Financial regulator flagged concerns over RSA’s Irish operation in August

Ireland’s financial regulator first identified concerns over RSA Insurance Group Plc’s (RSA) local unit in August, three months before the insurer suspended its three top executives in the country amid an accounting probe.

The Central Bank of Ireland carried out a review of RSA Insurance Ireland’s claims cases that month, the regulator said in an emailed response to questions yesterday.

The regulator “identified an issue with regard to delays in increasing case reserves on large claims in a timely manner”, according to the email.