The former Executive Director and Chief Financial Officer of RSA Ireland Insurance DAC (RSAII), Rory O’Connor, has been fined €70,000 and banned from taking a senior role in the financial sector for eight years and four months, following an investigation by the Central Bank. RSA was fined €3.5m by the Central Bank in 2018. The Central Bank said he knowingly provided inaccurate and misleading financial information to the Central Bank in his role as CFO. This was done by recording claim reserve estimates on the firm’s claims database which were much lower than the claims handlers’ recommended reserve estimate. The insurer was also accused of delaying the recording of recommended claim reserve estimated increases.

Source: Irish Independent June 18, 2020 11:37 UTC