Seanad debates

Wednesday, 12 February 2003

Unclaimed Life Assurance Policies Bill 2002: Second Stage.

 

To compel the undertakings to go beyond what is reasonable in this regard will involve an extra cost to the industry, which inevitably will be passed on to the consumers. In trying to reach a balance, the Minister specified that notifications will take place every year so that there will be sufficient notice. This year alone there will be four newspaper advertisements to this effect. The best example of the success of this to date is the fact that the contact made to date this year has been very successful. Since the scheme came on line last March, less than 12 months ago, the number and value of reactivations have been significant. Some €400 million lay dormant at the end of last March, of which, by the end of last December, €150 million had been reclaimed. Given the difficulties prior to the introduction of the scheme, it must be accepted that it has been a considerable success. I am advised by my officials that the Department has already received a number of queries about the scheme, many of which have come through the Department's website, and this is before it has come into operation.

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