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Liberty Specialty Markets
Liberty Specialty Markets

NZ court orders broker to repay Suncorp

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A New Zealand insurance broker has lost his legal bid to have Suncorp-owned Asteron Life resume paying him income protection benefits.

Peter Taylor had been receiving benefits from 2010 until September 2014, at which point the insurer suspended payments to him because of doubts over his medical condition and finances.

High Court Justice Francis Cooke ordered Mr Taylor to repay the insurer $NZ371,286.70 ($351,837). The final amount could be higher as Asteron is seeking interest on the amount.

Justice Cooke did not accept Mr Taylor’s evidence, which countered subpoenaed testimony from former employees.

The judge also rejected Mr Taylor’s explanations for buying a Mercedes and a Maserati sports car, building a new house and going on a 12-hour flight to Hawaii despite his claims of having a bad back.

“The three subpoenaed witnesses gave evidence inconsistent with Mr Taylor’s account,” Justice Cooke says in his judgement.

“I generally found Mr Taylor’s evidence, and his answers in cross-examination, unreliable and at times not credible.”

Click here to read the full judgement.