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 problem is that companies may not be in a position to be accurate about the number of unclaimed policies they hold on the date in question. If they gave out the wrong number of policies it would create serious difficulties. If, at a later stage, companies want to indicate the numbers of policies they have that is fine. However, inserting a provision into the Bill that they must state the exact number they have on the first weekday in October each year would be impossible.

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