Compare Life Insurance :: News
SHARE

Share this news item!

Massive Fines Hit Rogue Builders Over Fake Insurance

Massive Fines Hit Rogue Builders Over Fake Insurance

On July 19th, 2024, in a significant crackdown on fraudulent building practices, Aycon Constructions along with its director, Seyit Ayranci, received a record-setting fine of $250,000 from the Victorian Building Authority (VBA).
The enforcement action came after the construction firm was implicated in the use of falsified insurance certificates to secure building permits.

Investigations by the VBA revealed that Aycon Constructions had backed over 150 building permit applications with counterfeit domestic building insurance (DBI) records, performing building work without securing legitimate insurance policies. Builders in Victoria are legally obligated to obtain DBI for projects exceeding $16,000 to safeguard consumers and contractors alike.

The authority suspended Aycon’s operations in April after executing search warrants on multiple Melbourne sites, uncovering that the firm had been functioning without the essential DBI policies. The Victorian Managed Insurance Authority (VMIA) substantiated these findings, indicating that Aycon had not only bypassed obtaining insurance for several projects but had also replicated VMIA’s logo for these false certificates.

In response to these egregious violations, Mr. Ayranci’s registration as a builder has been revoked, and he has been disqualified from the industry for three years — the maximum duration allowed under current legislation. The VBA classified Ayranci as “unfit and improper,” also stating that his actions epitomize unprofessional conduct.

Anna Cronin, Commissioner and CEO of the VBA, emphasized the regulator's unwavering stance against disreputable builders. "This unprecedented penalty exemplifies our commitment to using every tool in our regulatory arsenal to protect consumers from unethical practices and ensure compliance in the building industry," remarked Ms. Cronin. "We urge consumers always to verify their builder’s registration and confirm the presence of a valid DBI policy, which is a legal necessity."

The VBA continues to engage with affected clients of Aycon, having noted a "relatively small" yet concerning number of complaints filed in May. The agency seeks to support these customers as they navigate the repercussions of Aycon’s malpractice.

Published:Saturday, 20th Jul 2024
Source: Paige Estritori

Share this news item:

Insurance News

AUSactive's New Insurance Offering: Enhanced Protection at Lower Costs AUSactive's New Insurance Offering: Enhanced Protection at Lower Costs
26 Mar 2026: Paige Estritori

AUSactive, Australia's leading body for the exercise and active health sector, has unveiled a new insurance solution designed specifically for fitness and active health professionals. This initiative aims to provide enhanced protection while offering lower premiums compared to existing market options. - read more
Private Health Insurers Advocate for Reforms Amid Rising Specialist Fees Private Health Insurers Advocate for Reforms Amid Rising Specialist Fees
26 Mar 2026: Paige Estritori

Private health insurers in Australia are raising concerns over the increasing fees charged by medical specialists, which are leading to higher out-of-pocket expenses for patients and causing some to delay or cancel necessary care. A recent report by Private Healthcare Australia highlights that more than half of the surveyed patients received medical bills larger than expected, with specialist fees for in-hospital care rising by 22% over the past three years. - read more
AMA Calls for Urgent Reforms in Private Health Insurance Sector AMA Calls for Urgent Reforms in Private Health Insurance Sector
26 Mar 2026: Paige Estritori

The Australian Medical Association (AMA) has released its annual Private Health Insurance Report Card, revealing that Australians are paying more for private health insurance while receiving less value. The report indicates that premiums have risen sharply, outpacing inflation and wage growth, with nearly 70% of policies now containing exclusions that limit coverage. - read more
Australians Uphold Insurance Commitments Amid Economic Challenges Australians Uphold Insurance Commitments Amid Economic Challenges
26 Mar 2026: Paige Estritori

In the face of escalating cost-of-living pressures, Australian households are demonstrating a steadfast commitment to maintaining their insurance coverage. Recent research conducted by national insurance provider Youi reveals that despite financial strains, a significant portion of Australians continue to prioritise insurance as an essential component of their financial planning. - read more


Life Insurance Articles

Understanding Life Insurance: Coverage Types to Protect Your Loved Ones Understanding Life Insurance: Coverage Types to Protect Your Loved Ones
The importance of life insurance in financial planning: Life insurance isn’t just a policy; it’s a cornerstone of comprehensive financial planning. By protecting your family’s financial future, life insurance offers peace of mind, knowing that your loved ones will be taken care of in the event of your untimely passing. It’s not solely about leaving behind a legacy, but also ensuring that your family can maintain their standard of living, pay off debts, and cover end-of-life expenses without financial burden. - read more
Strategies to Use Life Insurance in Funding Shareholder Agreements Strategies to Use Life Insurance in Funding Shareholder Agreements
Shareholder agreements lay the cornerstone for stable business relationships and continuity in Australia. Acting as a contract among business owners, these agreements set forth the expectations, rights, and obligations of all parties involved. They are particularly vital in delineating clear paths for dispute resolution, succession planning, and the transfer of ownership shares under varied circumstances, including the untimely death or departure of a shareholder. - read more
Why Income Protection Insurance is Essential for Self-Employed Australians Why Income Protection Insurance is Essential for Self-Employed Australians
Income protection insurance is a type of coverage designed to provide you with a steady income if you are unable to work due to illness or injury. Unlike other types of insurance, which may focus on lump-sum payments, income protection insurance prioritises regular income replacement to help cover your everyday expenses. - read more
Preparing for the Unexpected: Why Income Protection is Essential for Financial Security Preparing for the Unexpected: Why Income Protection is Essential for Financial Security
Life's unpredictability can often bring unforeseen challenges, particularly when it comes to our finances. One day you might be climbing the career ladder, the next you could find yourself unable to work due to illness or injury. This is where income protection insurance steps in, serving as a financial safety net that ensures you can continue to meet your living expenses, even when the unexpected happens. - read more


Start Here !
life insurance
Apply now for your free Insurance assessment and price comparisons!

Start Here

Life Cover Amount:
Postcode:


All quotes are provided free and without obligation. We respect your privacy.
Knowledgebase
Double Indemnity:
A clause or provision in a life insurance policy that doubles the payout in cases of accidental death.