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Irish regulator orders CBL Insurance Europe to stop paying claims

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Irish regulator orders CBL Insurance Europe to stop paying claims

The Central Bank of Ireland has ordered CBL Insurance Europe DAC to cease making claims payments due to its "deteriorating financial position."

The central bank said it would require the CBL Insurance Europe's administrator to provide more information regarding the company's financial position by the end of January 2020. It urged the company's policyholders to contact their brokers for alternative arrangements as soon as possible.

In 2018, the central bank ordered the company to cease writing business and appointed KPMG's Kieran Wallace as its administrator due to its "distressed financial position" and failure to meet certain regulatory requirements.

CBL Insurance Europe is a unit of CBL Corp. Ltd.