Seanad debates

Wednesday, 12 February 2003

Unclaimed Life Assurance Policies Bill 2002: Committee Stage.

 

10:30 am

Photo of Frank FaheyFrank Fahey (Galway West, Fianna Fail)

The Minister for Finance has said this amendment should not be accepted for a number of reasons. In particular, it would place a considerable administrative burden on companies if they had to re-examine each policy to see how much it was then worth to establish whether personal notification was required. There would also be difficulties with unit linked or with-profit policies and the fact that such policies can decrease as well as increase in value. One particular date for the purpose of this legislation needs to be the focus point. The Minister considers this adeqate. Policyholders have been put on notice that their moneys are due to transfer to the dormant fund. The annual public notices and notices in the premises of institutions will keep the public informed of the scheme. I do not propose to accept the amendment.

Amendment, by leave, withdrawn.

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