Central Bank fines insurer €3.2m

Alico, a subsidiary of Met Life insurance, has been fined €3.2m by the Central Bank for various breaches of insurance law.

The fine is the third- largest fine handed down by the Central Bank to any financial institution operating in Ireland.

The largest fine imposed by the Central Bank was on Combined Insurance Company of Europe Limited who were forced to pay €3.35m. The second highest fine was paid by Quinn Life Insurance who were fined €3.25m in 2008.