Unclaimed Life Assurance Policies Act 2003

Extension of application of Act.


7. —(1) The Minister, having regard to the purposes specified in subsection (3), following consultation with the regulatory authority and subject to the consent of the Minister for Finance, amy make regulations providing for the application of this Act and instruments made under this Act, with and subject to any modifications that may be specified in the regulations, to policies (including policies other than policies of life assurance), that are issued to such class or classes of person by such class or classes of undertaking specified in the regulations.

(2) Without prejudice to the generality of subsection (1), the modifications, if any, may relate to any of the following matters:

(a) the period specified in paragraph (a) (iii) or (b) (iii) of section 6(2);

(b) the notice procedure set out in Chapter 2;

(c) the transfer of moneys to the Fund under section 10;

(d) the keeping of a register under section 12 and the particulars required to be entered in the register under that section;

(e) the disclosure of information for statistical purposes under section 13;

(f) the processing of claims under Chapter 4;

(g) any other matters that may appear to the Minister to be necessary for carrying the regulations into effect.

(3) The Minister may make regulations under this section for the following purposes:

(a) consumer protection;

(b) the proper and orderly regulation of the financial services industry;

(c) to facilitate the accessing or identification by persons of policies or moneys to which they are entitled;

(d) to reduce the administrative and financial burden of maintaining unclaimed policies.