Paddy Burke (Fine Gael)

I welcome the Minister of State, Deputy Fahey. I agree with many aspects of the Bill that have been highlighted and I am delighted it has been introduced as there are many good reason for it. However, it may have been introduced too hastily. Perhaps we should have waited until details of what will happen in regard to the proceeds of the dormant bank accounts had emerged. It would be helpful to have information about the amount of money that will be collected from that procedure, the use to which the moneys collected will be put and how much it will cost to collect the proceeds of these unclaimed policies. That would be a good and necessary exercise to carry out before we deal with these policies, which are an unknown quantity. We do not know how much money the proceeds of these unclaimed policies will generate, the number of unclaimed policies, how much it will cost to collect the proceeds from them or the purpose for which those proceeds will be used. Perhaps the Minister of State should have waited until all the details in relation to dormant bank accounts were available.

A good reason outlined for the introduction of the Bill is that it may make many people aware that they or someone belonging to them may have a dormant policy. As Senator Quinn rightly pointed out, every effort should be made to ensure that people are enlightened about the proposals in regard to the fund and that every effort is made to publicly put in place procedures whereby people can easily find out whether they, or somebody belonging to them, have a policy.

Where does the buck stop in relation to the next of kin of the holder of an unclaimed policy? Is the next of kin a member of the policyholder's immediate family, a first or second cousin, a neighbour or would it suffice to have a piece of paper held by a solicitor to the effect that a policyholder intended to pass on to a neighbour the proceeds of a policy in his or her will, even though he or she had not made one? Where will the line be drawn in this regard? Wills are contested in many cases and I am sure the proceeds of these policies could also be contested.