Irish Regulator Spent €1.9M On Probe Into Ex-Insurance Heads

Law360, London (June 3, 2021, 11:35 AM BST) -- The Central Bank of Ireland spent €1.89 million ($2.3 million) on a five-year investigation into two former executives of an insurance company that collapsed in 2010, the body has disclosed in its annual report

The central bank, which acts as a watchdog for the country's insurance sector, said the case demonstrated its willingness to crack down on alleged misconduct. Its investigation into Kevin Lunney and Liam McCaffrey, former directors of Quinn Insurance Ltd., was opened in 2015 over accusations of wrongdoing before the company collapsed in 2010.

The regulator closed its probe in September after announcing it had reached a settlement, which it did...

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