Combined Insurance Company of Europe Limited

the Central Bank has taken the following factors into account:  the firm had begun to take steps to improve its processes before it ceased selling new business in April 2011;  the firm agreed to undertake both the Phase 1 LBR and the Phase 2 LBR and appointed an independent third party to provide quality assurance oversight;  the firm has, and is continuing to, remediate customers affected by the breaches; and  the co-operation of the newly appointed board of directors and senior management team during the Central Bank’s investigation and in settling at an early stage in the administrative sanctions procedure. The Central Bank confirms the matter is now closed. - End – The Central Bank of Ireland has entered into a Settlement Agreement on 16 December 2011 with Combined Insurance Company of Europe Limited, a regulated financial services provider, in relation to breaches of the 2006 Consumer Protection Code, the European Communities (Insurance Mediation) Regulations 2005 and the Minimum Competency Requirements. This 9 enforcement action relates to consumer protection failures and the penalty imposed demonstrates that we will not tolerate breaches of this nature.