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Virginia Surety to refund over $330,000 to insurance policy holders

Published on June 20, 2017 3:16 am, by

Virginia Surety, a general insurance provider, has agreed to refund over $330,000 in insurance premiums to policyholders. The insurance policies were sold between 18 June 2013 and 31 December 2015 as consumer credit insurance to people taking out loans at car yards in Queensland and New South Wales. The insurance policies were promoted to people to cover the risk of not being able to make the repayments on their car loans due to sickness, injury, disability, death and unemployment.

The insurance policies stated that the life insurance component was underwritten by TAL Life Limited (TAL)¬†without TAL’s permission.

Virginia Surety has agreed to refund premiums paid by customers and interest on those premiums. TAL Life has also agreed to honour valid life cover claims made by affected customers even after they receive a refund from Virginia Surety.

Virginia Surety will contact affected consumers who are eligible for a refund. Customers who have questions about their policies should contact Virginia Surety on: 1300 131 306 or by email at: compliance.au@thewarrantygroup.com

MoneyBrilliant has also contacted any MoneyBrilliant customers we believe may be affected.

Further information is also available from ASIC.

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Peter is the CEO of MoneyBrilliant. He has over 20 years experience in banking, insurance and accounting. Peter has three sons, ranging in age from 16 to 3, is a sport and fitness fanatic and a volunteer firefighter. He is passionate about improving people's lives through making financial services more accessible.

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