Seanad debates

Wednesday, 12 February 2003

Unclaimed Life Assurance Policies Bill 2002: Second Stage.

 

Like other Members, I am also concerned about how the fund will be disbursed. The majority of the holders of unclaimed policies are from various parts of the country and, as a result, the proceeds that will be transferred to the fund should be disbursed throughout the country. The proceeds of unclaimed policies should be ring-fenced for projects in areas from which the policyholders come. Projects funded should also carry the names of the policyholders to the effect that a project has been made possible as a result of the proceeds of a policy belonging to Joe or Mary Soap or a project should carry the names of a number of policyholders. The proceeds of unclaimed policies should not merely be transferred to a pool of money and then disbursed by the Government or by a Government Deputy in his or her constituency. The people who took out these policies should be acknowledged in regard to the proceeds of their policies funding for the provision of future projects.

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