Public statement relating to Enforcement Action against Insure4Less Teoranta T/A Kerry Insurance Group

Date02 March 2022
1
ENFORCEMENT ACTION
CENTRAL BANK OF IRELAND
and
INSURE4LESS TEORANTA T/A KERRY INSURANCE GROUP
Insure4Less Teoranta t/a Kerry Insurance Group reprimanded and fined 8,400 by the
Central Bank of Ireland for breaches of fitness and probity pre-approval requirements
On 1 March 2022, the Central Bank of Ireland (the “Central Bank”) reprimanded and fined
Insure4Less Teoranta t/a Kerry Insurance Group (the “Firm”) €8,400 in respect of three
breaches of fitness and probity (“F&P”) obligations under the Central Bank Reform Act 2010
(the “2010 Act). The Firm has admitted to the breaches.
The Central Bank determined the appropriate fine to be €12,000, which was reduced by 30% to
€8,400 in accordance with the settlement discount scheme provided for in the Central Bank’s
Administrative Sanctions Procedure.
Under Section 23(1) of the 2010 Act, all regulated firms must obtain Central Bank approval for
individuals that they propose to engage in pre-approval control function (“PCF”) positions.
Under the Fitness and Probity regime, the Central Bank acts as a gatekeeper for individuals
proposed for PCF positions and will assess the honesty, integrity and competence of candidates
before taking up these roles.
The Central Bank’s investigation, which began in September 2021, found that the Firm failed to
obtain the Central Bank’s prior approval before appointing three individuals as directors of the
firm; senior positions that are designated as PCF positions. The directors were appointed i n

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