Central Bank fines insurance company €3.35m for breaches
The settlement is with the Irish division of international niche insurance company Combined Insurance Company of Europe Ltd and relates to 28 breaches of the 2006 Consumer Protection Code.
The breaches covered a wide range of issues including a failure to follow standard claims procedures, over-insuring customers, not properly handling customer complaints, failure to recommend the most suitable products to customers and the failure, by some of its tied agents, to act fairly, honestly and professionally towards consumers.
