Irish RSA executives could also face fines of up to €1m by the Central Bank of Ireland

The Central Bank of Ireland (CBI) could fine RSA £35m over the capital shortfall at its Irish operation, the Telegraph reports.

Any RSA executive found to have broken the rules could also be fined up to €1m (£828,940), the paper said.

RSA discovered accounting and reserving problems at its Irish operation in November that will cost the insurer £200m to fix.

The discovery triggered an investigation by the CBI, which is continuing.

According to the Telegraph, if the CBI finds against RSA, the insurer’s Irish division could face a fine and other punishments, which could include a reprimand or suspension of its authorisation.

The paper said under Irish law, the fine would be 10% of RSA Ireland’s prior-year turnover, which was €429m (£354m). This suggests a fine of £35.4m.

 

 

 

 

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