Michael Collins (Cork South West, Independent)
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109. To ask the Minister for Finance if he will investigate the cancellation of an insurance company's critical illness policy (details supplied); and if he will put supports in place for those who have lost their cover. [33650/16]

Michael Noonan (Limerick City, Fine Gael)
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The provision of insurance cover and the price at which it is offered is a commercial matter for insurance companies and is based on an assessment of the risks they are willing to accept and adequate provisioning to meet those risks.  There is no role for my Department or the Central Bank in this area and I am therefore unable to comment on the particular details provided.

As Minister for Finance, I am responsible for the development of the legal framework governing financial regulation.  Neither I, nor the Central Bank can interfere in the provision or pricing of insurance products.  The EU framework for insurance expressly prohibits Member States from adopting rules which require insurance companies to obtain prior approval of the pricing or terms and conditions of insurance products.

I appreciate that a decision by any firm to withdraw a product from market, in line with terms and conditions, can impact on existing consumers.  For this reason, I would draw your attention to the Central Bank of Ireland's Consumer Protection Code which was introduced in 2006 and revised in 2012.  It requires firms to act honestly, fairly and professionally in the best interest of consumers, act with due care and diligence, and prohibits firms from misleading customers.

An important protection in the Consumer Protection Code 2012 requires that where a regulated entity intends to amend or alter the range of services it provides, it must give notice to affected consumers at least one month in advance of the amendment being introduced.