Financial services firm fined €3.2m
The Central Bank has ordered financial services firm Alico Life International to pay a €3.2m fine, for offences relating to proper reporting of its business.
The reprimand came after the firm was alleged to have breached the Insurance Act, and the European Communities (Life Assurance) Framework Regulations.
The Central Bank’s Insurance Division discovered the breaches during an inspection of the firm in July 2009.
The Central Bank stated that the offences include the firm's failure to correctly record assets representing its life assurance fund and the liabilities attributable to that business in its 2007 return.
Alico also stands accused of failing to have sound or adequate internal control mechanisms and of failing to deposit its annual returns with the Central Bank within six months of the 2007 and 2008 financial years.
The Central Bank said that the matter is now closed.
