Insurance Regulatory Update, November 2019

CENTRAL BANK LAUNCHES GUIDANCE ON ENFORCEMENT ACTIONS

The Central Bank has published new Administrative Sanctions Procedure (ASP) Guidance. Readers will be aware that in Section 6.3 of the Outline of the Administrative Sanctions Procedure 2018 (the Outline, available here), the Central Bank sets out the various factors it takes into account when sanctioning firms and individuals under the ASP. The Guidance provides insight as to how the Central Bank interprets sanctioning factors under the four headings as are listed in the Outline: ‘the nature, seriousness and impact of the contravention’; ‘the conduct of the regulated entity after the contravention’; ‘the previous record of the regulated entity’; and ‘other general considerations’. A detailed article on the Guidance prepared by the Arthur Cox team is here.