate to misleading representations ANZ made when issuing monthly credit card statements to certain ANZ customers who held credit card-repayment insurance (CCRI) policies with Cigna and OnePath.

The bank was found to have charged customers for credit card-repayment insurance (CCRI) which offered no cover or benefit and issued duplicate policies between April 2014 and November 2019.

Cigna says impacted customers were contacted and issues put right in early 2020, before it offered an enforceable undertaking to the FMA re the discontinued CCRI proposition.

Cigna also records its commitment to developing and maintaining effective policies, systems, and processes to support good customer outcomes and to prevent issues of the kind referred to in these undertakings from occurring in the future.

More daily news:

AIA launches 'AIA MyCare' portal for advisers and corporate partners

Jo Mason of NZbrokers shares opinion on the challenges and opportunities in the insurance market

Zurich Australia and New Zealand announces new sustainability targets and initiatives

Kath Johnson leaves Fidelity Life for GM Channel Strategy & Delivery role at AA

ANZ appoints Amanda Owen Chief Financial Officer


Legal regulatory review for the life and health insurance sector

30 June 2021 - MBIE published a paper: International Developments in Sustainability Reporting: https://www.mbie.govt.nz/dmsdocument/15110-international-developments-in-sustainability-reporting-pdf 

5 Aug 2021 – FMA released research on Retail Investor Platforms. https://www.fma.govt.nz/news-and-resources/media-releases/online-platforms-transform-attitudes/