10. —(1) Where no communication has been received by an insurance undertaking from the holder of an unclaimed policy on or before the date specified in section 8(1)(c) or 9(3)(c), as the case may be, the insurance undertaking at which the unclaimed policy is held shall, subject to subsection (2), not later than 30 April next following, transfer to the Fund the net encashment value of the policy and the first transfer after the commencement of this section shall take place not later than 30 April 2004.

(2) Where the net encashment value of an unclaimed policy cannot be ascertained, the insurance undertaking shall transfer to the Fund the estimated net encashment value.

(3) An insurance undertaking that transfers moneys to the Fund under this section shall furnish to the Agency a written statement specifying—

(a) the total amount of moneys transferred,

(b) the total number of unclaimed policies which have a specified term, and

(c) the total number of unclaimed policies which have no specified term.

(4) An insurance undertaking that does not hold any unclaimed policies to which subsection (1) applies shall make a written report to that effect to the Agency not later than 30 April in each year and the first report after the commencement of this section shall be made not later than 30 April 2004.

(5) An insurance undertaking is guilty of an offence if it—

(a) fails to transfer moneys to the Fund under this section,

(b) fails to furnish a statement to the Agency in accordance with subsection (3), or

(c) fails to make a report to the Agency in accordance with subsection (4).

(6) (a) Moneys which an insurance undertaking fails to transfer to the Fund under this section shall be a simple contract debt due and owing by the undertaking to the Fund and may be recovered by the Minister from the undertaking in any court of competent jurisdiction.

(b) Moneys recovered under paragraph (a) shall be paid into and form part of the Fund.

(c) The Minister shall, without prejudice to the rights of the policy holder, be deemed to be the policy holder for the purposes of recovering moneys from an insurance undertaking in accordance with this subsection.