The country's largest insurer, IAG, has been fined 19-and-a-half million dollars after admitting breaches of the Financial Markets Conduct Act

Almost 270-thousand customers were affected by overcharges of about 35 million dollars.

The company failed to correctly price premiums to customers, and didn't correctly apply important discounts to products sold via its business divisions and distribution partners.

IAG says it self-reported the issues to the Financial Markets Authority, and has issued refunds and is doing all it can to prevent it happening again.