The Colonial Mutual Life Insurance Society Ltd, trading as CommInsure, is a wholly owned subsidiary of the Commonwealth Bank of Australia (CBA), has been charged with 87 counts of offering to sell insurance products in the course of non-compliant unsolicited telephone calls.
ASIC alleges 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.
The maximum penalty for each of the charges is 125 penalty units ($21,250). The matter has been listed for the first mention on 19 November 2019 at the Downing Centre Local Court in Sydney.
The Commonwealth Director of Public Prosecutions is prosecuting the matter.