Seán Crowe
Ceist:214 Mr. Crowe asked the Minister for Finance the plans he has to transfer some or all of the estimated ?500 million in dormant assurance policies to the dormant accounts fund. [30007/03]
Written Answers. - Dormant Accounts Fund.
The Unclaimed Life Assurance Policies Act 2003 obliges insurance undertakings to transfer moneys which are payable under dormant assurance policies but which remain unclaimed to the dormant accounts fund established under section 17 of the Dormant Accounts Act 2001. The Act makes detailed provision for the notification of the holders of such policies before the transfer takes place. The first transfer of moneys to the fund in respect of dormant assurance policies is scheduled to take place in April 2004.