Dáil Éireann Debate, Wednesday - 23 May 2012
73 Deputy Gerry Adams asked the Minister for Finance if there are any regulations in relation to the premium or other charges or fees charged by companies for life protection policies; if there are any limits set by the Financial Services Regulatory Authority or the Central Bank of Ireland in relation to the increases in premiums or other charges; and if he will consider introducing such regulations or guidelines. [25731/12]
View answerI, as Minister for Finance have no statutory role in relation to the premium, charges or fees for life protection policies. These are commercial decisions for the various insurers themselves. However, the Central Bank's Consumer Protection Code contains provisions which impose obligations on regulated entities, including those offering life protection policies, in relation to the disclosure of charges. Regulated entities are required to make full disclosure of all relevant material information, including all charges, in a way that seeks to inform the consumer. In addition, the 2001 Life Assurance (Disclosure of Information) Regulations contain requirements for product disclosure, including the disclosure of intermediary remuneration.
