Kevin O'Keeffe
Ceist:100. Deputy Kevin O'Keeffe asked the Minister for Finance to outline the obligations of a credit union in a specific matter (details supplied). [10567/17]
Amharc ar fhreagraWednesday, 1 March 2017
Ceisteanna (100)
Freagraí scríofa
The Credit Union Act, 1997 (the 1997 Act) and the Credit Union Act 1997 (Regulatory Requirements) Regulations 2016 (2016 Regulations) (which set out services exempt from additional services requirements) set out the services that a credit union may provide to its members. These include certain insurance services on an agency basis and insurance on an introduction basis.
Loan Protection and life savings insurance (including related riders) is an insurance service listed in Schedule 2 of the 2016 Regulations that credit unions may provide to their members on an agency basis (the insurer must be authorised by the Central Bank of Ireland). This type of insurance includes Death Benefit Insurance and credit unions may provide this type of insurance without seeking approval under section 48 to 51 of the Credit Union Act, 1997.
Obligations of a credit union in relation to this type of insurance would depend on the terms of the agency agreement between the credit union concerned and the insurer concerned.
Question No. 101 answered with Question No. 94.