(LRC Revised)

Number 2 of 2003

UNCLAIMED LIFE ASSURANCE POLICIES ACT 2003

REVISED

Updated to 30 October 2021

Changes to legislation

as of 10 July 2026, this Act is up to date with all changes known to be in force.

This Revised Act is an administrative

consolidation of the

Unclaimed Life Assurance Policies Act 2003

. It is prepared

by the Law Reform Commission in accordance with its function under the

Law Reform

Commission Act 1975

(3/1975) to keep the law under review and to undertake

revision and consolidation of statute law.

All Acts up to and including the

Climate Action and Low Carbon Development

(Amendment) Act 2021

(32/2021), enacted 23 July 2021, and all statutory

instruments up to and including the

Health Act 1947 (Section 31A - Temporary

Restrictions) (Covid - 19) (Restrictions Upon Travel to the State from Certain

States) (No. 5) (Amendment) (No. 4) Regulations 2021

(S.I. No. 566 of 2021), made

30 October 2021, were considered in the preparation of this Revised Act.

Disclaimer: While every care has been taken in the preparation of this Revised Act,

the Law Reform Commission can assume no responsibility for and give no guarantees,

undertakings or warranties concerning the accuracy, completeness or up to date nature

of the information provided and does not accept any liability whatsoever arising from

any errors or omissions. Please notify any errors, omissions and comments by email

to

revisedacts@lawreform.ie.

Number

2

of

2003

UNCLAIMED LIFE ASSURANCE POLICIES ACT 2003

REVISED

Updated to 30 October

2021

ARRANGEMENT OF SECTIONS

PART 1

Preliminary and General

Section

1.

Short title, collective citation and commencement.

2.

Interpretation.

3.

Regulations and orders.

4.

Expenses.

5.

Penalties and proceedings.

PART 2

Unclaimed Policies

Chapter

1

Application of Act

6.

Unclaimed policies.

7.

Extension of application of Act.

Chapter

2

Notice Procedure

8.

Notice to policy holders.

9.

Publication of notice.

Chapter

3

Transfer of Moneys to Dormant Accounts Fund

10.

Transfer of moneys to Fund.

11.

Prohibition on transfer of moneys under

section 10

.

12.

Register of unclaimed policies.

13.

Disclosure of information for statistical purposes.

14.

Rights of policy holders.

Chapter

4

Processing of Claims under Unclaimed Policies

15.

Processing of claims.

16.

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

PART 3

Compliance with Act

Chapter

1

Certificate of Compliance

17.

Certificate of compliance.

Chapter

2

Inspections

18.

Interpretation (

Chapter 2

).

19.

Authorisation of inspectors.

20.

Power to inspect records.

21.

Power to inspect insurance undertakings carrying on life

assurance business in the State by way of branch establishment

or by way of services into the State.

22.

Inspector's report.

23.

Privilege of inspector.

24.

Disclosure of information to inspector.

25.

Failure to comply with Act.

PART 4

Miscellaneous

26.

Confidentiality.

27.

Amendments to Act of 2001.

SCHEDULE 1

Part A of Annex I to the Life Regulations of

1994

SCHEDULE 2

Amendments to Act of 2001

Acts Referred to

Data Protection Act 1988

1988, No. 25

Dormant Accounts Act 2001

2001, No. 32

Equal Status Act 2000

2000, No. 8

European Communities (Amendment) Act 1993

1993, No. 25

European Communities Act 1972

1972, No. 27

Insurance Act 1989

1989, No. 3

Insurance Acts 1909 to 2000

Organisation of Working Time Act 1997

1997, No. 20

Pensions (Amendment) Act 2002

2002, No. 18

Petty Sessions (Ireland) Act 1851

14 & 15 Vict., c. 93

Powers of Attorney Act 1996

1996, No. 12

Taxes Consolidation Act 1997

1997, No. 39

Number

2

of

2003

UNCLAIMED LIFE ASSURANCE POLICIES ACT 2003

REVISED

Updated to 30 October

2021

AN ACT TO PROVIDE FOR THE TRANSFER OF MONEYS

PAYABLE UNDER UNCLAIMED LIFE ASSURANCE

POLICIES TO THE DORMANT ACCOUNTS FUND

ESTABLISHED UNDER THE DORMANT ACCOUNTS

ACT 2001, TO PROVIDE FOR THE PAYMENT OF

MONEYS FROM THE FUND, TO PROVIDE FOR THE

APPOINTMENT OF INSPECTORS, AND FOR THOSE

AND OTHER PURPOSES TO AMEND AND EXTEND

THE DORMANT ACCOUNTS ACT 2001 AND TO PROVIDE

FOR RELATED MATTERS. [22

nd February

2003]

BE IT ENACTED BY THE OIREACHTAS AS FOLLOWS

Annotations

Modifications (not altering

text)

C1

Functions transferred and

references to “Department of Arts, Heritage, Regional, Rural and Gaeltacht

Affairs” and “Minister for Arts, Heritage, Regional, Rural and Gaeltacht Affairs”

construed (26.07.2017) by

Rural Affairs (Transfer of Departmental

Administration and Ministerial Functions) Order 2017

(S.I. No. 354 of

2017), arts. 2 and 3, in effect as per art. 1(2), subject to transitional

provisions in arts. 4-8.

2. (1) The administration and

business in connection with the exercise, performance or execution of any

functions transferred by Article 3 are transferred to the Department of Rural and

Community Development.

3. (1) The functions vested in the

Minister for Arts, Heritage, Regional, Rural and Gaeltacht Affairs—

(a) by or under— …

(iii) the Unclaimed Life

Assurance Policies Act 2003 (No. 2 of 2003)

...

are transferred to the

Minister for Rural and Community Development.

(2) References to the Minister for

Arts, Heritage, Regional, Rural and Gaeltacht Affairs contained in any Act or

instrument made thereunder and relating to the functions transferred by this

Article shall, from the commencement of this Order, be construed as references to

the Minister for Rural and Community Development.

...

Editorial Notes

E1

Act included in definition of “designated enactments” by

Central Bank Act 1942

(22/1942), s. 2(1) and sch. 2 part 1 item 30, as

substituted (1.10.2010) by

Central Bank Reform Act 2010

(23/2010), s. 14(1)

and sch. 1 part 1 items 6 and 82, S.I. No. 469 of 2010.

E2

Previous affecting provision: Act included in definition of

“designated enactments and designated statutory instruments” by

Central Bank Act 1942

(22/1942), s. 33AN and sch. 2 as inserted

(30.06.2005) by

Investment Funds, Companies and Miscellaneous Provisions Act

2005

(12/2005), s. 87(1)(c), S.I. No. 323 of 2005; schedule substituted as

per E-note above.

E3

Previous affecting

provision: functions transferred and references to “Department of the Environment,

Community and Local Government” and “Minister for the Environment, Community and

Local Government” construed (9.06.2016) by

Rural Affairs and Social Enterprise

(Transfer of Departmental Administration and Ministerial Functions) Order

2016

(S.I. No. 308 of 2016), arts. 2 and 3, in effect as per art. 1(2),

subject to transitional provisions in arts. 4-8; superseded as per C-note

above.

E4

Previous affecting

provision: functions transferred and references to “Department of Community,

Equality and Gaeltacht Affairs” and “Minister for Community, Equality and

Gaeltacht Affairs” construed (1.05.2011) by

Community Affairs (Transfer of

Departmental Administration and Ministerial Functions) Order 2011

(S.I. No.

196 of 2011), arts. 2 and 3, in effect as per art. 1(2), subject to transitional

provisions in arts. 4-8; superseded as per E-note above.

Annotations

Modifications (not altering

text)

C1

Functions transferred and

references to “Department of Arts, Heritage, Regional, Rural and Gaeltacht

Affairs” and “Minister for Arts, Heritage, Regional, Rural and Gaeltacht Affairs”

construed (26.07.2017) by

Rural Affairs (Transfer of Departmental

Administration and Ministerial Functions) Order 2017

(S.I. No. 354 of

2017), arts. 2 and 3, in effect as per art. 1(2), subject to transitional

provisions in arts. 4-8.

2. (1) The administration and

business in connection with the exercise, performance or execution of any

functions transferred by Article 3 are transferred to the Department of Rural and

Community Development.

3. (1) The functions vested in the

Minister for Arts, Heritage, Regional, Rural and Gaeltacht Affairs—

(a) by or under— …

(iii) the Unclaimed Life

Assurance Policies Act 2003 (No. 2 of 2003)

...

are transferred to the

Minister for Rural and Community Development.

(2) References to the Minister for

Arts, Heritage, Regional, Rural and Gaeltacht Affairs contained in any Act or

instrument made thereunder and relating to the functions transferred by this

Article shall, from the commencement of this Order, be construed as references to

the Minister for Rural and Community Development.

...

Editorial Notes

E1

Act included in definition of “designated enactments” by

Central Bank Act 1942

(22/1942), s. 2(1) and sch. 2 part 1 item 30, as

substituted (1.10.2010) by

Central Bank Reform Act 2010

(23/2010), s. 14(1)

and sch. 1 part 1 items 6 and 82, S.I. No. 469 of 2010.

E2

Previous affecting provision: Act included in definition of

“designated enactments and designated statutory instruments” by

Central Bank Act 1942

(22/1942), s. 33AN and sch. 2 as inserted

(30.06.2005) by

Investment Funds, Companies and Miscellaneous Provisions Act

2005

(12/2005), s. 87(1)(c), S.I. No. 323 of 2005; schedule substituted as

per E-note above.

E3

Previous affecting

provision: functions transferred and references to “Department of the Environment,

Community and Local Government” and “Minister for the Environment, Community and

Local Government” construed (9.06.2016) by

Rural Affairs and Social Enterprise

(Transfer of Departmental Administration and Ministerial Functions) Order

2016

(S.I. No. 308 of 2016), arts. 2 and 3, in effect as per art. 1(2),

subject to transitional provisions in arts. 4-8; superseded as per C-note

above.

E4

Previous affecting

provision: functions transferred and references to “Department of Community,

Equality and Gaeltacht Affairs” and “Minister for Community, Equality and

Gaeltacht Affairs” construed (1.05.2011) by

Community Affairs (Transfer of

Departmental Administration and Ministerial Functions) Order 2011

(S.I. No.

196 of 2011), arts. 2 and 3, in effect as per art. 1(2), subject to transitional

provisions in arts. 4-8; superseded as per E-note above.

Section

1.

Short title, collective citation and commencement.

2.

Interpretation.

3.

Regulations and orders.

4.

Expenses.

5.

Penalties and proceedings.

PART 2

Unclaimed Policies

Chapter

1

Application of Act

6.

Unclaimed policies.

7.

Extension of application of Act.

Chapter

2

Notice Procedure

8.

Notice to policy holders.

9.

Publication of notice.

Chapter

3

Transfer of Moneys to Dormant Accounts Fund

10.

Transfer of moneys to Fund.

11.

Prohibition on transfer of moneys under

section 10

.

12.

Register of unclaimed policies.

13.

Disclosure of information for statistical purposes.

14.

Rights of policy holders.

Chapter

4

Processing of Claims under Unclaimed Policies

15.

Processing of claims.

16.

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

PART 3

Compliance with Act

Chapter

1

Certificate of Compliance

17.

Certificate of compliance.

Chapter

2

Inspections

18.

Interpretation (

Chapter 2

).

19.

Authorisation of inspectors.

20.

Power to inspect records.

21.

Power to inspect insurance undertakings carrying on life

assurance business in the State by way of branch establishment

or by way of services into the State.

22.

Inspector's report.

23.

Privilege of inspector.

24.

Disclosure of information to inspector.

25.

Failure to comply with Act.

PART 4

Miscellaneous

26.

Confidentiality.

27.

Amendments to Act of 2001.

SCHEDULE 1

Part A of Annex I to the Life Regulations of

1994

SCHEDULE 2

Amendments to Act of 2001

Number

2

of

2003