The Central Bank has issued a fine of €8,400 to an insurance company, after it admitted to three breaches of the regulator’s rules on fitness and probity.

Insure4Less Teoranta, which trades as Kerry Insurance Group, was also reprimanded. The fine was reduced from €12,000, under a scheme that allows discounts for settlements.

Under section 23(1) of the Central Bank Reform Act 2010, all regulated firms must obtain regulatory approval to employ individuals in certain key positions.

The Central Bank acts as a gatekeeper for individuals proposed for these roles, and assesses the honesty, integrity and competence of candidates.

‘Reminder’ to firms

Its investigation, which began in September 2021, found that the firm appointed three directors in January 2018, but did not submit any application forms for approval of the individuals until February 2019.

“At no stage in the process did the firm bring to the attention of the Central Bank that the three individuals had in fact already been appointed,” the regulator said, adding that it became aware of the appointments only because of its own enquiries.

“As well as acting as a deterrent to this firm, this enforcement action serves as a reminder to all regulated firms – in all sectors and regardless of size – of the importance which the Central Bank attaches to F&P [fitness and probity] compliance,” added Seána Cunningham (the Central Bank’s director of enforcement and anti-money laundering).