In February 2021 the European Commission presented its’ Europe Beating Cancer Plan. In which the Commission committed to working with stakeholders ‘to address access to financial products for cancer’.
A Right to be Forgotten (RTBF) framework has been introduced in a number of other European countries and is under consideration in Ireland. Under an RTBF approach typically an applicant for life insurance no longer needs to disclose their previous cancer once they have passed a period of time following completing their cancer treatment.
The implementation of an RTBF framework could have significant implications for Irish consumers of insurance products. In 2022 the Society formed a working group to:
Explore the advantages and disadvantages to consumers or groups of consumers of implementing such a regime in Ireland.
Understand the current position and experience for survivors of cancer who apply for insurance products in Ireland today.
Summarise how legislation has already been implemented in other European countries and any observed or expected impacts.
Consider how any similar legislation may impact actuaries, underwriters and claims assessors working in Ireland including practical, operational and system issues.
This event will launch the working group’s paper.