Central Bank of Ireland orders CBL to stop writing business

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The Central Bank has (19th February 2018) issued a direction to CBL Insurance Europe instructing it to cease writing business with immediate effect, until further notice.

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.

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.