Unclaimed Life Assurance Policies Bill 2002

Public bill · Government · Presented

The measure would require life insurers to trace and notify people whose policies have gone unclaimed, and transfer unclaimed policy values to the Dormant Accounts Fund after set periods—generally five or 15 years. Policyholders’ rights would remain intact, allowing them to reclaim the money later; insurers would face record-keeping, reporting and inspection requirements, with funds managed by the National Treasury Management Agency.

Formal long title

Bill entitled an Act to provide for the transfer of moneys payable under unclaimed life assurance policies to the Dormant Accounts Fund established under the Dormant Accounts Act, 2001, to provide for the payment of moneys from the Fund, to provide for the appointment of inspectors, and for those and other purposes to amend and extend the Dormant Accounts Act, 2001, and to provide for related matters

Last updated 12 April 2018