Seanad debates

Wednesday, 12 February 2003

Unclaimed Life Assurance Policies Bill 2002: Committee Stage.

 

10:30 am

Photo of John Paul PhelanJohn Paul Phelan (Fine Gael)

I am somewhat reassured by the Minister of State's statement that the Minister for Finance is considering the matter. However, there is still rather loose terminology as to what consideration is really being given. In terms of cost effectiveness, to which the Minister of State referred in his reply, I believe it would be quite cost effective and very easily accessible to people. That has to be the main objective and failure to achieve it is the main problem which could befall this Bill. We have to try to ensure that people can easily get access to information as to whether they are holders of relevant policies. The centralisation of detailed information should be looked at. I accept that it may be difficult to include that in this Bill but I would like a more definite assurance that serious thought is being given to it by the Department of Finance. It would be a worthwhile mechanism for people to establish whether they have policies to which this Bill relates.

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