New insurance chief at Central Bank to adopt ‘intrusive’ policy

The Central Bank has said its new director of insurance supervision will adopt an "intrusive" approach to regulating the State's insurance industry as it announced the appointment of Domhnall Cullinan to the role.

Mr Cullinan, who is currently head of insurance supervision at the regulator, will take up the new role on September 1st.

The insurance industry has come in for scrutiny in recent years due to ballooning premiums, rising profits and allegations of cartel-like behaviour.

Central Bank deputy governor Ed Sibley said Mr Cullinan would lead an “intrusive” approach to insurance supervision.

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“Domhnall is a committed public servant with 25 years’ experience in the financial services industry, a deep knowledge of the insurance sectors and a strong track record of delivery in both the public and private sectors,” said Mr Sibley.

“Domhnall will lead the delivery of intrusive supervision of insurance firms operating in Ireland, seeking to ensure that they are rising to the considerable challenges they face today and into the future.”

The director of insurance supervision is responsible for the leadership of the insurance supervision directorate, comprising the insurance supervision division and the insurance actuarial, advisory and microinsurance innovation facility division.

Chief information officer

Separately, the Central Bank has announced the appointment of Louise Dennehy as the its new chief information officer.

Ms Dennehy, who will take up her new role from September 1st, will replace Kevin Garland, who is retiring later this year.

The regulator’s chief operations officer Gerry Quinn said Ms Dennehy would build on the work carried out by Mr Garland. “I am delighted to announce Louise as the Central Bank’s new chief information officer,” he said.

“Louise was appointed following a competitive process that received widespread Irish and international interest. Louise’s leadership capability, experience and IT knowledge position her well to refine and implement the IT strategy of the bank.

“In this she will be building on the very successful track record and foundations that have been put in place by Kevin Garland, who is retiring later in the year.”

Ms Dennehy has more than 20 years’ experience in IT within the financial services industry, including a number of head of IT roles. She has also been leading the IT delivery division since she joined the Central Bank in 2017.