Unclaimed Life Assurance Policies Act 2003

Register of unclaimed policies.

12.—(1) Each insurance undertaking shall keep a register of unclaimed policies.

(2) Subject to subsection (3), an insurance undertaking shall enter in the register the following particulars of unclaimed policies in respect of which moneys are transferred to the Fund under section 10 :

(a) the name and correspondence address of the policy holder, if ascertainable;

(b) the policy number, if any and ascertainable;

(c) the total number of policies which have a specified term;

(d) the total number of policies which have no specified term;

(e) if a notice was sent to the policy holder under section 8 , the date on which the notice was sent;

(f) the date on which the policy was deemed to be an unclaimed policy in accordance with section 6 ;

(g) the date of the transfer of moneys to the Fund and the amount transferred;

(h) where notice to the Agency has been given under section 15 , the date on which moneys were paid and the amount paid in accordance with that section—

(i) by the Agency to the insurance undertaking, and

(ii) by the insurance undertaking to the policy holder;

(i) in the case of continuing risk policies, the total amount of the charges (if any) referred to in section 2 (4)(c) made by the undertaking in respect of those policies;

(j) any other matters that may be prescribed.

(3) Where moneys are transferred to the Fund in accordance with section 10 (2), subsection (2) of this section does not apply and the following particulars only shall be entered in the register:

(a) the total amount transferred;

(b) the number of policies in respect of which the moneys have been transferred;

(c) the date of the transfer to the Fund;

(d) the total amount paid to policy holders under section 15 .

(4) The register may be kept in any form subject to its being capable of being converted into a legible form and being used to make a legible copy or reproduction of any entry in the register.

(5) (a) Subject to paragraph (b) the register shall not be open to public inspection.

(b) Nothing in paragraph (a) shall be read as restricting—

(i) the application of the Data Protection Act 1988 , or

(ii) the right of a person who proves to the satisfaction of the insurance undertaking that he or she is, or may be, a policy holder, to inspect the register insofar as that policy is concerned.

(6) An insurance undertaking is guilty of an offence if it fails to—

(a) keep a register, or

(b) enter in the register the particulars specified in subsection (2) or (3), as the case may be.