Public Statements - Settlement Agreements 

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DateTitle and Description
Settlement Agreement between the Central Bank of Ireland and Arch Reinsurance Europe Underwriting dac15/03/2016Settlement 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.