Core Viewpoint - The Australian Securities and Investments Commission (ASIC) has initiated legal proceedings against RACQ Insurance for allegedly misleading customers with inflated premium comparison pricing in renewal documents over a five-year period [1][3]. Group 1: Allegations and Practices - Between September 2019 and December 2024, RACQ Insurance sent over 570,000 renewal notices that included a "last period premium," which ASIC claims was often inflated compared to the actual amounts paid by customers [2]. - The misleading practices may have prevented customers from accurately assessing and comparing premiums across different insurers, potentially depriving them of cost-saving opportunities [4]. - RACQ's alleged misrepresentation affected various insurance types, including home and contents, car, caravan, boat, and pet insurance [5]. Group 2: Regulatory Actions and Responses - ASIC intends to seek civil penalties, declarations, and publicity orders from the Court regarding RACQ's practices [5]. - RACQ acknowledged ASIC's proceedings and stated that it had self-reported the issue concerning annual comparison pricing on renewal notices following a media inquiry in 2024 [5]. - The company has been cooperating with ASIC and conducting its own internal review to address the matter [6].