Central Bank fines life company more than €3 million

The Central Bank has reached a settlement agreement with Alico Life International Limited, a regulated financial services provider, in relation to various breaches of the Insurance Act and the European Communities (Life Assurance) Framework Regulations.

According to a statement from the Central Bank, it has reprimanded the firm and required it to pay a monetary penalty of €3.2 million. The breaches were discovered during an inspection of the firm in ...