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Entitlement to multiple Mortgage Protection quotes /offers - Insurance Act / Laws etc

  • 03-10-2020 10:06AM
    #1
    Denalihighway
    Registered Users, Registered Users 2 Posts: 1,077 ✭✭✭


    Hi folks,

    Sorry if the title is sh*te - I wasn't sure how to word it.

    Basically I would love if someone could point me to a place in the Insurance Act / Consumer Code / legislation (whatever is most appropriate) that indicates in writing that a consumer is entitled to choose from multiple Mortgage Protection providers to receive quotes and / or a policy from.

    Obviously I know this is the case, but I would just like to be able to quote it if possible.

    I know in the past, many financial institutions used to railroad you into choosing their insurance provider - which the act sought to rectify based on the anti-competitive aspect of this etc.

    Any help greatly appreciated.

    Thanks
    Tagged:


Comments

  • #2
    listermint
    Registered Users, Registered Users 2 Posts: 34,210 ✭✭✭✭listermint


    What problem are you trying to solve here OP ?

    You can choose any you like now and also in the past. What's the specific issue ?


  • #3
    Denalihighway
    Registered Users, Registered Users 2 Posts: 1,077 ✭✭✭Denalihighway


    listermint wrote: »
    What problem are you trying to solve here OP ?

    You can choose any you like now and also in the past. What's the specific issue ?

    Hey thanks for the reply
    I'm not trying to be awkward - but I can't (or at least I shouldn't!) discuss it in more detail on here I'm afraid.
    I'd just love to be able quote the specific aspect of the act / legislation.
    Cheers


  • #4
    Denalihighway
    Registered Users, Registered Users 2 Posts: 1,077 ✭✭✭Denalihighway


    There's a section here in the Consumer Credit Act but it doesn't seem to refer to the choice aspect from the perspective of the borrower.

    http://www.irishstatutebook.ie/eli/1995/act/24/section/126/enacted/en/html#sec126

    Not my area of expertise...


  • #5
    Denalihighway
    Registered Users, Registered Users 2 Posts: 1,077 ✭✭✭Denalihighway


    listermint wrote: »
    What problem are you trying to solve here OP ?

    You can choose any you like now and also in the past. What's the specific issue ?

    Sent you a msg there


  • #6
    dublinstudent.
    Registered Users, Registered Users 2 Posts: 20 ✭dublinstudent.


    Are you saying someone is refusing to allow you to seek altenative quotes


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  • #7
    KaneToad
    Registered Users, Registered Users 2 Posts: 3,604 ✭✭✭KaneToad


    dublinstudent. wrote: »
    Are you saying someone is refusing to allow you to seek altenative quotes

    Mortgage providers often 'strongly urge' you towards one of their insurance products. You are under no obligation to buy them.


  • #8
    GarIT
    Registered Users, Registered Users 2 Posts: 8,671 ✭✭✭GarIT


    KaneToad wrote: »
    Mortgage providers often 'strongly urge' you towards one of their insurance products. You are under no obligation to buy them.


    You are with rebuilding Ireland I believe.


  • #9
    Denalihighway
    Registered Users, Registered Users 2 Posts: 1,077 ✭✭✭Denalihighway


    dublinstudent. wrote: »
    Are you saying someone is refusing to allow you to seek altenative quotes

    Possibly, but I'll know soon.

    With a regular bank I know I would be able to go with whomever I choose.
    But its not a regular bank.


  • #10
    KaneToad
    Registered Users, Registered Users 2 Posts: 3,604 ✭✭✭KaneToad


    GarIT wrote: »
    You are with rebuilding Ireland I believe.

    http://rebuildingirelandhomeloan.ie/faq/

    You're right.


  • #11
    coylemj
    Registered Users, Registered Users 2 Posts: 25,722 ✭✭✭✭coylemj


    So it looks like the OP is signing up for a scheme where their mortgage protection cover is mandatory....

    The Local Authority MPI scheme is a group scheme. It is obligatory for all borrowers who meet the eligibility criteria to join the scheme.

    http://rebuildingirelandhomeloan.ie/faq/


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  • #12
    Vetch
    Closed Accounts Posts: 422 ✭✭Vetch


    Denalihighway wrote: »
    There's a section here in the Consumer Credit Act but it doesn't seem to refer to the choice aspect from the perspective of the borrower.

    http://www.irishstatutebook.ie/eli/1995/act/24/section/126/enacted/en/html#sec126

    Not my area of expertise...

    The following section of the Act prohibits linking of services but mentions 'land'. Not sure if it's relevant or if the particular scheme falls within the scope of the Act but maybe someone else can say -
    http://www.irishstatutebook.ie/eli/1995/act/24/section/127/enacted/en/html


  • #13
    Denalihighway
    Registered Users, Registered Users 2 Posts: 1,077 ✭✭✭Denalihighway


    Vetch wrote: »
    The following section of the Act prohibits linking of services but mentions 'land'. Not sure if it's relevant or if the particular scheme falls within the scope of the Act but maybe someone else can say -
    http://www.irishstatutebook.ie/eli/1995/act/24/section/127/enacted/en/html

    Thanks


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