ASIC has announced that The Colonial Mutual Life Assurance Society Limited, trading as CommInsure, has been convicted of 87 counts of offering to sell insurance products in the course of unlawful, unsolicited telephone calls, contrary to section 992A(3) of the Corporations Act. CommInsure was fined $700,000.
If the conduct were to occur under the new penalty regime, effective from March 2019, the maximum penalty would be $10,962,000.
