Sean Quinn senior leaves company after being hit with huge fine by Irish regulator.
The chairman of Quinn Insurance, Sean Quinn senior, has left the insurer after it was fined €3.25m, around £2.6m, by the Irish financial regulator.
In a statement, The Financial Regulator said it had entered into a settlement agreement with Quinn Insurance and Sean Quinn.
"The Financial Regulator has entered into a Settlement Agreement with QIL and Mr Sean Quinn senior, chairman," the statement said.
"The Financial Regulator has reasonable cause to suspect that breaches of regulatory requirements occurred in relation to QIL.
"These breaches related to contraventions by QIL of obligations under the Insurance Acts and Regulations, including failure to notify the Financial Regulator prior to providing loans to related companies.
"The Financial Regulator required QIL to pay a monetary penalty of €3,250,000. The Financial Regulator also required Mr Quinn to pay a monetary penalty of €200,000.
"Mr Sean Quinn Senior, Chairman, is stepping down as Chairman and as a Director. Mr James Quigley has been appointed as Chairman.
"QIL confirms that no consequences have arisen for any of the firm’s policyholders as a result of the suspected breaches."
