The fundamental basis for the scheme lies in how "dormancy" is assessed. As I indicated, under the proposed scheme a non-specified term policy will be deemed unclaimed where the insurance undertaking has received no customer initiated communication with respect to the policy for at least 15 years prior to commencement of the scheme. A specified term policy will be deemed unclaimed where the policyholder has made no contact with his or her insurance company in relation to the policy for at least five years from the later of the date the policy matured or the date the policyholder last contacted the company. These definitions, set out in section 6, will be applied uniformly by all insurance undertakings.