Axa fined €3.6m by Central Bank for risk management failings

The breaches relate to around 30,000 insurance policies sold in Germany under the insurer's TwinStar brand.

The Central Bank determined the appropriate fine to be €5.2m. This was reduced by 30% to €3.6m after the early settlement discount scheme, provided for by Central Bank’s ASP, was applied. Photo: Leah Farrell/RollingNews.ie

The Irish arm of insurance giant AXA Life Europe DAC (ALE) was fined €3.6m by the Central Bank for failures in corporate governance, risk management and handling of conflicts of interest. 

The insurer was fined for three breaches of European insurance regulations, said the Central Bank.