Central Bank fines life company more than €3 million
The Central Bank has fined a life company €3.2 million for breaches of financial regulation.
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 July 2009.
The Central Bank said...
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