Adoption of the Bill No. 251 instituting a right to oblivion with regard to bank loan insurance

The Bill No. 251 (7 articles) was submitted to the National Council on May 10, 2021, and adopted on June 15, 2022. The Government has the choice to follow up, or not, within 6 months.

In concrete terms, it is proposed to create in Monaco a “right to oblivion” allowing, under certain conditions, any person not to declare (in particular in the context of a questionnaire) a former cancerous pathology or one related to hepatitis C to any insurance organization, when applying for a bank loan for the acquisition of real estate or a professional loan intended for the acquisition of tools necessary for professional practice, and for consumer credit.

No additional premium or exclusion of coverage could be applied to loan applicants because of a pathology that falls within the legal framework provided by the “right to oblivion”. Conditions of amount, duration of repayment and age would apply.

The objective is to “reinforce and facilitate access to bank loans for people who have suffered from a serious pathology and are now in remission. The aim is to provide binding means of combating discrimination resulting from a refusal of bank insurance or the application of additional insurance premiums, making it difficult or even impossible for a whole section of the Monegasque population or Monegasque residents to take out bank loans, and in particular real estate loans, professional loans and certain consumer loans” [1].

The Bill n° 251 is in line with the Principality’s international commitments to fight against discrimination (European Convention on Human Rights, United Nations Convention on the Rights of Persons with Disabilities), and is based on studies conducted by the Organization for Economic Cooperation and Development (OECD), the World Health Organization (WHO), the Special Committees of the Parliamentary Assembly of the Council of Europe (PACE) demonstrating “the reality and the importance of the repercussions of serious and chronic pathologies on the professional, social and personal life of the individual undergoing treatment, but also after the end of his or her treatment.” [2]

[1] Explanatory memorandum to Bill n° 251, pp. 1-2.

[2] Explanatory memorandum to Bill no. 251, pp. 3-4. Citing: OECD Report, How is life? 2020: Measuring well-being” (June 2020), OECD Publishing, Paris; Resolution 2373 of 21 April 2021, Discrimination against people with chronic and long-term illnesses – Social, Health and Sustainable Development Committee.