Unclaimed Life Assurance Policies Act 2003

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


16. —(1) Where an insurance undertaking has been wound up, the liquidator appointed to the insurance undertaking shall, in addition to his or her duties and obligations in respect of the winding up and following dissolution of the insurance undertaking, submit the register to the regulatory authority.

(2) Where a register is submitted to the regulatory authority under subsection (1), the regulatory authority shall—

(a) process, in accordance with section 15 , claims made under unclaimed policies in respect of which moneys were transferred to the Fund under section 10, and

(b) enter in the register the following particulars:

(i) where notice was given to the Agency 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 regulatory authority, and

(II) by the regulatory authority to the policy holder;

(ii) any other matters that may be prescribed.