Seán Fleming (Laois, Fianna Fail)
Link to this: Individually | In context | Oireachtas source

453. To ask the Minister for Arts, Heritage and the Gaeltacht the amount in unclaimed life insurance policies; and her plans to deal with these unclaimed policies [17720/17]

Michael Ring (Mayo, Fine Gael)
Link to this: Individually | In context | Oireachtas source

The Unclaimed Life Assurance Policies Act 2003 and the Dormant Accounts (Amendment) Acts 2005-2012, provide a framework for the administration of unclaimed accounts in credit institutions (i.e. banks, building societies and An Post), and unclaimed life assurance policies in insurance undertakings. The Dormant Accounts Fund is managed by the National Treasury Management Agency.

Since its establishment in April 2003 to the end of December 2016, transfers to the Fund from unclaimed accounts have totalled some €889m, including €122m from insurance undertakings. Funds reclaimed in that period by account holders amounted to around €338m.

The Dormant Accounts legislation guarantees the right of account holders to reclaim funds at any time. This is a matter between the individual account holder and the relevant credit institution or undertaking. In addition, the legislation also provides for disbursements from the Fund for the purposes of programmes or projects to assist:

- the personal and social development of persons who are economically or socially disadvantaged;

- the educational development of persons who are educationally disadvantaged; or

- persons with a disability.

My Department's role in relation to the Dormant Accounts Fund is to prepare a Disbursement Scheme every three years, which sets out the objectives to be achieved by making disbursements from the Dormant Accounts Fund and the strategies for achieving those objectives. My Department also co-ordinates the preparation of annual Action Plans in accordance with the three-year Disbursement Scheme, which contain the details of specific programmes and projects for delivery across Government Departments.

Up to the end of December 2016, €321m of disbursements have been approved for projects and programmes that meet the objectives of the legislation, with €275m of those approvals having been drawn down by projects to the end of last year. Further data in relation to Dormant Accounts funding are available on my Department’s website at

My Department is currently finalising a new Dormant Accounts Fund Disbursement Scheme, following a detailed consultation process across Government Departments. This Scheme will cover the period 2017-2019 and will be submitted to the Cabinet for approval shortly.

Following Government approval of the Disbursement Scheme, an Action Plan for 2017 will be drawn up in consultation with relevant Government Departments.