- More than 200,000 consumers to receive a full refund following findings from the Fire Services Levy Monitor
- Announcement shows that the Monitor, set up by the Victorian Coalition
Government, is successfully protecting consumers Minister for Consumer Affairs Heidi Victoria today welcomed the signing of an enforceable undertaking between the Fire Services Levy Monitor and Insurance Manufacturers of Australia.
Minister Victoria said the Fire Services Levy Monitor has ensured that more than 200,000 consumers will benefit from an undertaking accepted by the Monitor from Insurance Manufacturers of Australia Pty Limited, the underwriters of RACV Insurance residential building policies.
Consumers covered by the Undertaking will share in $11.3 million, receiving a full refund of the price increase that occurred in June 2013, just before the fire services levy was abolished.
This follows on from refunds worth more than $1 million already secured by the Monitor in October 2013 from QBE Insurance, which had inadvertently charged a fire services levy to more than 10,000 policy holders.
“These successful actions by the Monitor are emphatic evidence of the benefits of the Victorian Coalition Government’s establishment of the Monitor’s Office and the breadth of the powers made available to it under the Fire Services Levy Monitor Act,” Ms Victoria said.
“I am pleased that the majority of insurance companies have demonstrated good compliance by passing onto consumers the benefits of the removal of the fire services levy from insurance policies.
“The Monitor has performed its work very effectively as the large number of policy holders to receive refunds testifies”.
Minister Victoria emphasised that when it comes to insurance, consumers need to do their homework and compare policy coverage, terms and conditions, as well as prices to find something that best suits their needs and budget.