Seanad debates
Wednesday, 12 February 2003
Unclaimed Life Assurance Policies Bill 2002: Committee Stage.
10:30 am
Derek McDowell (Labour)
I did not appreciate that this was the case. Perhaps we can tease it out further. Is the Minister of State saying that if, on maturity, €20,000 might be payable, it is the practice of insurance companies that, if the money is not claimed for the five years afterwards, to apply non-contractual interest? What rate of interest would apply and what is the normal practice?
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