Public statement relating to Enforcement Action against AXA Life Europe DAC

• Date: 09 December 2022

ENFORCEMENT ACTION

Central Bank of Ireland

and

AXA Life Europe DAC

AXA Life Europe DAC fined €3,640,000 and reprimanded by the Central Bank of

Ireland for failures in Corporate Governance and Risk Management and handling of

Conflicts of Interest.

On 8 December 2022, the Central Bank of Ireland (the Central Bank) reprimanded

and fined AXA Life Europe DAC (ALE) €3,640,000 pursuant to its Administrative

Sanctions Procedure (ASP) for three breaches under the European Communities (Life

Assurance) Framework Regulations 1994 (S.I. No. 360 of 1994) (1994 Framework

Regulations), the Corporate Governance Requirements

1

, and the Solvency II

Commission Delegated Regulation (EU) 2015/35 (Solvency II Delegated Regulation).

ALE is an insurance undertaking authorised by the Central Bank to carry out life

insurance business. In 2006, it set up a German branch and started selling an insurance

product known as TwinStar. The German Federal Financial Supervisory Authority

(BaFin) regulated the German branch for conduct of business. In 2012, ALE stopped

underwriting new TwinStar policies, which were only sold in Germany, and closed its

1

Corporate Governance Requirements refers to the Corporate Governance Code for Credit Institution s and

Insurance Undertakings 2010, the Corporate Governance Code for Credit Institutions and Insurance Undertakings

2013; and the Corporate Governance Requirements for Insurance Undertakings 2015.