ING and ING Novex reimburse 180,000 clients

ING Insurance Company of Canada and ING Novex will reimburse 180,000 Ontario clients as a result of the miscalculation of a discount from August 2003 until April of this year.The reimbursement applies to clients with a combined home and auto insurance package approximately 6% of their customers. A system decimal rounding malfunction caused these clients to receive a 12% discount on part of their insurance premium instead of the 12.5% to which they were entitled. The average reimbursement is approximately $13.00 and includes sales tax where applicable and 5% interest compounded annually.”The rounding error was immediately corrected, once identified, and we have even implemented stricter testing procedures of our information technology systems going forward,” Debbie Coull-Cicchini, chief operating officer for Ontario, says.The Financial Services Commission of Ontario has reviewed and agreed to this reimbursement process which is now underway.