Central Bank fines insurance company
An insurance company has been fined €65,000 by the Central Bank for breaches of the consumer protection code.
Aon Mc Donagh Boland were found to have committed three breaches in relation to premium rebates and handling of overpayments between 2004 and 2011.
During that period the company failed to transfer more than €25,000 back to clients within a specified timeframe - they also deducted more than €105,000 from rebates due to customers without their written agreement.
The firm identified the issues and brought them to the attention of the Central Bank.
"The firm has co-operated with the Central Bank during the course of its investigations into the matter and has repaid all affected customers with interest," said the statement from the Central Bank.
"In relation to the failure of the firm to obtain the customer’s prior written agreement, the firm had previously clearly disclosed the fees to customers in its terms of business and other client communications."
The Central bank says this is the fifth such action it has taken against an insurance company relating to how premiums are handled, and it's calling on the industry to ensure their systems and controls are adequate.
