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 Ayranci’s registration as a builder has been revoked, and he has been disqualified from the industry for three years — the maximum duration allowed under current legislation.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

Australian Life Insurance Premiums Set for 1.7% Growth in 2025 Australian Life Insurance Premiums Set for 1.7% Growth in 2025
18 Dec 2025: Paige Estritori

According to a recent report by Swiss Re, Australia's life insurance market is projected to experience a 1.7% real growth in premiums in 2025. This anticipated increase is attributed to easing cost-of-living pressures and the repricing of disability income policies. - read more
TAL's Health Sense Plus Now Covers Income Protection Policies TAL's Health Sense Plus Now Covers Income Protection Policies
18 Dec 2025: Paige Estritori

In a significant development for policyholders, TAL has expanded its Health Sense Plus program to encompass income protection (IP) policies. This initiative, effective from August 8, 2025, aims to incentivize proactive health management by offering premium discounts to clients who engage in preventive health checks. - read more
Pelagic Risk Services Strengthens Commitment to Marinas with Gold Sponsorship Pelagic Risk Services Strengthens Commitment to Marinas with Gold Sponsorship
18 Dec 2025: Paige Estritori

In a significant move to bolster support for the marina industry, Pelagic Risk Services has elevated its sponsorship status from Silver to Gold with the Marina Industries Association (MIA). This advancement underscores Pelagic's dedication to enhancing the operational capabilities and risk management strategies of marina operators across Australia. - read more
Australian Insurers Falling Behind in Cyber and AI Risk Readiness Australian Insurers Falling Behind in Cyber and AI Risk Readiness
18 Dec 2025: Paige Estritori

In an era where digital threats are escalating, Australian insurers are reportedly less prepared to manage risks associated with cyber threats and artificial intelligence (AI) compared to their global counterparts. This insight emerges from the latest PwC Insurance Banana Skins Survey, which assesses the industry's readiness to tackle emerging challenges. - read more


Life Insurance Articles

Why Every Subcontractor in Australia Needs Proper Insurance Why Every Subcontractor in Australia Needs Proper Insurance
Insurance is a crucial safeguard for everyone, but for subcontractors, it's essential. In the world of trade professionals, the tools of the trade are more than just pieces of equipment; they are investments into one's livelihood. - read more
How Pre-Existing Conditions Influence Life Insurance Premiums How Pre-Existing Conditions Influence Life Insurance Premiums
When it comes to life insurance, a pre-existing condition refers to any medical condition or illness that you have been diagnosed with before applying for a life insurance policy. - read more
A Millennial's Guide to Life Insurance A Millennial's Guide to Life Insurance
For many millennials, navigating the complexities of personal finance and future planning can feel like a bewildering journey. Among these financial responsibilities, life insurance emerges as a paramount consideration. More than just a safety net, life insurance can be the cornerstone of a sound financial strategy, providing peace of mind for both the policyholder and their loved ones. - read more
Understanding Life Insurance Needs: A Guide for Australian Families Understanding Life Insurance Needs: A Guide for Australian Families
Life insurance is a financial product designed to provide peace of mind by offering a safety net for your loved ones in the event of your passing. The primary purpose of life insurance is to ensure that your family is financially protected, allowing them to maintain their standard of living even without your income. - 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
Copayment:
A fixed amount you pay for a covered healthcare service, usually when you receive the service.