116. Unclaimed monies
-
(1) A company shall, within 60 days of its financial year, deliver to the Registrar a statement of all unclaimed moneys as at that date.
-
(2) The statement shall specify, in respect of each policy to which it refers—
-
(a) the name and last known address of the person whose life is insured;
-
(b) the name of the policy-holder (if known) and his or her last known address; and
-
(c) the amount due and the date on which it became due.
-
(3) The company shall pay to the Registrar at the time of the delivery of the statement, the total amount of unclaimed money shown therein, less any amount paid by the company, between its financial year and the date on which the copy of the statement is delivered, to the person to whom the amount was due, and the company shall furnish, with the copy of the statement, particulars in writing of the amounts paid.
-
(4) Where unclaimed money is paid to the Registrar under this section and he or she is satisfied that, but for this section, a person would have been paid the unclaimed money by the company which made the payment or where that company is no longer carrying on that class of insurance business, by the company to which it sold or disposed of such business, the Registrar shall arrange payment of the unclaimed money to that company and specify the person to whom that company is to pay the money, and that company shall thereupon pay the money to the person specified.
-
(5) Where under this section a company has paid to the Registrar an amount in respect of a policy and the company satisfies the Registrar that the amount paid exceeds the amount which would have been payable under the policy to the policy-holder, the Registrar shall arrange for payment of a refund to the company in the amount of the excess.
-
(6) On payment to the Registrar of unclaimed money in accordance with this section, a company is, subject to subsection (4), discharged from further liability in respect of the amount paid.
-
(7) There shall be paid from the Consolidated Fund such sums as are necessary to give effect to this section.
-
(8) A company which fails to comply with this section commits an offence.
-
(9) In this section—
“unclaimed money” means all sums of money which, after the commencement of this Act, become legally payable by a company in respect of policies but in respect of which the time within which proceedings may be taken for their recovery has expired, and includes sums of money payable on the maturity, after the commencement of this Act, of an endowment insurance policy which are not claimed within 7 years after the maturity date of the policy.
Industrial Life Insurance Business