Oct 30 (Reuters) - Australia's corporate regulator said on Friday it secured more than A$10 million ($7.13 million) from units of German insurer Allianz SE ALVG.DE to compensate consumers misled by the sale of travel insurance products.
The announcement comes a month after the Australian Securities and Investments Commission (ASIC) filed a court action against Allianz Australia and AWP Australia for travel insurance potentially mis-sold to around 31,500 consumers on its website and those of its distribution partners, including Expedia EXPE.O . counts of misconduct accepted by the two units included selling policies to ineligible customers, partially paid claims and sale of policies on Expedia websites at a higher premium than on a standalone basis, the regulator said.
In an emailed statement to Reuters, Allianz acknowledged the ASIC's announcement, saying it had remediated impacted customers A$10.1 million and amended the content on websites accordingly. ($1 = 1.4027 Australian dollars)