Press release
Ministers McGrath and Carroll MacNeill welcome new Insurance Code for Cancer Survivors as an important step
Published on
Last updated on
Published on
Last updated on
Minister for Finance Michael McGrath and Minister of State Dr Jennifer Carroll MacNeill today (3 April) both welcomed the announcement by Insurance Ireland life members of a new Code of Practice for Cancer Survivors Seeking Mortgage Protection Insurance as an important step, and commented:
“We note the announcement by the insurance industry of a new Code of Practice for Cancer Survivors when applying for life insurance products. This is an important step in helping to address this highly sensitive and important issue. With significant advances in cancer care in recent years, it is essential that financial services providers reflect this progress in their product provision. Recently, when we jointly met with senior representatives of the insurance industry, we pressed the importance of this issue to cancer survivors and the significance that Government places on this issue. We will examine the details of the code when it is published and will closely monitor its impact as we assess what additional actions may be needed to progress this important matter.”
Minister McGrath commented:
“I also want to acknowledge the very positive role the Irish Cancer Society, who I also met recently, has played in consistently raising this issue and Senator Catherine Ardagh for bringing forward the Central Bank (Amendment) Bill 2022.”
Both Minsters added:
“The issue of access to financial services for cancer survivors, notably mortgage protection insurance, is a key priority of Government. It is therefore important to take the time to fully reflect on this proposal from industry in order to assess whether it delivers the necessary outcomes."
A report published separately today by the Society of Actuaries in Ireland on this issue provides a useful addition to this discussion and helps provide a baseline to help us consider the treatment of cancer survivors by the life insurance industry.
Furthermore, ongoing developments at EU-level are being closely monitored, including the European Commission's proposal to develop a Code of Conduct under “Europe’s Beating Cancer Plan”, initiative by 2024, and the ongoing review of the Consumer Credit Directive.