There are a range of regulatory measures in place in order to protect consumers who have or who are taking out a residential mortgage. Entities providing mortgage protection insurance are regulated by the Central Bank of Ireland and are subject to the Consumer Protection Code. The consumer protection framework in place seeks to ensure that all regulated entities are transparent and fair in all their dealings with borrowers and that borrowers are protected from the beginning to the end of the mortgage life cycle.
The decision to provide any specific form of insurance cover, and the price at which it is offered, is a commercial matter for insurance companies based on an assessment of the risks they are willing to accept. Neither I, as Tánaiste and Minister for Finance, nor the Central Bank of Ireland, have the power to compel insurers to provide particular types of insurance or to provide it at a particular price. This is reinforced by the European framework for insurance (Solvency II Directive).
Notwithstanding this, I am aware of the issue of access to mortgage protection insurance for individuals with historic or underlying health conditions, in the context of seeking to buy a home.
Government brought forward the Insurance (Disregard of Certain Medical History and Miscellaneous Provisions) Act 2026, commonly known as the “Right to Be Forgotten” legislation, which was signed into law by the President on 15 July 2026. This important piece of legislation is a Programme for Government commitment and an important measure to ensure fair access to mortgage protection insurance for survivors of cancer. The provisions of the Act relating to the disregard of cancer-related medical history will come into operation on 15 October 2026. On and from this date, insurers will be required to disregard an applicant’s cancer-related medical history when considering an application for mortgage protection insurance, where the statutory criteria are met. The Act places important consumer protections on a statutory footing for the first time, replacing the previously existing Voluntary Code with a statutory framework that provides certainty, consistency, and protection for cancer survivors seeking mortgage protection insurance.
Research undertaken by the Banking and Payments Federation Ireland (BPFI) in 2023 estimated that 0.05 per cent of mortgage applications approved by its members did not proceed to drawdown due to a lack of mortgage protection insurance. For individuals, including those with historic or underlying health conditions, who experience difficulties acquiring mortgage protection insurance, Section 126 of the Consumer Credit Act 1995 provides for mortgage protection insurance to be waived under certain conditions. In such cases, lenders can provide a mortgage in situations where a borrower may be unable to obtain mortgage protection insurance, or where such insurance is unduly costly compared to that payable by borrowers generally. When securing a home loan, this is an important provision to be aware of and for borrowers to discuss with their lender.
It may also interest the Deputy to know that in order to assist clients who have had difficulty acquiring mortgage protection insurance due to a pre-existing illness, Brokers Ireland has published a register containing contact details of insurance brokers who have experience in advising in this area. Additionally, Insurance Ireland operates a free information service for those customers who have queries, complaints or difficulties in relation to obtaining insurance cover, which can be contacted at feedack@insuranceireland.eu.
