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Central Bank fines firms [euro]1.5million.


THE Central Bank of Ireland has fined two companies more than [euro]1.5million for a combined nine breaches of the Solvency Capital Requirement.

PartnerRe Ireland Insurance DAC had six breaches while Partner Reinsurance Europe SE was pulled up for three.

A total of [euro]1,540,000 will be given to the Central Bank and both firms admit to the breaches.

They involved weaknesses in corporate governance frameworks relating to their internal reporting and internal controls in respect of Solvency II requirements.

The Central Bank's Seana Cunningham said: "This is the Central Bank's first enforcement action in respect of Solvency II breaches."

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Publication:The Mirror (London, England)
Date:Aug 22, 2018
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