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ARTICLE · 11 MAY 2016

Insurance Regulatory Update, April 2016

Arthur Cox
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On 27 April and 28 April, respectively, the Central Bank published its Annual Report 2015 and its Annual Performance Statement – Financial Regulation 2015-2016.

IrelandInsurance
Arthur Cox
Arthur Cox
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IN DOMESTIC NEWS...

CENTRAL BANK PUBLISHES ANNUAL REPORT AND PERFORMANCE STATEMENT

On 27 April and 28 April, respectively, the Central Bank published its Annual Report 2015 and its Annual Performance Statement – Financial Regulation 2015-2016. The Annual Performance Statement summarises the Central Bank's financial regulatory activities during 2015 and those planned for 2016. Certain key activities carried out in 2015 and action points for the remainder of 2016 of interest to the insurance industry were highlighted:

  • Administrative Sanctions Procedure: The Central Bank entered into nine Administrative Sanctions Procedure settlement agreements in 2015 and imposed a total of just over €7,333,000 in fines (although €5,105,000 of this was waived due to the to a lack of assets of those fined). On the basis of one of these settlement agreements the Central Bank disqualified one individual for ten years from being a person concerned in the management of a regulated

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