Unclaimed Life Assurance Policies Act 2003
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Chapter 4 Processing of Claims under Unclaimed Policies | ||
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Processing of claims. |
15.—(1) Where a person who makes a claim under an unclaimed policy in respect of which moneys have been transferred to the Fund under section 10 proves to the satisfaction of the insurance undertaking concerned that he or she is the policy holder, the undertaking shall— | |
(a) give written confirmation to the person that he or she is the policy holder, | ||
(b) within 10 working days after giving the confirmation give written notice to the Agency of the net encashment value of the unclaimed policy, and | ||
(c) send to the policy holder a copy of the notice to the Agency. | ||
(2) The Agency shall pay to the insurance undertaking, within 21 days after the date of the notice, the net encashment value of the policy as stated in the notice given under subsection (1) (b). | ||
(3) Within 5 working days after receipt of payment under subsection (2), the insurance undertaking shall— | ||
(a) subject to any charges or deductions that may be made by the insurance undertaking— | ||
(i) pay to the policy holder the moneys payable under the policy, or | ||
(ii) at the written request of the policy holder and in accordance with the terms of the policy, apply the moneys payable under the policy, | ||
and | ||
(b) provide to the policy holder a written statement of the moneys payable or applied under the policy, as the case may be, and of any charges or deductions made. | ||
(4) In this section “working day” means a day that is not a Saturday, Sunday or public holiday (within the meaning of the Organisation of Working Time Act 1997 ). |