Holly Cairns
Question:301. Deputy Holly Cairns asked the Minister for Finance the steps he is taking to ensure that life insurance policies provide cover in the case of stillborn children. [53354/21]
View answerTuesday, 2 November 2021
Questions (301)
Written answers
At the outset, I am very conscious that the issue raised by the Deputy is a sensitive issue, and that the death of a child is a tragic event for any parent. However, the Deputy will be aware that neither I, nor the Central Bank of Ireland, can intervene in the provision or pricing of insurance products, or have the power to direct insurance companies to provide cover in such circumstances. This position is reinforced by the EU framework for insurance (the Solvency II Directive).
Officials in my Department consulted with Insurance Ireland, the representative body for insurance providers in this country, for further information on this matter. Insurance Ireland noted that while some insurers do provide cover in the case of stillborn children under life cover policies, this remains a decision for individual insurers and the approach to this is not standard across the industry. In this regard, they noted that some insurers may cover childrens lives from birth; or for certain specified conditions from birth; or from a specified age, for example three months. Given this difference in approach by insurers, I believe it is important that individuals taking out life insurance products familiarise themselves with the terms and conditions of a policy prior to purchasing it, and to shop around in accordance with their needs.
Where somebody feels they have been treated unfairly by a particular insurance provider with regard to the above, they have the option of making a complaint to the Financial Services and Pensions Ombudsman (FSPO). The FSPO acts as an independent arbiter of disputes that consumers may have with their insurance company or other financial service provider. The FSPO can be contacted either by email at info@fspo.ie or by telephone at 01-567-7000.
Finally, it may interest the Deputy to know that Insurance Ireland also operates a free Insurance Information Service for those who have queries, complaints or difficulties in relation to insurance. This can be accessed at feedback@insuranceireland.eu.