Ex-Irish Insurance Exec Fined For Compliance Breaches

Law360, London (June 19, 2020, 1:58 PM BST) -- The Central Bank of Ireland has fined the former chief financial officer of RSA Ireland €70,000 ($78,500) and banned him from working in financial services for more than eight years over his role in an accounting scandal that emerged in 2013.

Rory O'Connor "knowingly and actively participated" in overstating the profitability of the insurer's Irish operation, the central bank said on Thursday. RSA Insurance Ireland DAC was hit with a €3.5 million penalty in 2018 by the central bank for serious regulatory breaches over a five years.

RSA became embroiled in an accounting scandal when it emerged that the Irish arm had persistently...

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