Catherine Ardagh (Dublin South Central, Fianna Fail)
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94. To ask the Minister for Finance the total number of insurance companies operating in Ireland that are registered with the Central Bank. [8206/25]

Paschal Donohoe (Dublin Central, Fine Gael)
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At the outset, it is important to note that while as Minister for Finance, I am responsible for the development of the legal framework governing financial regulation, my Department does not collect the type of information being sought by the Deputy. The day to day supervision of insurance undertakings is a matter for the Central Bank of Ireland.

The insurance industry itself is broadly categorised into life and non-life insurance. Life insurance covers risks related to human life, such as death, disability, and retirement, and often includes savings or investment elements. In contrast, non-life insurance—also known as general insurance—encompasses areas such as property damage, motor, health, and liability insurance, protecting against financial losses unrelated to life expectancy.

As of February 4, 2025, according to the Central Bank of Ireland’s publicly available Register of Life and Non-Life Insurance Undertakings, there are a total of 112 non-life insurance undertakings with head offices either in Ireland or in other EU Member States (operating as branches). Additionally, five non-life insurance undertakings have their head offices outside of the EU. In the life insurance sector, there are 41 undertakings with head offices in Ireland or in other EU Member States (operating as branches). Furthermore, 674 non-life insurance undertakings and 127 life insurance undertakings are authorised to import their services into Ireland on a Freedom of Service basis, meaning they provide insurance coverage to Irish customers without having a physical presence in the country.

Under the EU’s Solvency II Directive, insurance undertakings benefit from "passporting," which allows them to operate in other Member States without requiring separate authorisation. This is facilitated through two mechanisms: The Freedom of Establishment (FoE), which permits a company to set up a branch in another EU country, and the Freedom to Provide Services (FoS), which enables a firm to offer services across borders without a physical presence. These freedoms streamline cross-border insurance operations, fostering competition and consumer choice in the insurance market.

Catherine Ardagh (Dublin South Central, Fianna Fail)
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95. To ask the Minister for Finance the name of all insurance companies that have signed up to the voluntary code published by an organisation (details supplied) which removes the requirement for consumers to disclose a previous cancer diagnosis after a period of seven years for adults or in the case of children, five years, in tabular form. [8207/25]

Paschal Donohoe (Dublin Central, Fine Gael)
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I would like to thank the Deputy for raising this important matter and would like to assure you that the Government is committed to ensuring that the "Right to be Forgotten" is provided for in an appropriate manner in future legislation.

Insurance Ireland published the Code of Practice for Underwriting Mortgage Protection Insurance for Cancer Survivors in December 2023. The purpose of the code was to reassure cancer survivors that they will receive fair treatment when they apply for mortgage protection insurance. Where the Code of Practice is adopted, insurers will disregard any disclosed cancer diagnosis where treatment ended more than 7 years prior to application (or more than 5 years if the applicant was under 18 at the time of diagnosis).

Insurance Ireland has indicated to officials that the following insurance companies, have signed up to their Code of Practice:

Acorn Life;

AIB Life;

Aviva Life & Pensions;

Irish Life;

Laya & iptiQ;

New Ireland;

Royal London;

Standard Life; and

Zurich.

These companies represent 95% of insurance operators in the life assurance market in Ireland.

The first review of the implementation of the Code is currently underway and is expected to be completed in the coming months. Insurance Ireland have appointed an external reviewer to ensure that the provisions of the Code of Practice have been implemented and are being adhered to. There is also ongoing engagement at official and Ministerial level with stakeholders in this area. Minister of State Troy is scheduled to meet the Irish Cancer Society next month in anticipation of the Code of Practice review and to discuss ongoing developments. Furthermore, Minister of State Troy met with Insurance Ireland and some of the major insurers this month and this issue was one of the specific items discussed.

The Programme for Government 2025- Securing Ireland’s Future also commits during the lifetime of this Government to legislate for a ‘Right to be Forgotten’ for cancer survivors, requiring insurers to disregard a cancer diagnosis where treatment ended more than 7 years prior to application (or more than 5 years if the applicant was under 18 at the time of diagnosis), taking account of EU requirements.

My Department continues to monitor ongoing policy developments at EU-level to address fair access for cancer survivors to financial services. For example, in February 2022, the European Parliament adopted a resolution on Strengthening Europe in the Fight Against Cancer, which included calls for Member States to implement the “Right to be Forgotten” for people who have completed cancer treatment after a specified period of time. Additionally, the European Commission has signalled its intention to introduce an EU wide Code of Conduct as part of its ‘Beating Cancer Plan’. It is important that as a small domestic market we are aligned to the greatest extent possible with developments in other EU markets so as to ensure Ireland is not an outlier.

The Deputy may also be aware, that under existing legislation, the Consumer Credit Act 1995, lenders are permitted to provide a mortgage in situations where a borrower may be unable to obtain life insurance, or where such insurance is unduly costly compared to that payable by borrowers generally. My Department will continue to monitor developments and work closely with key stakeholders at national and EU levels to progress this important piece of legislation.