Seanad debates
Wednesday, 12 February 2003
Unclaimed Life Assurance Policies Bill 2002: Second Stage.
Given the complexities of the issues surrounding the measurement of the encashment value of a life policy, it has been impossible for the Department of Finance to build up an estimate of the amount of dormant funds held by life companies. Nevertheless, it is believed to be significant but this is not the reason for moving forward with the legislation. Of primary importance is the need to make people aware these policies exist and remain unclaimed. This will be done via personal notifications to policyholders and also by way of public notices to be placed annually in national daily newspapers and prominently displayed in the public offices of the companies concerned. This year alone, four separate notices will be placed in the newspapers in relation to the dormant accounts scheme.
No comments