Robert Troy (Longford-Westmeath, Fianna Fail)

I move:

"That the Bill be now read a Second Time."

I am pleased to bring the Central Bank Amendment Bill 2025 before the House. The Bill was initiated as a Private Members' Bill by Deputy Catherine Ardagh in February and, with her agreement, the Government has decided to use Government speaking time to prioritise its introduction before the recess and make the relevant amendments on Committee Stage. The legislation reflects not only a programme for Government commitment but is the right thing to do. We are ensuring those who have survived cancer can access mortgage protection insurance without discrimination based on their past diagnosis.

The journey cancer survivors face is arduous and filled with uncertainty. However, when in remission their hopes are to rebuild, continue onwards and upwards, and plan with their families. For too long, though, cancer survivors in Ireland have faced a challenging and unfair situation whereby they can be refused cover or be charged higher premiums because of their past diagnoses. The Bill aims to put a stop to this by giving effect to the right to be forgotten concept that is now becoming recognised throughout Europe.

I take this opportunity to thank Deputy Ardagh for her unwavering dedication and hard work in bringing this critical issue to the forefront of our national agenda. Deputy Ardagh's determined efforts, including introducing the Central Bank (Amendment) Bill and previously championing it in the Seanad, are to be noted in the House. While this is a programme for Government commitment, I wanted to prioritise it on taking office in the Department of Finance at the end of January. It is legislation I was determined to progress in the first six months of my brief. Therefore, to ensure efficient progression of the Bill through the Houses, the Government has taken the right decision to progress the Bill in Government time, subject to amendments that will be worked on over the summer.

Why does the Bill matter? This Bill is about fairness, dignity and recognising the resilience of individuals who have overcome one of life's greatest challenges. Their past struggles should not define their future opportunities. I firmly believe that we should be guided by these struggles to make something better if we have the ability to do so. Cancer touches a great many of us in Ireland, including myself and my family. I lost two siblings to cancer and I see it as a great privilege to be in a position to effect positive change today.

The Bill reflects a broader societal commitment to support cancer survivors, ensuring that recovery from cancer is not a barrier to accessing mortgage protection. It gives statutory weight to protections that were previously voluntary, making them enforceable by law. This is a crucial step forward. At the heart of the Bill is the straightforward but powerful principle that, where survivors have completed treatment and remained in remission for a defined period, a past cancer diagnosis should not be held against them in the underwriting of mortgage protection insurance. This is a vital safeguard that allows survivors to rebuild their lives without fear of discrimination or financial exclusion.

Some Deputies might rightly ask why we are doing this now when it has been spoken about for years. The Government was instrumental in moving the sector to act with the introduction of Insurance Ireland's voluntary code of practice on mortgage protection for cancer survivors in December 2023. This was a crucial first step. Key elements of the code included a commitment from participating insurers not to consider a cancer diagnosis where the applicant had completed treatment more than seven years ago, or five years ago for individuals diagnosed when under the age of 18, and a cap of €500,000 on the sum assured for those covered under the code.

The Government's initial approach was to consider and observe how this voluntary code functioned in practice before seeking to enshrine similar provisions in law. We wanted to avoid rushing into legislation that could be impractical or leave unintended gaps or legal consequences. Forvis Mazars conducted an independent review of the code in May 2025 on behalf of Insurance Ireland. The review confirmed that the code broadly works as intended but it also identified limitations. Its voluntary nature means that not all insurers are bound by it. The €500,000 cap and seven-year remission period exclude some survivors, particularly those with larger mortgage needs or longer treatment histories. Alongside this, the Department of Finance reviewed similar frameworks across the EU, looking at countries like France, Belgium and Luxembourg where laws on the right to be forgotten are already in place. We have learned a great deal from these countries' experiences.

All of this groundwork was essential. Having completed it, the Government is now in a position to propose Committee Stage amendments to the legislation as initiated to refine the Bill and ensure that it is legally robust, in compliance with EU law and Solvency II regulatory standards, operationally practical for insurers and regulators, and fair and effective for cancer survivors seeking mortgage protection insurance. While I understand the frustration behind calls to act sooner, I assure the House that this careful and evidence-based approach ensures the best long-term outcome for cancer survivors and the stability of the market.

The involvement of a number of organisations has been crucial and that too deserves recognition. It is important to highlight that the industry came to the table and that this legislation reflects progress rather than punishment. Above all, the tireless advocacy work of the Irish Cancer Society has been instrumental in giving survivors a voice.

Some may question why the Bill focuses solely on cancer survivors and mortgage protection insurance and does not cover other financial products or medical conditions. The answer is one of prioritisation and pragmatism. In legislation and policy, it is vital to take a stepwise approach similar to other EU member states, focusing first on where the need is greatest and where there is the clearest evidence base. Mortgage protection insurance is a critical financial product tied directly to one of the most fundamental aspects of life, that is, securing a home. It is the area where discrimination against cancer survivors has been most pronounced and where protections are most urgently needed. Expanding the scope prematurely without the detailed actuarial and legal groundwork we have done here could introduce unintended consequences such as legal uncertainty, which would delay protection for cancer survivors, or indirectly impacting other insurance products and premiums. It was prudent of the Government to ensure these were avoided.

The amendments we are proposing on Committee Stage will clarify this focus, aligning the Bill's scope precisely with the existing voluntary code and European best practice. This targeted scope will ensure effective protection for cancer survivors where it matters most, avoid unintended impacts on other insurance products and sectors, and provide a clear and manageable framework for enforcement and complaints resolution. I will bring forward a number of amendments on Committee Stage following detailed consideration by Department of Finance officials, engagement with the Attorney General's office and key stakeholders, and the approval of Government.

It is my intention that these amendments will: focus the scope of the Bill to mortgage protection insurance exclusively to focus protections where they are most needed; align it with the principles of the voluntary code; specify definitions as to what constitutes a cancer survivor for the purposes of this legislation, reflecting clinical and actuarial evidence on remission periods; set clear parameters around the remission period and sum assured thresholds, balancing protections and the management of prudential risk; designate the Financial Services and Pensions Ombudsman's office as the complaints and dispute resolution authority to provide an accessible and effective enforcement mechanism, thereby clarifying the powers and responsibilities of the Central Bank of Ireland; and ensure compliance with EU monetary and financial rules and other relevant legal frameworks to avoid unintended conflicts or risks. Each of these amendments will be carefully considered to ensure the Bill is not only meaningful, but also operationally viable, legally sound and capable of delivering real protections to cancer survivors.

This Bill is priority legislation for Government, reflecting our commitment under the programme for Government and our responsibility to those affected. The Government is firmly committed to ensuring that this legislation is progressed in a timely manner. With the co-operation of both this House and the Seanad, it is my intention that the Bill will be enacted before the end of the year. Following Second Stage, which I hope the Bill will pass today, my officials will engage closely with the Attorney General's office on the precise drafting of the amendments in the areas I have outlined. These amendments will be subject to legal scrutiny to ensure compliance with all relevant domestic and EU laws. I assure all Members that, while we are on Second Stage, the substantive and critical amendments to make the Bill workable and effective will be brought forward on Committee Stage. This is where detailed scrutiny and improvements will occur.

I wish to clearly emphasise that this Bill reflects our society's values of fairness, resilience and support for those who have survived cancer. It is the product of careful work, broad consultation and a commitment to getting it right for the long term. We are now at a crucial stage that will define how these protections are delivered in practice. The amendments in the areas I have signalled will ensure the Bill is fit for purpose and delivers on our promise. I ask all Members of the House to support the Bill on Committee Stage, to work constructively with us to improve it, and to demonstrate that we stand together for cancer survivors and for fairness in financial services. I look forward to listening to the contributions today and to a productive and informed debate.

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