Paschal Donohoe (Dublin Central, Fine Gael)
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At the outset, while I have an appreciation of the difficulties individuals may find themselves in as outlined in the Deputy's question neither I, as the Minister for Finance, nor the Central Bank of Ireland can interfere in the provision or pricing of insurance products or have the power to direct insurance companies to provide cover to specific individuals or businesses.  This position is reinforced by the EU framework for insurance (the Solvency II Directive) which expressly prohibits Member States from doing so.  Consequently, I am not in a position to direct insurance companies as to how they price their policies or what terms and conditions they apply in those policies.  

Regarding the specific issue that the Deputy refers to, I understand that the credit union in question has recently made some changes to their insurance products for members. Ultimately, the provision of such insurance is a commercial matter for the credit union in question as it would be for any other financial service provider.

With regard to life insurance, it is my understanding that insurers use a combination of rating factors in making their individual decisions on whether to offer life insurance, and what terms to apply.  These factors can include age, health, family medical history, occupation and lifestyle.  In addition, these may be determined or linked to the policy duration.  Furthermore, 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, and that they will price in accordance with their own past claims experience.

In situations where a person is not satisfied that they are being treated fairly by a financial services provider, including a credit union, it is advisable that that person make a complaint to the provider's internal complaint resolution process.  The Consumer Protection Code requires that, if after 40 days the complaint has not been resolved to the customer’s satisfaction, the regulated entity must inform the consumer that they may refer their complaint to the Financial Services and Pensions Ombudsman (FSPO).   The FSPO is a statutory official who acts as an independent arbiter of disputes which consumers may have with their insurance company or other financial service provider and can be contacted either by email at info@fspo.ie or by telephone at 01-567-7000. Investigations are free of charge to the complainant.