Central Bank told finance officials that insurers may have had to deduct value of Covid state supports
Reinsurance cover could be void if controversial costs had not been deducted, according to documents issued to the government by the regulator last year
Insurers may have had to deduct the value of state supports from awards paid to businesses in order to avail of their reinsurance cover, the country’s financial regulator advised the government last year.
Insurance companies have been embroiled in controversy for months over the practice of stripping the value of state supports from payouts to businesses whose pandemic-related losses were covered by their insurance contracts.
Government ministers led by Seán Fleming, the junior finance minister, ...