Asic says it has revoked the interim stop orders applied to pet insurance policies sold by brands including Woolworths and PetBarn.
“The interim stop orders were revoked on late Thursday afternoon, following the insurers providing Asic with revised target market determinations (TMDs) that addressed Asic’s concerns,” a spokesperson told Inside Retail.
Thirty-eight interim stop orders had been issued relating to 67 pet insurance schemes operated by The Hollard Insurance Company and PetSure (Australia) across different levels of cover. The orders meant that no new policies can be issued to new customers for 21 days unless the orders are revoked, which subsequently occurred.
“Asic made the interim orders to protect consumers from acquiring pet insurance products that may not be consistent with their objectives, financial situation or needs,” the regulator said in a statement at the time they were imposed.
Inside Retail understands that the insurer revised the TMDs so they now include that customers must be able to pay premiums, upfront vet costs and gap costs.
In a separate statement, PetSure said that “after consultation with Asic we have addressed the concerns raised … and subsequently the interim stop order has been lifted”.
PetSure says it has reimbursed more than $1.5 billion of vet invoices since the company’s inception and provides financial healthcare support for more than 4000 pets, reimbursing more than $1.2 million in veterinary treatment costs daily.
“PetSure will continue to work with its distribution partners and stakeholders to support better pet healthcare moments for pets and their people throughout Australia.”
