Seanad debates

Wednesday, 12 February 2003

Unclaimed Life Assurance Policies Bill 2002: Committee Stage.

 

10:30 am

Photo of John Paul PhelanJohn Paul Phelan (Fine Gael)

Again I agree with Senator McDowell. The Minister said that it would be of benefit to the assurance companies to offload these policies. If that is the case, then surely we need to have more protection for the consumer. If it would be to the benefit of the assurance companies to offload the accounts to the fund which will be established, and if they cut corners and do not try to look up every tree in every part of the country in search of policyholders, then there is a greater need to protect the interests of policyholders. According to what the Minister of State is saying, it would surely make more sense for the assurance companies to do very little and let the money go to the fund rather than make every effort to try to contact people. I believe that is what Senator McDowell is saying, and I support him.

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