Londonderry-based Harrison Insurance Brokers were grossing-up premiums, GISC's Enforcement Committee has ruled.
The Enforcement Committee said it wanted to make clear that grossing up was not compatible with continued GISC membership.
In addition to paying a fine, the Committee said Harrison should be publicly reprimanded and required to pay all sums wrongfully charged and bring itself into full regulatory compliance as a conditional of continuing GISC membership.
Harrison's membership has been suspended until the Committee's conditions have been met.
