Ireland orders specialist insurer to cease writing business
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The Central Bank of Ireland has ordered New Zealand-based specialist insurer CBL Corp.'s Irish unit CBL Insurance Europe Ltd. to stop writing business with immediate effect due to low reserves, The Irish Times reported. The central bank said that the insurer "continues to operate and that existing policies continue to remain in force." The bank directed the insurer to write to and explain the order to its insurance brokers and distribution partners. The move comes after CBL's shares were suspended on the New Zealand stock market and regulatory authorities ordered the insurer to raise capital to shore up claim reserves in its French construction insurance business.
