Richard Bruton (Dublin North Central, Fine Gael)
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Question 123: To ask the Minister for Finance if his attention has been drawn to the fact that many mortgage protection policies are written in such a way that a redundant person covered by the policy will sacrifice their rights under the policy if they take up short term work and will be debarred from receiving the policy having once made a claim; and if he will make a statement on the matter. [15973/10]

Brian Lenihan Jnr (Dublin West, Fianna Fail)
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The Financial Regulator has informed me that it is aware that conditions such as the one referred to in the Parliamentary Question can be a part of a mortgage protection policy. However as the make-up and content of products is a commercial decision for an insurer on the basis of their risk analysis, the Financial Regulator has no influence over such matters.

The Financial Regulator does have a role in ensuring that the statutory Consumer Protection Code ('the Code') is being complied with. The General Principles of the Code govern the sale of products and require that a regulated entity 'acts honestly, fairly and professionally in the best interest of its customers and the integrity of the market.' In particular the Code requires that a regulated entity must ensure that key items are brought to the attention of the consumer and that the method of presentation must not disguise, diminish or obscure important information.

In addition to the above, responsibility also rests with the consumer for making sure that he/she understands the terms and conditions of a policy before purchasing it.