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Please note : We are no longer accepting applications for this product. If you made an application on or before the 15th July 2022, you have up to the 15th September to proceed with the application. After this date, KBC will not be able to place the product on cover.

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What's changing.

Are you an existing customer? We've put together some useful information for you to help you prepare for the changes ahead.

Are you an existing customer and need some additional support? Check out our FAQs:

What will happen to my insurance policy?

Your current Life policy is underwritten, administered and provided by Irish Life, which will not change. 

As an Existing Customer, do I need to take any action?

As an Existing Customer, you do not need to take any action as there is no impact to your existing policy.

If I have a query regarding my policy, who should I speak to?

If you have a query regarding your Existing policy, please contact your KBC Financial Planning Advisor or alternatively, contact KBC on 1800 51 52 53 .

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kbc assignment of life policy

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Important information about your life insurance.

Mortgage Life Insurance, commonly known as mortgage protection is a common form of life insurance. It ensures that your mortgage will be paid off if you die during the term of your plan. Most banks will require that you have mortgage protection in place prior to granting you a mortgage. This product is provided by Irish Life Assurance plc.

The amount you pay is guaranteed to stay the same for the entire period that you are insured for

*You will pay extra for these benefits.

The  Mortgage Protection Brochure (pdf, 436 KB)  will give you details of the benefits available on this plan.

KBC Bank Ireland plc is tied to Irish life Assurance plc (Irish Life) for Life Insurance. Life insurance products are underwritten, administered and provided by Irish Life. Irish Life Assurance plc is regulated by the Central Bank of Ireland. KBC Bank Ireland plc is regulated by the Central Bank of Ireland.

Please call our team on  1800 51 52 53  and they’ll talk you through it.

OnePlan Protection for your family, get peace of mind to enjoy the important things.

You work hard to look after your family’s needs but it’s worth every minute. And you want to be able to continue looking after them even if something unexpected were to happen. That’s why it’s important to plan for the future and ensure you have the right cover in place for you and your family.

An innovative new approach to family protection

OnePlan Protection from Irish Life is one of the biggest innovations in life insurance in Ireland. It combines different types of cover in the one plan, including Life Insurance Cover, Bill Cover, and Specified Illness Cover.   This is the very first plan of its kind in Ireland to include these types of cover in one. It means you can have the best cover, with one direct debit payment, from the one company, all under the one plan. The innovative approach to protection also means that cover is more financially affordable as combining 3 types of cover means you only pay one policy fee.

What does OnePlan Protection offer your family?

These are just some of the benefits available and remember you can choose any benefit on its own or a combination of the benefits, whichever best suits your needs.  Click here for OnePlan brochure (pdf, 660 KB) . 

Tailor your cover to suit your budget.

You can also choose between 3 different levels of cover to suit your budget: standard, essential and comprehensive. This allows you to tailor your level of cover to your individual needs and choose a plan that’s right for you, your family and your budget. The amount you pay is guaranteed to stay the same for the entire period that you are insured for.

LifeCare - Taking care of you and your Family

Lifecare is a range of services and designed to support you and your family throughout the life of your plan which are brought to you by Irish Life. With OnePlan Protection you can access these services at no extra cost.

A second opinion for peace of mind.

Someone to help you when you're not able to do.

Support if you need to claim. If you need to make a claim you will be provided with a dedicated claims team member to help you through the process. We also offer counselling services from the Clanwilliam Institute to help support you through bereavement or illness.

Important Information OnePlan Protection is provided by Irish Life Assurance plc. Before taking out insurance cover you’ll need to meet with a Qualified Financial Adviser. KBC Bank Ireland is tied to Irish Life and can advise you on OnePlan Protection. Your financial adviser can help you see what level of cover you might need. This can vary depending on your circumstances, for example what level of income you have. You can then choose which bundle of cover will best suit your budget. You can also tailor the benefits according to your needs. Your financial adviser can help you choose the best benefits for you. To maintain cover on OnePlan, you must pay all premiums required. The One Plan is designed to provide you with protection benefits and is not a savings policy. One Plan will never have a cash in value.For full Information on the LifeCare range of services visit  www.irishlife.ie/lifecare

LifeCare gives you access to services provided by other companies which are independent from Irish Life. These services are not designed to replace the advice provided by your doctor or your own healthcare professional, but to give you information to help direct you toward the appropriate course of action. Your access to these third party services is subject to their terms and conditions. Irish Life accepts no responsibility for these services. Irish Life may change the service providers or withdraw access to these services in the future. Please call our team on  1800 51 52 53  and they’ll talk you through it.

Specified Illness cover provides a lump sum in the event that you are diagnosed with one of the illnesses covered under the plan. This product is provided by Irish Life Assurance plc. We pay out the full lump sum for  45 illnesses

We offer a partial payment of €15,000 for  23 milder illnesses  but still life altering illnesses. Important Information

Click here for the Specified Illness booklet (pdf, 480 KB) .  

Specified Illness cover can be taken out as a standalone plan, or as part of a Life and Specified Illness cover plan on  Term Life Insurance ,  Life Long Insurance  and  Mortgage Life Insurance . Cost depends on your age, health, the term and amount of cover you choose.

Remember: if you already have a plan with us, please check your plan terms and conditions to determine what illnesses you are covered for under your own plan.

Life Long Insurance provides the level of life insurance you choose for the duration of your whole life, giving you peace of mind that your family may not struggle financially in the event of your death. This product is provided by Irish Life Assurance plc.

The  Life Long Insurance Brochure (pdf, 463 KB)  will give you details of the benefits available on this plan. Important Information

Life Long Cover gives you guaranteed cover against death, terminal illness*, accidental death, children’s death*.

*This is not available where Life Long Insurance is being used for inheritance planning as these benefits could impact the plan’s eligibility for inheritance tax relief (Section 72)

Find out more about other services that may be available to you on  LifeCare .

Please call our team on  1800 51 52 53   and they’ll talk you through it.

Income Insurance, also known as income protection provides you with a replacement income if you cannot work as a result of an illness or injury after a certain period of time. This product is provided by Irish Life Assurance plc.

You can take out income insurance if you are in full-time work or are self-employed and earn an income. It protects you only in these circumstances; it will not be paid if you become unemployed. You must keep up your payments to stay on cover

It pays you a regular monthly income, replacing some of your earned income

Cover continues until age 65 or you return to work

Payments on your plan are eligible for income tax relief at your marginal rate of tax. However, if you do claim on this plan, your incapacity benefit will be treated as normal income and so is assessed for income tax, PRSI and the Universal Social Charge

The maximum benefit payable is now €250,000, previously this was €150,000. Benefits paid are less any State benefits or other income protection plans.

The maximum benefits payable is 75% of total yearly earnings, less any State benefits or other income protection plans. Important Information

The  Income Insurance Brochure (pdf, 365 KB)  will give you details of the benefits available on this plan.

LifeCare gives you and your family valuable access to MedCare, NurseCare and ClaimsCare - at no extra cost. These services provide expert assistance, many of which are available 24/7, 365 days a year. LifeCare services are only available when you start a new Protection plan with Irish Life from 3 February 2014. LifeCare services are only available when you start a Protection plan with Irish Life for the following products: Term Life Insurance; Mortgage Life Insurance; Life Long Insurance, and Income Insurance plans. You must be on cover with Irish Life to access Lifecare services.

Important Information ClaimsCare Find out more about ClaimsCare A post-claims counselling service with the Clanwilliam Institute. NurseCare Find out more about NurseCare Gives you access to two confidential helpline services provided by Intana (formerly Aria Assistance) MedCare Find out more about MedCare Access to the Medical Second Opinion service from MediGuide The Need-to-Knows LifeCare guide (pdf, 488 KB) General Terms LifeCare gives you access to services provided by other companies which are independent from Irish Life. These services are not designed to replace the advice provided by your doctor or your own health professional, but to give you information to help direct you toward the appropriate course of action. In the future, Irish Life may change the companies listed as service providers. We may also withdraw access to the services listed. MediGuide, Intana Assist and Clanwilliam Institute provide confidential services and are independent from Irish Life. Your access to these third party services is subject to their terms and conditions, Irish Life accepts no liability for these services.

Term Life Insurance is life insurance that covers you for a specified and agreed length of time. In the event of death during this time, a cash lump sum will be paid out, meaning your family are protected. This product is provided by Irish Life Assurance plc.

Provides a lump sum if you die (if you choose life cover) or if you are diagnosed with a specified illness during the term of your plan (if you choose  specified illness cover )

Option to add extra benefits to your plan:  specified illness cover , hospital cash cover, accident cash cover, inflation protection and guaranteed cover*

*You will pay extra for these benefits. 

The  Term Life Insurance Brochure (pdf, 480 KB)  will give you details of the benefits available on the plan. Important Information

You must be aged between 18 and 82. The maximum term is 50 years or up to age 85. You must keep up payments to stay on cover.

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How to Assign a Mortgage Life Insurance Policy

Home » Blog » How to Assign a Mortgage Life Insurance Policy

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assigning your mortgage protection is easy peasy text on images of squeezed lemons

If you’re on this here blog, I can assume a couple of things:

I can also probably assume you’re a responsible adult – or at the very least, you’re very good at pretending, which as we all know: all the best people are.

Now, there is one thing you need to know.

This one thing is either coming to you too late, or just in the nick of time, depending on whether or not you now own a house.

The banks are great for mortgages, but they’re a rip off when it comes to Mortgage Protection Insurance in Ireland.

They’ll try to force you to buy their Mortgage Protection (a type of Life Insurance that will pay off the rest of your mortgage if you die) because:

You’re basically paying them so they can pay themselves if you die or get sick before you’re done paying off your mortgage.

Yes, it sucks.

No, there’s not a massive amount you can do about it except arm yourself with all the information you can.

Which is why I’m going to talk you through Mortgage Protection, buying it, and assigning it to your bank/lender.

How do you assign a mortgage life insurance policy?

And that’s it, fairly straightforward, ignore the bank if they try to spook you by saying it causes delays if you don’t buy from them. It doesn’t.

What is mortgage protection/life insurance for a mortgage?

As I said above: it’s a type of insurance that pays off the rest of your mortgage if you die. You have to get it if you’re buying a house. You can buy it from the insurer directly, your bank/lender, or a broker who will usually work with all the insurers.

You also have the option of using existing Life Insurance cover (for example, if you already have a policy) as your cover.

To make that crystal clear, your options are:

Mortgage lender/your bank:

Insurance brokers:

An existing policy:

If you’ve already bought your policy and are wondering about how to actually assign it, I get round to that in a second.

By the way, you can’t use life insurance that you have through work (death in service benefit) for a mortgage.

Is Mortgage Protection/Life Insurance different?

Yes. Mortgage Protection is a type of Life Insurance that only covers your mortgage to your lender. Life Insurance leaves a tax-free lump sum to your dependents. They could use it to pay for literally anything they want.

A $2,500 human-sized replica mask of your cat, for example .

Is it confusing? 100 percent.

Is it confusing on purpose? 100 per cent.

My two cents? Get Life Insurance and Mortgage Protection. It’s two pay-outs. It won’t break the bank monthly, but it could mean an awful lot to your family down the line.

Think of it like this: A Mortgage Protection payout gives your family a mortgage-free home. A Life Insurance payout gives your family a replacement income. They need both, so you need both.

Can you change your Mortgage Protection policy?

Yes. Any time you want. It could totally be worth it for a better price or benefits, so seriously: look into it. A few euro in the difference might not seem like much, but take that €5 a month and multiply it out by 12 and then by the length of your actual mortgage (which could be up to 35 years) and you’d be surprised how much it’ll add up to.

Just look at that fiver go. €5 x 12 x 35 = €2,100.

And that’s before we go anywhere near the difference you could save if you wanted to switch your actual mortgage down the line.

And don’t mind your bank if they say that getting Mortgage Protection or assigning an existing Life Insurance policy will delay your mortgage or that they’ll look more favourably on your application if you do what they want.

Remember: It’s all a

They’re trying to scare you into buying their overpriced policy.

Tell them where to go.

Because you already know where you can get the  best mortgage protection quotes .

Why do you need to assign a policy to a bank?

To make it legal.

Otherwise, it’s a bit like two young fellas swearing loyalty by spitting into a handshake. You telling your bank about your existing policy is grand and all, but if anything happens, they want the legal papers to say they get any payout.

Otherwise, all they’ve got is a spitty handshake and no cover.

How do you assign a Life Insurance policy to a bank/your lender?

It’s a bit like giving your bank a gift. You take out the policy and pay the premiums. When you die (no ‘ifs’ here, pal), your bank gets any pay-out.

To assign the policy (or policies if you have taken two single life policies) you need to complete a deed of assignment for each policy,

The deed is a legal document that forms part of your legal pack. It’s written in legalese, which means it’s completely impenetrable to normal people.

You can try reading it, but honestly, you’ll have as much luck taking another crack at Finnegans Wake. At least then you can sound cultured if you pretend you read Joyce’s gibberish.

You have to sign the deed of assignment.

Listen, it’s a bit like Apple’s terms and conditions; everyone ticks the box and nobody has a clue what they agreed to. Have you just sold your soul to a factory wherever iPhones are manufactured? Possibly.

But you’re still gonna have to do it.

The bit you sign is called the Notice of Assignment. You sign it and send it back to your bank along with your mortgage protection certificate.

The bank then sends it to the insurer and the insurer notes the bank as the legal owner of your policy.

Now, because the assignment is in effect a legal transaction, the banks don’t let us get involved so it’s up to them to send the necessary documents in a timely fashion to the insurer.

Once it’s with the insurer, we can chase it and give the insurer a bit of a prod if you’re in a rush but until then, our hands are tied.

*That’s how it usually works but each bank may do things differently.

What happens when the insurer receives the notice of assignment?

The insurer will assign your policy to the bank, so the bank becomes the owner of your policy and gets any pay-out.

Who notifies your bank that the policy has been assigned?

The insurer will send a confirmation of the assignment letter to the bank stating:

“Thank you for your recent Notice of Assignment in respect of the above-numbered policy. We have noted your interest and confirm that we hold no prior charge on this policy.”

Once the bank has confirmation of the assignment, they’re happy to issue your mortgage cheque.

How do I assign two life of another mortgage protection policies?

If you’re buying as a couple we recommend two single life policies to reduce any potential inheritance tax.

Assigning two policies works in the same way as assigning a single policy only you will have to complete a Deed of Assignment for each policy.

Is there a fee payable to assign a policy?

And just like that, you’ve assigned your policy.

Your TL;DR of tips, once more:

That’s all, folks!

Over to you…

I hope that clears up how to assign a mortgage life insurance policy to a bank. It’s simple, no matter how difficult your bank may try to make it seem.

But if you have any questions, please complete the short form below and I’ll be right back or even better: call me

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How Does Tax Relief on Income Protection Work?

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kbc assignment of life policy

kbc assignment of life policy

Unable to work as a result of illness or an accident?

Make sure you have a source of supplementary income and use your guaranteed income insurance, notify us if you become unable to work.

Make sure you have a source of supplementary income and use your Guaranteed Income insurance

Provide your insurance agent with the following documents or send them by post to KBC Insurance, Guaranteed Income Department, f.a.o. the consulting physician, Professor Roger Van Overstraetenplein 2, 3000 Leuven, Belgium.

Note that medical costs are not reimbursed.

Decision regarding your file

We will open a file after receiving the claim form. Your file administrator will send you written confirmation, along with the decision of our consulting physician.

1. Your work disability has been accepted

What do you have to do?

Keep us notified at all times of the status of your disorder.

What will KBC do for you?

Once the deferment period ends, you will receive the insured annuity at the end of each month for as long as KBC accepts you are unable to work.

2. Additional information is required for your work disability

What do you have to do ...

... if you have received a request for additional information?

... if you have received an invitation to be examined by the examining doctor?

We will take a decision regarding your work disability based on the additional information you provide.

3. Your work disability has been rejected

Disagree with the decision taken by KBC Insurance?

When can I claim on my guaranteed income insurance?

Depending on the formula you chose in your insurance policy, you receive benefits as soon as you suffer a loss of income for a longer period (determined in the deferment period) through

For how long am I entitled to receive benefits when I am unable to work?

You will receive benefits for as long as your work disability amounts to more that 25%, and this up to the expiry date specified when the contract was entered into. You will lose the right to receive benefits

Which causes of work disability are not covered by my insurance contract?

The following is an overview of the most frequently occurring exclusions (see your contract for the full, exhaustive list)

Previously existing condition

There are a number of risks that are only covered when explicitly stated in your contract

Which benefits am I entitled to receive when I am unable to work?

If your degree of work disability is 25% or more, you get

How is the insured annuity determined?

At the time you take out your guaranteed income insurance, you also have to specify an annual annuity. When you are incapacitated for work, you receive 1/12 of this annuity per month once the deferment period ends. If your work disability period does not start on the first day or end on the last day of a month, you will receive benefit payments for this period that are commensurate with the number of days you were unable to work. The higher your degree of work disability, the higher the annuity you receive

Am I covered for my specific profession?

Under certain conditions, you are covered for your specific profession only in the first year that you are incapacitated for work. For longer periods of work disability, we examine which possibilities are open to you for returning to the labour market based on your disorder. 

I took out a contract with a bought determent period

You are entitled in certain cases to benefit payments from the first day you are unable to work.

Does my policy also cover incidences of work disability abroad?

Your policy applies worldwide. To qualify for benefits, however, you must officially reside in Belgium.

What happens if I resume work and a short time later I become incapacitated for work again?

In the event of relapse, the deferment period is not restarted. A relapse is when

If your new work disability does not meet these conditions, we will open a new file on your behalf and your deferment period starts again.

Detailed information on how the procedure for a joint medical assessment works

If the insured person's doctor and KBC Insurance's consulting doctor continue to disagree about the degree and/or duration of the work disability, a third, independent doctor can be appointed to rule on the dispute. KBC Insurance will only propose doctors who are qualified to conduct the joint medical assessment. The insured person may make a counter-proposal, but the proposed doctors will need to possess the requisite competences. After approval of the assignment has been received, an agreement to appoint a third doctor will be drawn up and sent in triplicate to the insured person for signing. The independent doctor starts the procedure, sends an invitation to the various parties and draws up a preliminary report. Both the insured person's doctor and KBC Insurance's doctor may add further comments, after which the final report is drawn up. The decisions set out in the final report are binding for both parties. Therefore – depending on the decisions – an additional payment may be made, but it is also possible that an amount can be claimed back from the insured person. The fees and any additional costs of the third doctor will be borne jointly by the insured person and KBC Insurance, each paying half. The costs depend on the fees charged by the third, independent doctor and whether or not additional examinations are required.

Private sphere

The moments in your life when you do not exercise a profession or cannot invoke the Workers' Compensation Act.

A disorder or complaint that already existed at the time you took out your contract.

Deferment period

De periode die je bij een arbeidsongeschiktheid zelf financieel moet overbruggen. Deze periode is vastgelegd in je contract en The period that you have to provide for yourself financially if you become unable to work.

A situation where the same disorder renders you unable to work again (degree of work disability of at least 25%) within three months of your previous file being closed.

Annual annuity

The sum you wish to receive annually if you become incapacitated for work. You decide on this amount when you take out your contract. Besides the amount of the annual annuity, you can also specify how this amount changes over time.

Degree of work disability

The degree of work disability is a percentage indicating the extent to which you would be either totally or partially unable to perform work. The degree of work disability is determined according to

Economic disability or work disability

Economic disability or work disability is the reduction in the capacity to exercise a profession as a consequence of impaired physical or psychological integrity. This is determined based on medical evidence.

Physiological disability or physical disability

Physiological disability or physical disability cover is usually provided as a supplement to work disability cover. This cover ensures that you (also) receive a benefit when there is a diminution of bodily soundness. No account is taken of your capacity to exercise your profession. The degree of physical disability is established by medical decision and is based on the official Belgian disability scale (Officiële Belgische Schaal ter bepaling van de Graad van Invaliditeit) .

Total/partial work disability

Compensation is paid for both total and partial work disability.

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kbc assignment of life policy

Produced by the Office of the Attorney General

Táirgthe ag Oifig an Ard-Aighne

S.I. No. 125/2009 - Central Bank Act 1971 (Approval of Scheme of Kbc Mortgage Bank and Kbc Bank Ireland Plc) Order 2009

vLex Ireland

Thomas Kearney v K.B.C. Bank Ireland Plc and Another

[2014] IEHC 260

THE HIGH COURT

Banking and finance – Loan agreements – Reasonable cause of action – Defendants seeking an order striking out the plaintiff”s claim – Whether plaintiff”s pleadings disclose a reasonable cause of action

Facts: The first defendant, KBC Bank Ireland Plc, advanced six loans to the plaintiff, Mr Kearney, a property investor/developer. The loan facilities were secured by way of mortgages over various investment properties. The proceedings commenced by the issue of a plenary summons in 2012. Two statements of claim were served, directed to the position of the defendant bank and the second defendant, Mr Reynolds, chief executive of the defendant bank. The plaintiff claimed that the bank has failed to prove that the plaintiff entered into a binding loan agreement with the bank; that the bank engaged in the illegal creation of currency; that the bank does not retain the entitlement to enforce the loans following the securitisation of the loans; that the bank acted in breach of the Central Bank Asset Securitisation Document in failing to obtain the consent of the plaintiff to the securitisation of the loans; that the bank was not entitled to appoint a receiver to the plaintiff”s properties without court application; that the bank is or was insolvent or has failed to prove that it is solvent; and that the bank, its servants or agents fraudulently misrepresented matters in relation to a property development in Birmingham in order to unjustly enrich the bank and its employees and agents. The defendants sought an order, pursuant to O.19, r. 28 of the Rules of the Superior Courts and the High Court”s inherent jurisdiction, striking out the plaintiff”s claim on the grounds that the pleadings disclose no reasonable cause of action, and that they are frivolous, vexatious and bound to fail.

Held by Birmingham J that regarding the alleged failure to prove binding contract between plaintiff and bank, the form of acceptance appended to each of the letters of offer, each signed by the plaintiff and witnessed by the plaintiff”s solicitor or financial adviser, provide that the loan is governed by the terms and conditions set out in the letter of offer, the particulars of advance, the bank”s general conditions, the special conditions, the bank”s standard form mortgage and the assignment of life policy; hence there could be no doubt as to the contractual basis for the loans. Considering Freeman v Bank of Scotland Ireland [2013] IEHC 371 , Birmingham J held that the argument that the bank engaged in the illegal creation of currency was devoid of merit as the plaintiff drew down funds and thereby took on the responsibility to repay. Concerning the claim that bank does not retain entitlement to enforce loan following securitisation, Birmingham J held that in accepting the facility letters and in executing the mortgages, the plaintiff acknowledged the bank”s right, without seeking further consent from or notice to the plaintiff to securitise the loans, relying upon Wellstead v Judge White and Ors [2011] IEHC 438 . Regarding the alleged failure to comply with securitisation documents and the contention that the bank has failed to prove its solvency, Birmingham J held that neither would serve to render invalid the loan agreements and mortgages. Concerning the appointment of receiver, as the plaintiff was relying upon the Start Mortgages v Gunn [2011] IEHC 275 line of authority Birmingham J held that there is a distinction between saying that the repeal of a statute may avail a party by providing a shield against certain procedures when invoked, and suggesting that the repeal provides a sword capable of striking down agreements freely entered into and obliterating an obligation to repay loans that were drawn down. Birmingham J held that the allegations of fraudulent misrepresentation were not particularised as required by O.19, r. 5(2), that they were made without any sense of probity or responsibility, and that the alleged fraudulent misrepresentation of matters in relation to the property development in Birmingham does not provide the plaintiff with a cause of action.

Birmingham J held that the pleadings were frivolous and vexatious and that the proceedings are so unmeritorious as to amount to an abuse of process and are bound to fail. Birmingham J acceded to the defendants” application and struck out the proceedings, pursuant to O.19, r. 28 and the inherent jurisdiction of the Court.

Application granted.

RSC O.19 r28

SUN FAT CHAN v OSSEOUS LTD 1992 1 IR 425 1991/10/2412

DELANY & MCGRATH CIVIL PROCEDURE IN THE SUPERIOR COURTS 3ED 2012 PARA 1606

IRISH BANK RESOLUTION CORP LTD v CAMBOURNE INVESTMENTS INC & ORS UNREP CHARLETON 14.6.2012 2012 IEHC 262

ACC BANK PLC v DEACON UNREP RYAN 28.6.2013 2013 IEHC 427

MCLEAY & ORS MONEY CREATION IN THE MODERN ECONOMY 2014 1 BEQB 14

FREEMAN v BANK OF SCOTLAND (IRL) LTD & ORS UNREP GILLIGAN 31.5.2013 2013 IEHC 371

MEADS v MEADS 2013 3 WWR 419 2012 ABQB 571

DATA PROTECTION ACT 1988 S8(H)

WELLSTEAD v JUDGE WHITE & FETHERSTONHAUGH UNREP PEART 25.11.2011 2011/49/13927 2011 IEHC 438

PARAGON FINANCE PLC v PENDER 2005 1 WLR 3412 2005 2 P & CR DG18 2005 AER (D) 307 (JUN) 2005 EWCA CIV 760

ZURICH BANK v MCCONNON UNREP BIRMINGHAM 4.3.2011 2011/50/14278 2011 IEHC 75

STEPSTONE MORTGAGE FUNDING LTD v FITZELL 2012 2 IR 318 2012/43/12851 2012 IEHC 142

IRISH LIFE & PERMANENT PLC v DUFF UNREP HOGAN 31.1.2013 2013 IEHC 43

START MORTGAGES LTD v GUNN UNREP DUNNE 25.7.2011 2011/46/13101 2011 IEHC 275

REGISTRATION OF TITLE ACT 1964 S62(7)

LAND & CONVEYANCING LAW REFORM ACT 2009 S8

KAVANAGH & LOWE v LYNCH & ST ANGELAS STUDENT RESIDENCES LTD UNREP LAFFOY 31.8.2011 2011/29/8022 2011 IEHC 348

MCENERY v SHEAHAN UNREP FEENEY 30.7.2012 2012 IEHC 331

RSC O.19 r5(2)

KEANEY v SULLIVAN & ORS UNREP FINLAY GEOGHEGAN 16.1.2007 2007/32/6500 2007 IEHC 8

BULA HOLDINGS & ORS v ROCHE & ORS UNREP EDWARDS 6.5.2008 2008/5/773 2008 IEHC 208

FARLEY v IRELAND & ORS UNREP SUPREME 1.5.1997 1998/6/1512

JUDGMENT of Mr. Justice Birmingham delivered the 16th day of May 2014

1. The matter before the court sees the defendants seeking an order pursuant to O. 19, r. 28 of the Rules of the Superior Courts and/or pursuant to the inherent jurisdiction of the court striking out the plaintiff's claim on the grounds that the pleadings disclose no reasonable cause of action and that the proceedings are frivolous, vexatious and bound to fail. The factual background is that the bank has advanced six loans to the plaintiff, who is a property investor/developer. The loan facilities were secured by way of mortgages over various investment properties mainly located in Ireland, but in the case of two apartments in Birmingham in England.

2. In summary, the position in relation to the loans was as follows. The first loan facility was advanced on foot of a letter of offer dated the 1 st November, 2004, and was in the amount of €156,000. A form of acceptance that was appended to the letter of offer was signed by the plaintiff and witnessed by his solicitor. This loan was secured by way of a mortgage dated the 24 th December, 2004, in respect of 21 Pearse Court, Athlone, Co. Westmeath. A letter of demand issued and in a situation in which the sum demanded was not repaid, a receiver was appointed on the 28 th September, 2012. The second loan facility involved three loan letters dated the 10 th January. 2005, in the amount of €1.2m, the 9 th June, 2005, in the amount of €154,700 and the 13 th February, 2007, in the amount of €180,000. Forms of acceptance were appended to each loan letter and were signed by the plaintiff and witnessed by his solicitor. Ail three elements of the loan facility were drawn down by way of a cheque made payable to his then solicitors. The loans in question were secured by way of a mortgage dated the 20 th April, 2005, over a number of properties in Castlegar, Co. Galway, a second legal charge was in place over three other properties. A letter of demand was served, but the sum demanded was not repaid and a receiver was appointed on the 28 th September, 2012.

3. The third loan facility was advanced on foot of a letter of offer dated the 3 rd June, 2005, in the amount of €267,600. Again the form of acceptance appended to the letter of offer was signed by the plaintiff and witnessed by his solicitor and drawn down by way of loan cheque payable to the plaintiff's solicitor. This loan was secured by way of a mortgage dated the 31 st August, 2005, over two properties in Tarmonbarry, Co. Roscommon. When the sum demanded through a letter of demand was not repaid, a receiver was appointed in this case on the 18 th December, 2012.

4. The fourth loan facility was advanced on foot of a letter of offer dated the 11 th August, 2005 and the sum involved was €300,000. On this occasion the plaintiff's wife was a party to the loan and the form of acceptance was signed by both the plaintiff and his wife and was witnessed by their solicitor. This loan was secured by way of a mortgage dated the 1 st November, 2005 and a supplemental indenture of mortgage of the 10 th November, 2005, over Apartment 13, Amhra House, St. Brendan's Avenue, Co. Galway. In this case a receiver was appointed over the secured property on the 19 th October, 2012.

5. Loan facilities 5 and 6 related to properties in Great Britain. There were two loan offers dated the 27 th November, 2007 and the sums advanced were Stg£l63,000 and Stg£l13,080.15. As in the case of the earlier loans the form of acceptance that was appended to the facility letters was signed by the plaintiff, but on these occasions, was witnessed by his financial consultant ...

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Processing and Protection of Personal Data

Information on Processing and Protection of Personal Data

KBC Bank Bulgaria EAD (the Bank), entered in the Commercial Register at the Registry Agency under UIC 831558413, with registered office and address of management: 1407 Sofia, 55 Nikola Vaptsarov Blvd., Expo 2000 Building, web: www.kbcbank.bg, tel. 0700 10 000, processes your data in the capacity of a controller of personal data within the meaning of the Personal Data Protection Act and the General Data Protection Regulation.

This information aims to outline the approach to the lawful processing of your data and its protection within the framework of the activity carried out by KBC Bank Bulgaria EAD. The information includes the following:

1. Personal data we process

Personal data we process.

In the course of its activity, KBC Bank Bulgaria EAD processes various kinds of personal data that are grouped into the categories listed below.

Depending on the specific products and/or services you use, KBC Bank Bulgaria EAD processes some or all of the listed data.

In a number of cases, we collect and process your data when you are not our client.

For example:

In all cases where we have access to and process your data, we undertake to abide by the principles described in this document and the requirements of the applicable data protection legislation.

2. Data Sources

Data sources.

We collect the above listed data in the following ways:

Before you provide us with data belonging to a third party, you must make sure that you have informed them about this and you have their consent or other legitimate grounds to do so. You also need to familiarize them with the current information applicable to the processing and protection of their data within our organization.

In the event that it is established, with or without the assistance of the competent authorities, that third party data is provided without the legitimate ground or without the consent and / or the knowledge of their subject or in any other unlawful manner, KBC Bank Bulgaria EAD will delete the personal data by making the necessary efforts to promptly notify the data subject as soon as possible.

3. For What purposes we process you data

For what purposes kbc bank bulgaria ead process you data.

KBC Bank Bulgaria EAD processes your personal data for the following purposes:

4. Direct marketing

Direct marketing.

For the purpose of conducting direct marketing, we use and process your data to inform you about our latest products and services and to offer you:

The information we have about you consists of the data you have provided to us while using our products and services, the data that we collect when you are using information and communication technologies (e.g: you visit the bank's website) to access our products, services, and communications channels as well as the contact details you provide on publicly accessible sites (e.g., the websites that you or the persons you represent support, the contact information that is published in the Commercial Register and the register of non-profit organizations, etc.).

We process this information so that we can form an idea about your needs and interests with regard to the products and services offered by the bank. The assumption made on the basis of the available data is compared to the terms of our products / services or those of our partners in order to determine which of them potentially would be of any interest and use to you as our existing or potential client, with whom we want to build a beneficial partnership.

In case you do not wish to receive marketing communications, you have the right to object to the processing of your personal data for the purposes of direct marketing in one of the following ways:

Upon receiving an objection from you, the bank will cease processing your data for these purposes.

5. Ground on which process your personal data

On what grounds kbc bank bulgaria ead processes your personal data.

KBC Bank Bulgaria EAD processes your personal data lawfully on the basis of the legal grounds provided under Article 6 of the General Date Protection Regulation.

Contractual grounds

We process your personal data when it is necessary to take steps to conclude a contract with you / the person you represent or for the performance of a contract already concluded with the bank. For example, on a contractual grounds, we process personal data for the purposes of identifying the persons requesting the use of the products / services offered by the bank, upon entering into relations with them and in the course of performing our obligations under the contracts concluded between us; also, during the performance of a contract, we process the data of the persons who have submitted a payment order to us so that we can execute the transfers requested by them.

Legal obligation

In the case where a number of statutory obligations are imposed to KBC Bank Bulgaria EAD by different legislative acts, both at national level and under EU law, the Bank processes your personal data for the purpose of compliance with the relevant obligation.

For example, we process personal data for the purpose of fulfilling our obligations to prevent money laundering and terrorist financing as well as for the purpose of submitting information and statements to the BNB, NRA and other state bodies in accordance with the Law on Credit Institutions, Tax and Social Security Procedure Code, etc.

Legitimate interest

In many cases, the bank processes your data on the basis of its legitimate interests. For example, for the purpose of preventing fraud, establishing, preventing and managing operational risk, strategic planning of our business, direct marketing, but limited only to offers for products and services similar to the ones already used by them. Prior to processing your data for these purposes and in the course of processing, the bank checks whether there is a balance between its legitimate interest and your fundamental rights and freedoms or interests, and in the event that the latter have an advantage, the bank does not undertake or discontinue the processing of your data, unless you expressly consent to the processing. 

In other cases, e.g. to offer our new products and services that you have not previously used, and the products and services of our partners, the Bank processes your personal data only on the basis of and upon receipt of your explicit consent. The Bank processes only on the basis of and upon receipt of your explicit consent the contacts in the contact list of your mobile phone if you use a service in our mobile application for the provision of which the access to the contact list is necessary.

6. Third parties to whom we provide personal data

Third parties to which kbc bank bulgaria ead ead provides personal data.

KBC Bank Bulgaria EAD will not provide your personal data to third parties other than the following recipients / categories of recipients and if one of the following circumstances is present:

Data processing by third party assignes by the bank

We provide data to related or other trusted third parties under a contract between us and they process it for us based on our instructions and in accordance with the applicable data protection legislation.

Here are included the following third parties who process your data on assignment by the bank:

KBC Bank Bulgaria EAD shall take the necessary measures to ensure that the persons involved in the processing of personal data strictly observe the data protection legislation and the instructions of the Bank and that they have taken appropriate technical and organizational measures to protect data.

For the performance of a legal obligation

We share your data with state bodies / institutions, persons with public functions, regulators and supervisors or persons performing public functions (including the ECB, BNB, FSC, NRA, NSSI, SANS, court, prosecutors and investigators authorities, Commission for Consumer protection, Competition Protection Commission, Commission for Personal Data Protection, state and private enforcement agents, etc.), auditors, companies, organizations or external persons, if we have reasonable grounds to believe that the personal data access, use, retention or disclosure is necessary for:

For the performance of a contract

In order to provide the products and / or services you require or the person represented by you or with a view to fulfilling a contract to which you or a person represented by you is a party, we provide your personal data to third parties without the participation of which the performance of the obligations under the contract would be impossible, e.g. (including correspondent banks), payment system operators and other persons specializing in the processing of transactions in payment instruments, including RPC (Regional Processing Center, Bratislava), and those specialized in the support of payment platforms (including Center for data processing and payment (CRISP), Romania), Borika AD, international card organizations Visa and MasterCard, international financing institutions (e.g. European Investment Fund, European Investment Bank, etc.), Ministry of Education and Science (with regard to loans granted to students and doctoral students), notaries, the bodies of the Notary Chamber of Bulgaria, Registry Agency, Central Registry of Special Pledges, Register of bank accounts and safes, Central Depository, insurers, independent appraisers and others.

KBC Bank Bulgaria EAD could share your personal data with KBC Group companies, when the sharing of data is necessary for the purposes of the legitimate interests of KBC Bank Bulgaria EAD or another company of KBC Group. Without limiting the above, the Bank could share your personal data with United Bulgarian Bank AD for the purposes of preparing and implementing the conversion process in which both Banks participate.

With your explicit consent

In addition to the cases listed above, we will share your personal data with companies, organisations or third parties when we have your consent to do so (e.g. to third parties providing social benefits for the Bank’s employees (e.g. insurance, vouchers, sports cards, etc.) with which the Bank has concluded a contract).

If you are a candidate for a job at KBC Bank Bulgaria EAD and we could offer your application for a similar or other suitable position at United Bulgarian Bank AD, we will ask for your explicit written consent to provide your data to United Bulgarian Bank AD.

7. Your rights as a data subject

Your rights as a subject of data processed by kbc bank bulgaria ead.

You have the right to:

We will respond to all your requests without undue delay within 30 days of receipt of your request.

If we are unable to process your request within one calendar month (due to its complexity, need for third party assistance or the number of requests), we may extend this period and explain the reasons for doing so.

8. Automated analysis

Automated analysis.

We use systems and mechanisms that allow us to conduct automated analyzes based on the information we have about our clients. In this way, we make informed business decisions, determine the segment in which you or your business fall, improve the quality of our products and services, check the stability and proper functioning of our systems, perform long-term statistical modeling, identify suspicious transactions to prevent fraud, money laundering, terrorist financing, e.g. to find out unusual for you or your business behavior. In addition, an automated approach helps us to ensure that we are able to provide to you and your business fast and efficient service accordingly to your expectations. These automated analyzes can lead to a change in the offers we can address to you about products, services, or their terms now or in the future.

9. Automated individual decision

Automated individual decision.

When applying for certain credit products, the Bank carries out automated data processing (the so-called credit scoring) which is necessary for the purpose of making responsible, fair and informed credit decisions for granting loans, providing unified evaluation standards for our clients, accelerating the credit approval process while minimizing the possibilities of mistakes and eliminating the subjective factor in the decision making process. These solutions are individual to each client and relate to the approval of the loan based solely on the automated processing of your data. As a result of our processing and analysis, we may approve or refuse to provide you with the credit product you have requested.

The evaluation uses data from three sources:

Credit scoring is a mathematical method for assessment based on a thorough statistical analysis of a set of data such as your personal, economic, social information and family identity, including the information available in public records, and it evaluates the probability of compliance or noncompliance by the client. The basis for the assessment is the comparison between the available customer information and the parameters of the credit policy, the credit limits for the respective product / service and the possible exceptions. This allows us to determine whether we can provide the respective client with the relevant credit service we offer, to offer a product / service that meets his needs, and define pricing conditions that match his risk profile. Credit risk assessment methods are periodically reviewed in order to ensure that they are fair and adequate.

Your rights in relation to an automated individual decision:

10. Retention period for data collected

Retention period for data collected.

We will keep your personal data for a period of time not exceeding 10 years from the year following the year of termination of the relationship in respect of which your personal data has been collected and as long as there is no other reason to process the data.

We will keep your data for the following reasons:

The storage and processing of your data after the expiration of the aforementioned period is permissible, if its deletion is prevented due to legal, regulatory or technical reasons, or for reasons related to the implementation of measures to prevent unlawful behavior, minimize the risk of credit frauds and to assist state bodies / institutions in this connection. This includes cases of court proceedings or other disputes arising out of legal relationships between you and the bank, changes in the legal requirements regarding the retention of a specific type of information, and other objective reasons that delay data erasure.

11. Data protection officer

Data protection officer.

In order to protect your data in the course of its processing by KBC Bank Bulgaria EAD, the Bank appoints a Data Protection Officer: Mrs. Nikoleta Atanasova, tel.: 02/91985790, e-mail: [email protected]

You can contact the Data Protection Officer on all matters relating to the processing of your personal data and the exercise of your rights under the applicable personal data legislation.

12. Changes to this information

Changes to this information.

We will periodically update the text of this document in order to provide up-to-date and accurate information regarding the processing of your data in accordance with our policy and in compliance with the applicable data protection legislation. Any change will be announced on the website of KBC Bank Bulgaria EAD and in each office of the Bank, and in case of change of essential information, you will be notified via SMS, post or e-mail, when you enter your KBC Online Bulgaria e-banking or visit a bank office of KBC Bank Bulgaria EAD.

KBC Bank Bulgaria EAD considers the protection of personal data of data subjects as a top priority.

kbc assignment of life policy

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COMMENTS

  1. Forms & Downloads

    Most Popular Forms. All of our most popular forms and information booklets are available here. Continuing to Bank with KBC Bank Ireland - Guide

  2. Important Information

    KBC Bank Ireland plc is tied to Irish life Assurance plc (Irish Life) for Life Insurance. Life insurance products are underwritten, administered and

  3. How to Assign a Mortgage Life Insurance Policy

    The bit you sign is called the Notice of Assignment. You sign it and send it back to your bank along with your mortgage protection certificate. The bank then

  4. Why choose a life insurance policy?

    In the event of your death, your assets will not necessarily be passed on automatically to your partner (for example, if you are not married). In this case, a

  5. Claiming under KBC Guaranteed Income Insurance

    Once the deferment period ends, you will receive the insured annuity at the end of each month for as long as KBC accepts you are unable to work. 2. Additional

  6. S.I. No. 125/2009

    A. KBC Mortgage Bank (in the following Order referred to as the ... On 31 January 1989, it changed its name to Irish Life Homeloans Limited.

  7. Thomas Kearney v K.B.C. Bank Ireland Plc and Another

    Facts: The first defendant, KBC Bank Ireland Plc, advanced six loans to the ... the bank”s standard form mortgage and the assignment of life policy;

  8. Processing and Protection of Personal Data

    KBC Bank Bulgaria EAD (the Bank), entered in the Commercial Register at the Registry Agency under UIC 831558413, with registered office and address of

  9. KBC Insurance N.V

    Good diversification between life and non-life insurance. ... assignment, withdrawal or suspension of an acknowledgment as well as any

  10. KBC Bank Ireland Homeloan Application Declaration, Authorisation

    d) Life Assurance: (i) Life assurance must be obtained in an amount sufficient to repay the home loan in the event of death. (ii) A duly executed assignment of