Bill to protect cancer survivors on insurance
The Cabinet has agreed to bring forward legislation to ensure that cancer survivors cannot be discriminated against when it comes to certain insurance products, such as mortgage protection.
Ministers have also agreed to prioritise the so-called ‘right to be forgotten’ legislation under Government time ahead of the Dáil’s summer recess.
The bill, introduced by Fianna Fail TD Catherine Ardagh under the , was brought to Cabinet by Minister Jack Chambers on behalf of Minister for Finance Paschal Donohoe, and Minister of State Robert Troy.
Independent review of code
Insurance Ireland’s Voluntary Code of Practice for Underwriting Mortgage Protection Insurance for Cancer Survivors requires insurers to disregard a cancer diagnosis seven years after treatment completion (or five years for those diagnosed under 18) for mortgage-protection insurance up to €500,000.
A recent independent review by Forvis Mazars of the code’s first year of operation found that it was working, with the eight insurers who had originally signed up fully adhering to its provisions.
Minister Troy said that the review had shown that insurance companies could act with fairness and transparency, adding that this bill would mandate them to do so in future.
EU frameworks
He added, however, that there was work to do to develop the bill further over the coming months.
The Department of Finance pointed out that the bill had to be “carefully aligned” with EU regulatory frameworks, particularly with the , which sets out capital, risk-management, and governance requirements for insurers in the EU.
The Irish Cancer Society’s chief executive Averil Power said that the organisation had welcomed the introduction of the code but had consistently argued that legal protection was needed and that other insurance products should also be covered.