Central Bank settles with insurer and fines it €65,000

Thursday 24 January 2013 15.07
Aon MacDonagh Boland: fined for not transferring rebates and overpayments
Aon MacDonagh Boland: fined for not transferring rebates and overpayments

The Central Bank has reached a settlement with an insurance firm over its breaches of both the Consumer Protection Code and the Handbook for Authorised Advisors.

The firm, MacDonagh Boland Crotty MacRedmond Limited, which trades as Aon MacDonagh Boland, was reprimanded and fined €65,000.

The breaches relate to the firm failing to transfer premium rebates to clients within a specified timeframe, deducting fees from rebates due to clients and the firm not repaying clients' overpayments on two products - Bikecare and Taxicare.

The three breaches happened between August 2004 and December 2011.

Keywords: central bank, fine