Central Bank of Ireland has fined Dublin-based firms Creation Insurance and Inveralmond Insurance €26,600 each in relation to a breach of regulatory requirements.
The two firms failed to comply with European Communities (Non-Life Insurance) Framework Regulations, which require non-life insurance entities to maintain a guarantee fund at certain minimum levels.
In the case related to Creation Insurance, Central Bank of Ireland has found that during March 2008 to January 2009, the undertaking failed to hold sufficient assets to meet its requisite minimum guarantee fund of €2,200,000.
In Inveralmond Insurance case, regulator has found that on 19 diverse dates during December 2008 to January 2009, the undertaking also failed to hold sufficient assets to meet its requisite minimum guarantee fund of of €3,200,000.