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2 2003

Unclaimed Life Assurance Policies Act 2003

PART 2

Unclaimed Policies

Chapter 1

Application of Act

Unclaimed policies.

6. —(1) Subject to subsection (3), this Act applies to an unclaimed policy in respect of which moneys are payable in the State to a policy holder who has a correspondence address in the State.

(2) For the purposes of this Act, a policy is deemed to be unclaimed—

(a) where—

(i) the policy has a specified term which has expired,

(ii) an amount would be payable to the policy holder under the policy if the policy holder were to make a claim under the policy or, in the case of an approved policy, is available to be applied on behalf of the policy holder in accordance with the terms of the policy, and

(iii) the insurance undertaking has received no communication from the policy holder for a period of 5 years or more beginning on the later of—

(I) the day following the last day of the specified term of the policy, or

(II) the date on which the undertaking last received a communication from the policy holder,

or

(b) where—

(i) the policy does not have a specified term,

(ii) an amount would be payable to the policy holder if the policy holder were to make a claim under the policy, and

(iii) the undertaking has received no communication from the policy holder for 15 years or more beginning on the date on which the undertaking last received a communication from the policy holder.

(3) This Act does not apply to a policy which constitutes or forms part of the assets of any of the following:

(a) an occupational pension scheme, other retirement benefit scheme or trust, approved under Chapter 1 of Part 30 of the Taxes Consolidation Act 1997 (other than an approved policy within the meaning of this Act);

(b) a group permanent health insurance or disability benefit scheme;

(c) a sponsored superannuation scheme within the meaning of Chapter 2 of Part 30 of the Taxes Consolidation Act 1997 .

Extension of application of Act.

7. —(1) The Minister, having regard to the purposes specified in subsection (3), following consultation with the regulatory authority and subject to the consent of the Minister for Finance, amy make regulations providing for the application of this Act and instruments made under this Act, with and subject to any modifications that may be specified in the regulations, to policies (including policies other than policies of life assurance), that are issued to such class or classes of person by such class or classes of undertaking specified in the regulations.

(2) Without prejudice to the generality of subsection (1), the modifications, if any, may relate to any of the following matters:

(a) the period specified in paragraph (a) (iii) or (b) (iii) of section 6 (2);

(b) the notice procedure set out in Chapter 2;

(c) the transfer of moneys to the Fund under section 10 ;

(d) the keeping of a register under section 12 and the particulars required to be entered in the register under that section;

(e) the disclosure of information for statistical purposes under section 13 ;

(f) the processing of claims under Chapter 4;

(g) any other matters that may appear to the Minister to be necessary for carrying the regulations into effect.

(3) The Minister may make regulations under this section for the following purposes:

(a) consumer protection;

(b) the proper and orderly regulation of the financial services industry;

(c) to facilitate the accessing or identification by persons of policies or moneys to which they are entitled;

(d) to reduce the administrative and financial burden of maintaining unclaimed policies.