In a press release issued on 11 November 2015, the CBI confirmed  it has referred its recent investigation into Quinn Insurance Limited (Under Administration)(QIL) under its Administrative Sanction Procedure to full inquiry. The focus of the inquiry will be to determine whether persons concerned in QIL’s management participated in a prescribed contravention of Regulation 10(3) of European Communities (Non-Life Insurance) Framework Regulations 1994, i.e., the requirement to have sound  administrative  accounting procedures and internal controls.  In circumstances where the CBI determines a contravention took place, it has the power to administer sanctions.

A link to the Central Bank’s press release is here.