The Central Bank has fined New Ireland Assurance €650,000 and reprimanded it for two breaches of the Consumer Protection Code.
The bank said the breaches took place from July 2012 to November 2014.
They relate to the provision of incomplete information to consumers regarding their investment products, and systems and controls failures associated with the provision of information to consumers.
The Central Bank said that as a result of the failures consumers were deprived of important information that would have enabled them to analyse the performance of their investment products on at least a yearly basis.
They were also unable to make informed decisions regarding their investment products.
New Ireland Assurance is authorised by the Central Bank to conduct life insurance business.
It provides investment products, pensions products (such as personal pensions, Personal Retirement Savings Accounts and Approved Retirement Funds), and protection products (such as life assurance and serious illness cover) to the Irish market through its New Ireland Assurance and Bank of Ireland Life brands.
The Central Bank’s Director of Enforcement Derville Rowland said that the Consumer Protection Code 2012 sets out the minimum standards the bank expects regulated entities to comply with in their dealings with consumers.
"Chapter 6 Provision 6.16 of the 2012 Code requires regulated entities to provide certain information to consumers on at least an annual basis to enable them to assess the performance of their investment products over the previous year," Ms Rowland said.
"It is of paramount importance that consumers receive such information in a complete and transparent manner, particularly in respect of longer term investment products, to enable them to analyse the performance and value of their investments and to assess whether those investments are on track to meet their personal financial goals and objectives," she added.
"Where the 2012 Code is not complied with, including its requirements in respect of the provision of information to consumers, or where properly functioning systems and controls are not in place to ensure that regulated entities comply with their regulatory obligations, entities and their management should expect vigorous investigation and enforcement action by the Central Bank," she warned.
