The Central Bank has imposed a fine of €275,000 on Arch Reinsurance Europe Underwriting for breaches of the Corporate Governance Code.
The Central Bank said the company failed to comply with certain standards required by the code.
It said that some of its governance structures and internal controls were not sufficiently robust, its risk committee was not sufficiently effective and it failed to adequately oversee its subsidiary.
In a statement, the bank said these failures showed a compliance culture which fell short of the standard expected in relation to corporate governance.
The company is authorised to provide reinsurance services - reinsurance is insurance for insurers.
The Central Bank conducted a full risk assessment of the firm from January to June 2014, which included a governance review.
These findings have been accepted by Arch Re Europe as part of the deal with the Central Bank.
Derville Rowland, the Central Bank's director of Enforcement, said the code was introduced to strengthen standards of corporate governance in light of the financial crisis.
"It sets out clear minimum corporate governance requirements for firms and their subsidiaries and reflects the importance which the Central Bank places on robust corporate governance and a culture which promotes and encourages best practice," she said.
"Corporate governance risks remains on our agenda as a key enforcement priority across all sectors and firms. Where evidence of poor standards of corporate governance is found in firms, the Central Bank may take enforcement action," Ms Rowland added.
