INSURER OUTsurance’s New Zealand subsidiary Youi has again run into trouble with the authorities, receiving an unexpected R1m fine in the process.The Insurance Council of New Zealand, which represented the general insurance industry in the country, fined Youi NZ$100,000 on Tuesday for breaches of its Fair Insurance Code.The breaches included debiting clients for nonexistent policies after Youi agents bullied them into divulging account details when they sought obligation-free quotes.New Zealand’s Commerce Commission hauled the insurer to court in August for the same offences on 15 representative charges of misrepresentations made between July 2014 and February 2016.OUTsurance CEO Willem Roos said the fine was unexpected and that the company had not provided for it in its annual results. "It should be noted though that $100,000 is not a material amount in the Youi and OUTsurance Holdings Group results," he said.The group, which was majority-owned by JSE-listed Rand Merchant Insurance...
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