Paul Murphy (Dublin South West, Socialist Party)
Link to this: Individually | In context | Oireachtas source

271. To ask the Minister for Finance in view of the serious consequences when an insurance company does not pay out to mortgage protection policy holders upon death, if he will consider a review of current legislation to protect consumers of mortgage protection life insurance; and if he will make a statement on the matter. [33283/15]

Michael Noonan (Limerick City, Fine Gael)
Link to this: Individually | In context | Oireachtas source

I have been advised by the Central Bank that it expects that life assurers would adhere to the terms and conditions of a life assurance policy and would pay out to the next of kin/estate of the deceased as appropriate.

The Central Bank also advises me that the Consumer Protection Code came into full effect on 1 July 2007 and was revised in January 2012. The Code requires that a regulated entity acts honestly, fairly and professionally in the best interests of its customers. This would include the handling of life assurance claims. In addition, a regulated entity must ensure that all information it provides to a consumer is clear and comprehensible. This includes terms and conditions and other marketing information provided to consumers when they are purchasing financial products.

Although the Central Bank does not investigate individual consumer complaints, it does welcome information from consumers of financial products. Furthermore, individual customers may bring a complaint to the attention of the Financial Services Ombudsman if they are unable to resolve it satisfactorily with their financial services provider.

In this case, if the next of kin has a complaint about the way the insurance claim was handled they have the right to address their complaint to the Financial Services Ombudsman (telephone: +353 1 6620899).