Michael Noonan (Limerick City, Fine Gael)
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As Minister for Finance, I have responsibility for the development of the legal framework governing financial regulation in Ireland, including the regulatory environment for life and non-life insurance.  The legal and regulatory framework for the provision of life insurance, non-life insurance and reinsurance in the European Economic Area (EEA), and the supervision of that activity, is prescribed by EU Directives.  Insurance companies that operate in this jurisdiction must therefore operate under those requirements.   Consequently, it would not be appropriate for me to provide a comment in relation to the insurance company in question.  It should also be noted that requirements set out under equality legislation are a matter for my colleague, the Tánaiste and Minister for Justice and Equality.

By way of further information, I have no role in day to day supervision of the insurance industry, as this is the responsibility of the Central Bank of Ireland.  In that regard, the Central Bank of Ireland has two specific mandates as regards insurance supervision.  Firstly, it is responsible for the prudential supervision of insurance companies it has authorised by seeking to ensure that such firms remain solvent.  Secondly, the Central Bank of Ireland is responsible for the supervision of conduct of business in Ireland, also referred to as consumer protection.

In relation to your question,  the Central Bank has informed me that Section 3.1 of the Consumer Protection Code states that; “Where a regulated entity has identified that a personal consumer is a vulnerable consumer, the regulated entity must ensure that the vulnerable consumer is provided with such reasonable arrangements and/or assistance that may be necessary to facilitate him or her in his or her dealings with the regulated entity.” It defines a vulnerable customer as follows:  A “vulnerable consumer” means a natural person who:

a) has the capacity to make his or her own decisions but who, because of individual circumstances, may require assistance to do so (for example, hearing impaired or visually impaired persons); and/or

b) has limited capacity to make his or her own decisions and who requires assistance to do so (for example, persons with intellectual disabilities or mental health difficulties).

You should also be aware that with regard to the pricing and provision of insurance in general, insurers use a combination of rating factors in making their individual decisions on whether to offer cover and what terms to apply.  My understanding is that insurers do not all use the same combination of rating factors, and as a result prices and availability of cover varies across the market. In addition, insurance companies will price in accordance with their own past claims experience.  

Finally, the Deputy should note that Insurance Ireland operates a free Insurance Information Service for those who have queries, complaints or difficulties in relation to obtaining insurance.  Insurance Ireland can be contacted at feedback@insuranceireland.eu or 01-6761914.