Seanad debates

Wednesday, 12 February 2003

Unclaimed Life Assurance Policies Bill 2002: Second Stage.

 

I looked at the amendments proposed on Committee Stage in the Lower House and was struck by one proposed by Deputy Richard Bruton of Fine Gael regarding maintaining a central database. If one thinks a deceased relative may have had a life assurance policy that has matured but does not know with which company it is held, one has no alternative but to start making inquiries of individual assurance companies. There is no central database one can check. The Bill offers the opportunity to introduce a central register or database that would make it possible for individuals to contact assurance companies, or more particularly the NTMA, to establish if there was a policy under which they might be entitled to claim money. There should surely be a responsibility on the NTMA to maintain a register containing the names of policyholders whose unclaimed policies were transferred to it. There is no such facility or provision in the Bill. That is unfortunate. We should use the opportunity to introduce such a provision.

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