Unclaimed Life Assurance Policies Act 2003

Notice to policy holders.


8. —(1) Subject to section 9 , except where a policy holder has previously been given notice under this section in respect of an unclaimed policy, each holder of an unclaimed policy shall be given written notice by the insurance undertaking concerned of the following:

(a) the name and current address of the undertaking and any information regarding a change of name since the policy issued;

(b) that an unclaimed policy to which the policy holder appears to be entitled is held at the undertaking;

(c) that if no communication is received by the insurance undertaking from the policy holder on or before 31 March next following, commencing on 31 March 2004, the net encashment value of the policy will be transferred to the Fund without further notice to the policy holder;

(d) that the policy holder is entitled, subject to this Act and the terms and conditions of the policy, to claim the moneys payable under the policy from the insurance undertaking;

(e) any other matters that may be prescribed.

(2) The notice referred to in subsection (1) shall be sent by ordinary post to the correspondence address of the policy holder—

(a) in the case of the first notice sent after the commencement of this section, as soon as practicable after such commencement, and

(b) in the case of each subsequent notice, as soon as practicable after 30 September, commencing on 30 September 2003.

(3) An insurance undertaking that fails to give notice to a policy holder in accordance with this section is guilty of an offence.