| ||Date||Title and Description
|13/07/2016||Settlement Agreement with New Ireland Assurance Company plc.
The Central Bank of Ireland (the “Central Bank”) has fined New Ireland Assurance Company plc (the “Firm”) €650,000 and reprimanded it for two breaches of the Consumer Protection Code 2012.
|30/06/2016||Settlement Agreement between the Central Bank and Seamus Sutcliffe t/a The Mortgage Centre
The Central Bank of Ireland (the “Central Bank”) has issued a fine of €2,750 and a reprimand to Seamus Sutcliffe t/a The Mortgage Centre (the “Firm”) in respect of a failure to hold professional indemnity insurance (“PII”) for a period of time. Insurance intermediaries are required to hold PII under Regulation 17 of the European Communities (Insurance Mediation) Regulations, 2005 (the “IMR”).
|15/03/2016||Settlement Agreement between the Central Bank of Ireland and Arch Reinsurance Europe Underwriting dac
The Central Bank of Ireland has issued a fine of €275,000 and a reprimand to Arch Reinsurance Europe Underwriting dac for breaches of the Corporate Governance Code for Credit Institutions and Insurance Undertakings 2010. This Corporate Governance Code sets out minimum core standards. The firm failed to comply with certain standards required by the Corporate Governance Code which came into force in January 2011 because:
1. Some of its governance structures and internal controls were not sufficiently robust;
2. Its Risk Committee was not sufficiently effective; and
3. It failed to adequately oversee its subsidiary.