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ARTICLE · 21 OCTOBER 2010

Client Newsletter Autumn 2010 – Insurance Law

Dillon Eustace
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Dillon Eustace

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Following suspected breaches of regulatory requirements, the Central Bank entered into a settlement agreement with effect from 15 June 2010 with an insurance broker.

IrelandInsurance
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In this Issue:-

  • Central Bank Inspections into Charges and Premium Rebates
  • Issues Identified in Themed Inspections into Mortgage Referrals, Home Insurance Claims and Motor Insurance Renewals

CENTRAL BANK INSPECTIONS INTO CHARGES AND PREMIUM REBATES

Following suspected breaches of regulatory requirements, the Central Bank entered into a settlement agreement with effect from 15 June 2010 with an insurance broker.

The breaches, which were discovered during the course of the Central Bank's Themed Inspections into 'Charges and Premium Rebates in the Insurance Intermediary Sector', relate to the firm failing to act professionally in the best interests of its customers during the period 1 August 2004 to 31 October 2007. The issue relate to the firm inadvertently applying broker fees to the policies of some customers which were in excess of the maximum fees advised on the firm's terms of business document resulting in those customers being overcharged; and failing

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