Irish Central Bank Fines Insurer €3.5M For Regulatory Breach
Law360, London (December 20, 2018, 5:30 PM GMT) -- The Central Bank of Ireland said on Thursday that it has reprimanded and fined the Irish arm of RSA Group PLC €3.5 million ($4 million) for breaching regulations on claim reserves and accounting.
RSA Insurance Ireland DAC admitted that it failed to have a robust governance framework, the Irish central bank said. The insurer also conceded that it had failed to create and hold capital, known as technical reserves, for its underwriting liabilities and that it did not have sound accounting processes in place.
Serious shortcomings in RSAII’s internal controls and corporate governance framework led to the breaches, the central bank...
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