Dáil Éireann Debate, Thursday - 24 May 2018
49. Deputy Michael McGrath asked the Minister for Finance the number of insurance policies in which premiums were returned since 2010; the value of the premiums returned in which an insurance policy was classed as invalid as a result of non-disclosure; and if he will make a statement on the matter. [23044/18]
Amharc ar fhreagraIn my role as Minister for Finance, I am responsible for the development of the legal framework governing financial regulation. Consequently, my Department has no role in collecting the information being sought by the Deputy.
My officials contacted the Central Bank of Ireland in relation to this matter and were advised that it does not collect information from insurance providers regarding either the number of policies in respect of which premiums were returned, or, therefore, the value of such returned premiums. Insurance Ireland also confirmed that it does not collect data on such a basis.
I understand on a general basis that when an insurance policy is cancelled before expiration, either by the insurer or the policyholder, some level of refund may be paid to the consumer, depending on factors such as the specific terms of the relevant contract and the period of time remaining on the contract at the point of cancellation.
If a consumer is unhappy with the value of the premium returned following a policy cancellation, they should initially submit a complaint in writing to the company itself, go through its complaint handling process to conclusion, and be issued with a Final Response Letter. At that stage, if the consumer remains dissatisfied, they can then refer the complaint to the Financial Services and Pensions Ombudsman, the statutory official who acts as an independent arbiter of disputes which consumers may have with their insurance company or other financial service provider.
