Seanad debates
Wednesday, 12 February 2003
Unclaimed Life Assurance Policies Bill 2002: Second Stage.
The Bill also provides that the regulatory authority – currently the Minister for Enterprise, Trade and Employment but at some point the proposed Irish Financial Services Regulatory Authority – is entitled to appoint inspectors for the purpose of ensuring compliance by undertakings with the provisions of the legislation. The inspectors will be authorised to check that an insurance undertaking has the necessary systems and procedures in place that will ensure undertakings are attempting to make contact with policyholders and that all relevant moneys are being transferred to the dormant accounts fund. Inspectors will be entitled to inspect the undertaking's records for these purposes and will have access to any relevant records held by the National Treasury Management Agency in respect of transfers to the fund. The provisions with regard to inspection are contained in sections 18 to 25, inclusive.
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