Public statement relating to Enforcement Action against AXA Life Europe DAC

Date09 December 2022
Central Bank of Ireland
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
Regulations), the Corporate Governance Requirements
, 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
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.

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