S.I. No. 93/2003 - Unclaimed Life Assurance Policies (Section 9) Regulations 2003

I, Éamon Ó Cuív, the Minister for Community, Rural and Gaeltacht Affairs, in exercise of the powers conferred on me by section 3 (1)(a) of the Unclaimed Life Assurance Policies Act 2003 (No. 2 of 2003), hereby make the following regulations:

1.         These Regulations may be cited as the Unclaimed Life Assurance Policies (Section 9 Regulations 2003.

2.         These Regulations shall come into operation on 10 March 2003.

3.         The form set out in the Schedule to these Regulations is prescribed as the form of the notice to be used for the purposes of section 9 of the Unclaimed Life Assurance Policies Act 2003 (No. 2 of 2003).



[Insert name of insurance undertaking and head office address of insurance undertaking]

Under the terms of the Unclaimed Life Assurance Policies Act 2003 life assurance companies are required to identify policies where there has been no recent communication from the policy holder and to designate them as unclaimed policies.

A policy is unclaimed where premiums are no longer being paid and an amount is payable to the policy holder [*] and where:

[]      In the case of a fixed term policy which matured at least 5 years ago there has been no written communication from the policy holder since the policy matured, OR

[]      In the case of a policy without a fixed term, there has been no written communication from the policy holder for at least 15 years, OR

[]      In the case of personal pension policies (i.e. those not linked to an employer’s pension scheme), 5 years have elapsed, without communication, since the latest retirement date contained in the policy.

Life Assurance companies are required to contact holders of unclaimed policies to ascertain their wishes in respect of the policy e.g. to receive any money due or to continue/reactivate the policy (if permitted by the policy conditions). Once written instructions are received from the customer, the policy will be removed from the unclaimed list.

Life Assurance companies are not required to write to holders of unclaimed policies where (a) the value of the policy is less than €500 or (b) the company has been instructed not to correspond with or contact the policyholder, or (c) the company has tried but failed to contact the customer. In such cases, this advertisement serves as notice of the Act’s provisions.

Where there has been no communication from the customer by 31st March [insert relevant year], the net encashment value of the policy will be transferred to the National Treasury Management Agency (NTMA) which will manage the funds on behalf of the State.

The rights of policy owners are unaffected by the transfer of moneys to the NTMA. Policies may be reclaimed from the insurance company by following the procedures outlined in the leaflet A Guide to Unclaimed Life Assurance Policies available at all life assurance companies.

If you have any queries or concerns regarding a policy which you believe may be classified as unclaimed, please contact your insurer [**] .

Where the original owner of the policy has died or ownership of the policy has been transferred, any person having a valid legal interest in an unclaimed policy e.g. heirs, executors, administrators or assignees, should contact the relevant insurer.

Individuals who make fraudulent claims may be guilty of an offence.


GIVEN under my Official Seal,


6th day of March 2003.


Éamon Ó Cúiv


Minister for Community, Rural and Gaeltacht Affairs.


(This note is not part of the Instrument and does not purport to be a legal interpretation.)

The Unclaimed Life Assurance Policies Act 2003 (No. 2 of 2003) extends the scheme established under the Dormant Accounts Act 2001 , to unclaimed life assurance policies in respect of which moneys are payable in the State to policy holders who have correspondence addresses in the State.

Section 9 of the Unclaimed Life Assurance Policies Act 2003 obliges insurance undertakings who have such unclaimed policies to arrange for the publication of a notice in two or more national daily newspapers and in the Iris Oifigiúil advising the general public about unclaimed life assurance policies. These Regulations set out the form of the prescribed notice which is required to be published.

The first notice shall be published on 21 March 2003. In each subsequent year, the notice shall be published on the first weekday in October in that year.

[*]  This does not apply to a policy which constitutes or forms part of the assets of an occupational pension scheme. other retirement benefit scheme ot trust; a group permanent health insurance or disability benefit scheme; a sponsored superannuation scheme.

[**]  If the branch or insurance company that initiated your policy no longer exists. please contact the Irish Insurance Ferderation [insert revelant contact details]