Michael D'Arcy (Wexford, Fine Gael) | Oireachtas source

If that elderly couple had set aside that amount of money in a deposit account, they would have been far better off. Unfortunately, on some occasions the product was the wrong type of product and it was mis-sold to people who believed that they or their heirs would at some point be able to have the benefit of the product in question. There is a solution which lies with insurance company treating elderly couples in a fair and equitable way. This is not something that pleases me much. I am the Minister of State with responsibility for insurance. I have no powers to instruct insurance companies as to what to do. I do not believe, because the product was sold and the contract was signed many years ago, there is anything we can do from a legislative point of view. However, that does not mean that the insurance company is not dealing with an elderly couple in a very immoral way.

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