Ace Insurance (now Chubb) has removed misleading advertising on travel and bill protection policies following concerns raised by the Australian Securities and Investments Commission (ASIC).

Promotions for Tigerinsure travel insurance policies, issued by Ace under a deal with Virgin Australia-owned low-cost airline Tigerair, said coverage included flight cancellation and amendment, loss of deposit and cancellation charges.

However, the policies excluded cover for Tigerair delays, cancellation or rescheduling.

In a separate matter, Ace’s Priceline Protects bill protection insurance policy was promoted as providing “up to $2500 cover per month” with “competitive premiums from $2.80* per week”.

However, to receive that level of cover, premiums cost about $13 per week.

Ace, which is no longer selling the product, agreed to offer policyholders a full refund.

“Insurance and other financial products should not be promoted in a way that misleads consumers about the price and benefits of the product,” ASIC Deputy Chairman Peter Kell said.

“Consumers should be confident they are paying the price and getting the benefits they understand they are getting.”