Central Bank fines Aon Irish arm over lapses
The Central Bank has fined one of insurance giant Aon’s Irish businesses €65,000 over lapses in handling customer rebates and overpayments.
Announcing a settlement agreement with Aon McDonagh Boland, the bank said the breaches occurred over a seven-year period and related to the insurer’s Bikecare and Taxicare products. The firm deducted €105,577.55 in fees from premium rebates to customers without the written agreement of clients between 2007 and 2011. It also failed to transfer over €25,000 in rebates to customers on time over the seven-year period.
Reprimanding the firm, the bank gave credit for bringing the matters to its attention but noted the “extended period” during which the breaches were not noticed. The regulator said yesterday the fine was the fifth action taken against insurance brokers over the handling of premiums.