2003_act_2

Unclaimed Life Assurance Policies Act 2003

2 Articles / Provisions · Ireland

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Statutory Text (2 Articles)

ISB Act 2003-02-22

Schedule 1 Unclaimed Life Assurance Policies Act 2003 Open official source

SCHEDULE 1 Part A of Annex I to the Life Regulations of 1994

Part A of Annex I to the Life Regulations of 1994

Section 2.

“A. Classes of insurance

Class

Description

Life assurance and contracts to pay annuities on human life as described in Article 1(1)(a), (b) and (c) of the First Directive, but excluding contracts within Classes II and III below.

Contracts of insurance to provide a sum on marriage or on the birth of a child, being contracts expressed to be in effect for a period of more than one year.

III

The assurances referred to in Article 1(1)(a) and (b) of the First Directive which are linked to investment funds.

Permanent health insurance as defined in Article 2 of these Regulations.

Tontines as described in Article 1(2)(a) of the First Directive where these are carried on by an undertaking holding an authorisation.

Capital redemption operations as described in Article 1(2)(b) of the First Directive where these are carried on by an insurance undertaking holding an authorisation.

VII

Management of group pension funds as described in Articles 1(2)(c) and 1(2)(d) of the First Directive where these are carried on by an undertaking holding an authorisation.

ISB Act 2003-02-22

Schedule 2 Unclaimed Life Assurance Policies Act 2003 Open official source

SCHEDULE 2 Amendments to Act of 2001

Amendments to Act of 2001

Section 27.

No.

Provision affected

Amendment

Section 2

In subsection (1), in paragraph (b) of the definition of “transaction”, delete “or fixed deposit”.

Section 4

(a) Substitute the following for subsection (3)— “(3) Where the Minister proposes to make regulations under section 9 or an order under section 11(7), he or she shall cause a draft of the regulations or order to be laid before each House of the Oireachtas and the regulations or order shall not be made until a resolution approving of the draft has been passed by each House.”. (b) In subsection (4), substitute “(other than regulations made under section 9 or an order made under section 1(2), 3 or 11(7))” for “(other than a regulation referred to in subsection (3) or an order made under section 1(2) or 3”.

(a) Substitute the following for subsection (3)—

“(3) Where the Minister proposes to make regulations under section 9 or an order under section 11(7), he or she shall cause a draft of the regulations or order to be laid before each House of the Oireachtas and the regulations or order shall not be made until a resolution approving of the draft has been passed by each House.”.

(b) In subsection (4), substitute “(other than regulations made under section 9 or an order made under section 1(2), 3 or 11(7))” for “(other than a regulation referred to in subsection (3) or an order made under section 1(2) or 3”.

Section 6

In subsection (1)(a) and (2), substitute “€3,000” for “€1,900” in each place where it occurs.

Section 10

In subsection (1), substitute the following for paragraph (e): “(e) any other matters that may be prescribed.”.

In subsection (1), substitute the following for paragraph (e)

“(e) any other matters that may be prescribed.”.

Section 11

(a) In subsection (1), substitute the following for paragraph (a): “(a) subject to any order made under subsection (7), the amount in the account is less than €100 or its equivalent in any other currency,”. (b) Insert the following after subsection (7): “(8) The Minister may by order amend or revoke an order made under this section, including an order made under this subsection.”.

(a) In subsection (1), substitute the following for paragraph (a)

“(a) subject to any order made under subsection (7), the amount in the account is less than €100 or its equivalent in any other currency,”.

(b) Insert the following after subsection (7)

“(8) The Minister may by order amend or revoke an order made under this section, including an order made under this subsection.”.

Section 13

In subsection (3)(d), substitute the following for subparagraph (iii): “(iii) in any other case, the date of the presentation of a petition for the winding up by the court, or”.

In subsection (3)(d), substitute the following for subparagraph (iii)

“(iii) in any other case, the date of the presentation of a petition for the winding up by the court,

or”.

Section 15

In subsection (1)(a), substitute “prescribe” for “determine”.

Section 17

(a) In subsection (2)— (i) insert “and the Unclaimed Life Assurance Policies Act 2003” after “this Act”, and (ii) insert “under this Act and the Unclaimed Life Assurance Policies Act 2003” after “functions”. (b) Substitute the following for subsection (4)(a) and (b)— “(a) defraying— (i) the fees, costs and expenses incurred by the Agency in performing its functions under this Act and the Unclaimed Life Assurance Policies Act 2003, (ii) the fees, costs and expenses incurred by the Board in performing its functions under this Act, and (iii) the remuneration, fees and allowances for expenses of the inspectors who may be authorised by the Minister under section 22 or by the regulatory authority under section 19 of the Unclaimed Life Assurance Policies Act 2003, and (b) making repayments under section 19 or 29 or payments under section 15 of the Unclaimed Life Assurance Policies Act 2003.”.

(a) In subsection (2)—

(i) insert “and the Unclaimed Life Assurance Policies Act 2003” after “this Act”, and

(ii) insert “under this Act and the Unclaimed Life Assurance Policies Act 2003” after “functions”.

(b) Substitute the following for subsection (4)(a) and (b)—

“(a) defraying—

(i) the fees, costs and expenses incurred by the Agency in performing its functions under this Act and the Unclaimed Life Assurance Policies Act 2003,

(ii) the fees, costs and expenses incurred by the Board in performing its functions under this Act, and

(iii) the remuneration, fees and allowances for expenses of the inspectors who may be authorised by the Minister under section 22 or by the regulatory authority under section 19 of the Unclaimed Life Assurance Policies Act 2003,

and

(b) making repayments under section 19 or 29 or payments under section 15 of the Unclaimed Life Assurance Policies Act 2003.”.

Section 19

In subsection (8)(b), substitute the following for subparagraph (ii): “(ii) enter in the register the following particulars: (I) if moneys transferred to the Fund under section 12 were repaid to the account holder under this section, the date on which the moneys were repaid and the amount repaid; (II) any other matters that may be prescribed.”.

In subsection (8)(b), substitute the following for subparagraph (ii)

“(ii) enter in the register the following particulars

(I) if moneys transferred to the Fund under section 12 were repaid to the account holder under this section, the date on which the moneys were repaid and the amount repaid;

(II) any other matters that may be prescribed.”.

10.

Section 41

Substitute the following for section 41

“Disbursement of moneys for certain purposes.

41.—(1) (a) The moneys in the investment and disbursements account shall be applied by the Agency, on the direction of the Board, for the purposes of programmes or projects, designed to assist the personal, educational and social development of persons who are economically, educationally or socially disadvantaged or persons with a disability (within the meaning of the Equal Status Act 2000). (b) The Minister, in consultation with the Board, may, from time to time, specify programmes referred to in paragraph (a) having regard to the plan prepared under section 42. (2) Whenever a programme is specified under subsection (1)(b), the Board shall publish notice of the specification in Iris Oifigiúil.”.

(b) The Minister, in consultation with the Board, may, from time to time, specify programmes referred to in paragraph (a) having regard to the plan prepared under section 42.

(2) Whenever a programme is specified under subsection (1)(b), the Board shall publish notice of the specification in Iris Oifigiúil.”.

11.

Section 42

Substitute the following for section 42

“Plan of Board.

42.—(1) As soon as practicable after its establishment, the Board shall prepare a plan for the disbursement of moneys from the investment and disbursements account and the plan shall include— (a) the objectives of the Board in making disbursements under this Part and its strategy for achieving those objectives, and (b) the priorities of the Board in respect of particular programmes or projects referred to in section 41(1)(a). (2) In preparing the plan the Board shall comply with any directions issued by the Minister, from time to time, including directions relating to the objectives referred to in subsection (1)(a). (3) The plan prepared in accordance with this section shall be submitted to the Minister for approval as soon as practicable after it is prepared. (4) The plan is deemed to be adopted when it is approved in writing by the Minister. (5) The Minister may amend a plan submitted for approval under this section and the Board shall comply with the plan as so amended. (6) The Board shall review, and if necessary, update the plan not later than 3 years after its establishment and at least once in every 3 years there-after and subsections (1) to (5) apply to a plan reviewed and updated under this subsection.”.

42.—(1) As soon as practicable after its establishment, the Board shall prepare a plan for the disbursement of moneys from the investment and disbursements account and the plan shall include—

(a) the objectives of the Board in making disbursements under this Part and its strategy for achieving those objectives, and

(b) the priorities of the Board in respect of particular programmes or projects referred to in section 41(1)(a).

(2) In preparing the plan the Board shall comply with any directions issued by the Minister, from time to time, including directions relating to the objectives referred to in subsection (1)(a).

(3) The plan prepared in accordance with this section shall be submitted to the Minister for approval as soon as practicable after it is prepared.

(4) The plan is deemed to be adopted when it is approved in writing by the Minister.

(5) The Minister may amend a plan submitted for approval under this section and the Board shall comply with the plan as so amended.

(6) The Board shall review, and if necessary, update the plan not later than 3 years after its establishment and at least once in every 3 years there-after and subsections (1) to (5) apply to a plan reviewed and updated under this subsection.”.

12.

Section 45

(a) In subsection (1)— (i) in paragraph (a), after “the Fund” insert “under this Act and the Unclaimed Life Assurance Policies Act 2003”, and (ii) in paragraph (c), after “this Act” insert “and the Unclaimed Life Assurance Policies Act 2003”. (b) In subsection (4) after “functions” insert “under this Act or the Unclaimed Life Assurance Policies Act 2003, as the case may be,”.

(a) In subsection (1)—

(i) in paragraph (a), after “the Fund” insert “under this Act and the Unclaimed Life Assurance Policies Act 2003”, and

(ii) in paragraph (c), after “this Act” insert “and the Unclaimed Life Assurance Policies Act 2003”.

(b) In subsection (4) after “functions” insert “under this Act or the Unclaimed Life Assurance Policies Act 2003, as the case may be,”.

13.

Section 47

In subsection (1), insert “and the Unclaimed Life Assurance Poli- cies Act 2003” after “this Act” in each place where it occurs.

Unclaimed Life Assurance Policies Act 2003

Statutory Text (2 Articles)

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