Insurance Ireland Code of Practice for Underwriting Mortgage Protection Insurance for Cancer Survivors enters into force
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From: Department of Finance
- Published on: 6 December 2023
- Last updated on: 12 April 2025
The Minister for Finance Michael McGrath and Minister of State for Financial Services, Credit Unions and Insurance, Jennifer Carroll MacNeill, have both welcomed the implementation of the new Code of Practice for Underwriting Mortgage Insurance for Cancer Survivors by Insurance Ireland:
“We welcome the fact that this Code of Practice will now officially take effect from today (6 December). This is a significant moment, above all for cancer survivors and their families who have experienced difficulties in accessing mortgage protection insurance due to a previous cancer diagnosis."
The Code, announced earlier this year, enters into force from 6 December 2023. It provides that insurers will disregard a disclosed cancer diagnosis where treatment ended more than 7 years prior to application, or more than 5 years if the applicant was under 18 at time of diagnosis.
Minister McGrath commented:
“The official implementation of this Code of Practice is a positive first step in ensuring access to mortgage protection insurance for cancer survivors, which remains an important issue for Government. I wish to acknowledge the work of Insurance Ireland and its members to date in bringing forward this initiative. The focus now must be on ensuring that the Code delivers the intended outcomes for consumers in terms of improved access to cover and a better customer experience. I also want to acknowledge the very positive role the Irish Cancer Society, who I met earlier this year, has played in consistently raising this issue and Senator Catherine Ardagh for bringing forward the Central Bank (Amendment) Bill 2022 on this subject.”
Minister of State Carroll MacNeill noted:
“The implementation of this new Code of Practice by the signatory firms will mean that for the cancer survivors included they can return to a sense of normality when it comes to securing mortgage protection insurance cover – something that most of us take for granted. This will be one less reminder of the disruption that cancer had on their lives and I do hope that more and more insurers sign up to make a real difference for all such cancer survivors in time."
Separately, the Department of Finance continues to monitor ongoing policy developments at EU-level to address fair access for cancer survivors to financial services. These include the European Commission's proposal to develop a Code of Conduct by 2024, under “Europe’s Beating Cancer Plan”.
Notes
On 3 April 2023, Insurance Ireland and its life members announced a new a Code of Practice to improve access to mortgage protection insurance for cancer survivors.
The full text of the Code of Practice for Underwriting Mortgage Insurance for Cancer Survivors was published on 7 June, and is available on the Insurance Ireland website.
The Code means that insurers will disregard a disclosed cancer diagnosis where treatment ended more than 7 years prior to application or more than 5 years if the applicant was under 18 at time of diagnosis.
Life cover of up to €500,000 per (cancer-surviving) applicant across the market in connection with a mortgage on a principal private residence is available. The Code applies to decreasing mortgage protection policies.
The Code of Practice takes effect from 6 December 2023.