Insure4Less Teoranta t/a Kerry Insurance Group reprimanded and fined €8,400 by the Central Bank of Ireland for breaches of fitness and probity pre-approval requirementsMay 2022
On 1st March 2022, Central Bank reprimanded and imposed a fine of €8,400 on the retail intermediary Insure4Less Teoranta t/a Kerry Insurance Group for breaches of fitness and probity pre-approval requirements.
The firm had breached three of its obligations when it failed to get pre-approval from the CBI for three directors who were appointed in January of 2018. Applications for the approvals were, in fact, only submitted in February of the following year. The CBI only discovered that the appointments had taken place in January of 2020, on foot of its own enquiries. the CBI found that the firm in question failed to obtain the CBI’s prior approval before appointing three individuals to pre-approval controlled function (“PCF”) roles.
The CBI has since approved three individuals for roles in the firm and the CBI confirmed it had now remediated the failings.
For further details of the action, see RegSol article: Central Bank of Ireland Enforcement Action – Insure4Less Teoranta t/a Kerry Insurance Group fined €8,400.00 and reprimanded for breaches of fitness and probity (“F&P”)