Australian regulator says Allianz to pay $7 mln compensation for misleading travel insurance sales

Oct 30 (Reuters) - Australia's corporate regulator said on Friday it secured more than A$10 million ($7.13 million) from units of German insurer Allianz SE to compensate consumers misled by the sale of travel insurance products.

The announcement comes a month after the Australian Securities and Investments Commission (ASIC) filed a court action against Allianz Australia and AWP Australia for travel insurance potentially mis-sold to around 31,500 consumers on its website and those of its distribution partners, including Expedia.

The counts of misconduct accepted by the two units included selling policies to ineligible customers, partially paid claims and sale of policies on Expedia websites at a higher premium than on a standalone basis, the regulator said.

In an emailed statement to Reuters, Allianz acknowledged the ASIC's announcement, saying it had remediated impacted customers A$10.1 million and amended the content on websites accordingly. ($1 = 1.4027 Australian dollars) (Reporting by A K Pranav in Bengaluru; Editing by Lincoln Feast.)