Bernard Durkan (Kildare North, Fine Gael)
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Question 78: To ask the Tánaiste and Minister for Finance the extent to which mortgage protection insurance policies are monitored by his Department with a view to ensuring that opt out clauses are not used particularly by individual insurance companies to avoid having to meet legitimate claims; and if he will make a statement on the matter. [16934/08]

Bernard Durkan (Kildare North, Fine Gael)
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Question 79: To ask the Tánaiste and Minister for Finance if his attention has been drawn to the get out clause applied by insurance companies where a claim relates to the estate of a person deemed to have committed suicide; and if he will make a statement on the matter. [16937/08]

Brian Cowen (Laois-Offaly, Fianna Fail)
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I propose to take Questions Nos. 78 and 79 together.

The authorisation and supervision of insurance companies, including the monitoring of mortgage protection policies and insurance policies is the responsibility of the Financial Regulator. The Financial Regulator has advised my Department that while individual issues relating to the terms and conditions of such policies arise from time to time, the Financial Regulator is not aware of any general or system wide issue relating to the issues raised by the Deputy.

The Financial Regulator's Consumer Protection Code (CPC) contains safeguards for individuals and/or their families where they are concerned about the interpretation and application of the terms and conditions in this area. The Code came into full effect on 1 July 2007. Under the general principles set out in the Code all regulated entities must act honestly, fairly and professionally in the best interests of their customers. This would, of course, include the handling of life assurance claims. Regulated entities must all ensure that all the information they provide to consumers on individual products is clear and comprehensible. This requirement would include terms and conditions and other marketing information provided to consumers in relation to mortgage protection policies. Clearly, the type of conduct referred to in the Deputy's question would not be consistent with the CPC and any information relating to instances where such behaviour may have taken place should, therefore, be provided to the Financial Regulator.

Moreover, the CPC includes a specific section dealing with handling complaints. Amongst other requirements, the Code requires that regulated entities advise complainants in writing, within 5 business days of the completion of the investigation of a complaint and the outcome of the complaint. Where a complainant is not satisfied with the outcome of the investigation, the matter can be referred to the Financial Services Ombudsman. There is, therefore, a comprehensive system of redress available to consumers of financial services where they are dissatisfied with their treatment by a financial institution.