Sylvia Cronin has been named director of insurance supervision at the Central Bank.

The role was created after the responsibilities of the director of banks and insurance supervision were split following Fiona Muldoon’s decision to leave the financial authority.

Ms Cronin, who is currently chief executive of life assurance firm Augura Life Ireland, will take up the position later this year.

In a statement, Central Bank deputy governor Cyril Roux said Ms Cronin joined the authority at “an important time for insurance regulation”, with her job involving oversight of all general and life insurance and reinsurance companies regulated in Ireland.