Unclaimed Life Assurance Policies Act 2003

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Number 2 of 2003


UNCLAIMED LIFE ASSURANCE POLICIES ACT 2003


ARRANGEMENT OF SECTIONS

PART 1

Preliminary and General

Section

1.

Short title, collective citation and commencement.

2.

Interpretation.

3.

Regulations and orders.

4.

Expenses.

5.

Penalties and proceedings.

PART 2

Unclaimed Policies

Chapter 1

Application of Act

6.

Unclaimed policies.

7.

Extension of application of Act.

Chapter 2

Notice Procedure

8.

Notice to policy holders.

9.

Publication of notice.

Chapter 3

Transfer of Moneys to Dormant Accounts Fund

10.

Transfer of moneys to Fund.

11.

Prohibition on transfer of moneys under section 10.

12.

Register of unclaimed policies.

13.

Disclosure of information for statistical purposes.

14.

Rights of policy holders.

Chapter 4

Processing of Claims under Unclaimed Policies

15.

Processing of claims.

16.

Processing of claims where insurance undertaking is wound up, etc.

PART 3

Compliance with Act

Chapter 1

Certificate of Compliance

17.

Certificate of compliance.

Chapter 2

Inspections

18.

Interpretation (Chapter 2).

19.

Authorisation of inspectors.

20.

Power to inspect records.

21.

Power to inspect insurance undertakings carrying on life assurance business in the State by way of branch establishment or by way of services into the State.

22.

Inspector's report.

23.

Privilege of inspector.

24.

Disclosure of information to inspector.

25.

Failure to comply with Act.

PART 4

Miscellaneous

26.

Confidentiality.

27.

Amendments to Act of 2001.

SCHEDULE 1

Part A of Annex I to the Life Regulations of 1994

SCHEDULE 2

Amendments to Act of 2001


Acts Referred to

Data Protection Act 1988

1988, No. 25

Dormant Accounts Act 2001

2001, No. 32

Equal Status Act 2000

2000, No. 8

European Communities (Amendment) Act 1993

1993, No. 25

European Communities Act 1972

1972, No. 27

Insurance Act 1989

1989, No. 3

Insurance Acts 1909 to 2000

Organisation of Working Time Act 1997

1997, No. 20

Pensions (Amendment) Act 2002

2002, No. 18

Petty Sessions (Ireland) Act 1851

14 & 15 Vict., c. 93

Powers of Attorney Act 1996

1996, No. 12

Taxes Consolidation Act 1997

1997, No. 39


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Number 2 of 2003


UNCLAIMED LIFE ASSURANCE POLICIES ACT 2003


AN ACT TO PROVIDE FOR THE TRANSFER OF MONEYS PAYABLE UNDER UNCLAIMED LIFE ASSURANCE POLICIES TO THE DORMANT ACCOUNTS FUND ESTABLISHED UNDER THE DORMANT ACCOUNTS ACT 2001, TO PROVIDE FOR THE PAYMENT OF MONEYS FROM THE FUND, TO PROVIDE FOR THE APPOINTMENT OF INSPECTORS, AND FOR THOSE AND OTHER PURPOSES TO AMEND AND EXTEND THE DORMANT ACCOUNTS ACT 2001 AND TO PROVIDE FOR RELATED MATTERS. [22nd February 2003]

BE IT ENACTED BY THE OIREACHTAS AS FOLLOWS: