Co Kerry-based Insure4Less has been fined by the Central Bank of Ireland for three breaches of fitness and probity obligations.
The regulator levied an €8,400 fine on the company, reduced from €12,000 in accordance with the Central Bank’s settlement discount scheme.
An investigation by the regulator found that Insure4Less failed to obtain prior approval for three directors of the firm until over a year after they had been appointed. This was in contravention of Section 23 of the Central Bank Reform Act 2010.
Insure4Less is authorised as a retail intermediary that operates in the commercial and retail insurance market and is regulated under the European Union (Insurance Distribution) Regulations 2018. The firm has three employees and its audited accounts for the year end 2020 show a turnover of €337,831.
This is the Central Bank’s 146th settlement since 2006 under its administrative sanctions procedure, bringing the total fines imposed by the regulator to over €191 million.
