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 . |