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Mortgage Protection Policies

Dáil Éireann Debate, Wednesday - 20 November 2013

Wednesday, 20 November 2013

Questions (79)

Bernard Durkan

Question:

79. Deputy Bernard J. Durkan asked the Minister for Finance the extent to which default by insurance companies in respect of mortgage protection has been recorded or monitored in the past five years; if indicative trends have been identified; and if he will make a statement on the matter. [49805/13]

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Written answers

I have made inquiries with the Central Bank about this matter which I understand relates to cases where a person can no longer afford to pay for the protection and/or has a claim rejected. The Central Bank has informed me that it does not collect this information and they are not aware that there is a particular issue in respect of this form of insurance that would indicate systemic failings in this area.

It should be noted that if a policyholder has a complaint about an insurance company not honouring a claim on a policy, they can refer the matter to the Financial Services Ombudsman for adjudication http://www.financialombudsman.ie/ .

My Department does not keep information on the level of default by insurance companies with particular reference to mortgage protection or life cover.

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