asked the Minister for Industry and Commerce if his attention has been drawn to a new Code of Practice on cooling-off periods under regular savings investment policies being introduced by the Irish Insurance Federation; and his views on whether such an approach should be endorsed or actively supported by his Department.
Written Answers. - Insurance Code of Practice.
178.
The new Code of Practice referred to by the Deputy was announced by the Irish Insurance Federation on 20 January 1988. The code was prepared in consultation with the Director of Consumer Affairs, who operates under the aegis of my Department.
I issued a press release on 21 January 1988 welcoming the introduction of the new Code of Practice. I also endorsed the code during my contribution to the Private Members debate on Insurance in the Dáil on 23 and 24 February 1988 when I indicated that it would be of benefit in reducing consumer complaints and dissatisfaction in this area.