October 4, 2019 / 12:47 AM / 10 days ago

ASIC expected to sue Commonwealth Bank's insurance unit - paper

SYDNEY, Oct 4 (Reuters) - The Australian Securities and Investments Commission (ASIC) is expected to announce legal action against the Commonwealth Bank of Australia’s life insurance arm over wrongdoing aired at an inquiry, the Australian newspaper reported on Friday.

The unit, CommInsure, was criticised last year at the inquiry on financial sector misconduct after it was shown to have rejected a trauma payout to a heart attack victim because it was using outdated assessment criteria.

CBA agreed to sell its life-insurance business to Hong-Kong based AIA Group in September 2017. A prolonged regulatory approval processes, however, led to the deal’s reworking in August. (Reporting by Paulina Duran in Sydney; Editing by Muralikumar Anantharaman)

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