Monday, 19 February 2018

Statement on CBL Insurance Europe dac


CBL Insurance Europe dac (CBLIE) is an insurance firm authorised and regulated by the Central Bank of Ireland. The principal operating activity of CBLIE is to provide a range of non-life insurance products in Ireland and in a number of countries within the European Union on a freedom of services basis. CBLIE specialises in construction related credit and financial surety insurance, professional indemnity insurance, property insurance, and travel bonding. These products are distributed through channels including Managing General Agents (MGAs) and insurance brokers.
The Central Bank has today, 19 February 2018, issued a direction to CBLIE instructing it to cease writing business with immediate effect, until further notice.
CBLIE continues to operate and existing policies continue to remain in force.
The Central Bank has required CBLIE to write to all appointed insurance brokers and distribution partners to inform them of the direction. The Central Bank has also requested that all appointed brokers and distribution partners, with which CBLIE is connected, inform policyholders. Any existing CBLIE policyholders who have concerns about their policy should contact the firm directly, or their broker (if the policy was bought through a broker).
The European Insurance and Occupational Pensions Authority’s (EIOPA) Cross-border Platform of Collaboration has been set up based on the Decision on the Collaboration of the Insurance Supervisory Authorities of 30 January 2017. The Central Bank continues to work with other European Regulators and EIOPA on this matter and the Central Bank will publish further updates on its website as they become available.

Notes

CBL Insurance Europe dac is regulated by the Central Bank of Ireland as a Non-Life Insurance Undertaking under the European Union (Insurance and Reinsurance) Regulations 2015 (SI No. 485 of 2015).
CBL Insurance Europe dac is a wholly owned subsidiary of CBL Corporation Limited, which is incorporated and domiciled in New Zealand.
Under the Central Bank (Supervision and Enforcement) Act 2013 the Central Bank obtained statutory powers to instruct regulated entities to appoint a reviewee or ‘skilled person’ to prepare a report in respect of any regulatory matter directed by Central Bank.
Insurers from EU/EEA state can conduct insurance business in another EU/EEA state either on a freedom of establishment / branch basis, or on a freedom of services (FOS) basis. Insurers accessing the Irish market on an FOS basis typically use Irish-authorised insurance intermediaries known as Managing General Agents (“MGAs”). The MGA administers the FOS Insurer’s business, which can range from a full service model (e.g. product development, pricing, underwriting, and claim handling) to a wholesale distribution only model operating within set criteria.

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