The Prudential Supervision and Resolution Authority (ACPR) has penalised Generali Vie France for failing to honor its commitments in certain retirement and savings contracts.
The French life insurance subsidiary has received a reprimand and a fine of 10 million EUR (11.2 million USD).
A survey conducted by ACPR from late 2016 to mid-2018 has revealed shortcomings in a number of contracts, said to be poorly valued. Other irregularities have also been detected in the revaluation of contracts and accounting rules.
Generali raised no objections to ACPR’s decision as these deficiencies would be due to mismanagement. The Italian insurer was already fined 5 million EUR ( 5 .462 million USD) in 2005 for failing to combat money laundering and terrorism financin
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