RACQ has admitted to misleading conduct in court battle with ASIC.
The insurer says it might have been able to pick up discount glitches in 2012.
The industry has already paid back $800m in discount refunds to customers.
Insurer RACQ could have picked up a discounting glitch as early as 2012, nine years before it morphed into a $240 million blowout when it was eventually discovered.
Court documents obtained by The Australian Financial Review contain the admission from Brisbane-based RACQ, marking the latest example of how insurers missed problems brewing internally, culminating in costly errors.
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Liam Walsh writes on investigations and companies with The Australian Financial Review. He has won multiple media awards, worked in Japan and is now based in Brisbane. Email Liam at liam.walsh@afr.com.au
