Insurer Youi’s misleading sales tactics have seen it fined $100,000 by the Insurance Council of New Zealand (ICNZ).
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The council, a voluntary industry body, took disciplinary action against Youi after the South African-owned company’s guilty plea to 15 representative charges brought against it by the Commerce Commission under the Fair Trading Act.
ICNZ found Youi’s sales practices also breached the standards set in the council’s Fair Insurance Code.
Youi has yet to be sentenced on the charges laid against it by the commission. These charges include:
ICNZ gave Youi the largest fine it could but stopped short of terminating the company’s membership. ICNZ president Chris Black said the company had been warned that a repeat of the behaviour would lead to its membership of the council being terminated.
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