On 1 August 2013, the Central Bank of Ireland published a special edition of the Intermediary Times. This outlined the findings of a themed review of 164 retail intermediaries, including insurance intermediaries, which had reported a shareholder(s) funds deficit in their most recent annual return. As part of its review, the Central Bank requested that insurance intermediaries experiencing such a deficit (a) submit to the Central Bank (within six weeks) a statement from the intermediary's professional indemnity insurer to confirm that the insurance provided by it remained valid despite the deficit and (b) confirm that the insurance intermediary was able to meet its debts as they fell due. Taking into account all responses from insurance, and other retail, intermediaries, 96% of cases have been resolved to the Central Bank's satisfaction.
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Central Bank themed inspection - interesting information on insurance intermediaries
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