PART 1

The dormant assets scheme

Long-term insurance assets

Meaning of “dormant” in relation to eligible insurance proceeds
4
1
For the purposes of this Act eligible insurance proceeds are “dormant” at a particular time if any of the following four conditions are met at that time.
2
The first condition is that the responsible institution—
a
has been notified that the person in respect of whom the proceeds are payable has died, and
b
is satisfied that there is no person to whom the proceeds are payable.
3
The second condition is that—
a
there has been a period of at least 7 years since the responsible institution was notified that the person in respect of whom the proceeds are payable has died, and
b
the responsible institution has not received any communication since that time from—
i
anyone administering the estate of that person, or
ii
the person to whom the proceeds are payable (or a person acting on behalf of that person).
4
The third condition is that—
a
the responsible institution is satisfied that the person in respect of whom the proceeds are payable would be at least 120 years old, and
b
the responsible institution has not received any communication from—
i
anyone administering the estate of that person, or
ii
the person to whom the proceeds are payable (or a person acting on behalf of that person),
during the preceding 7 years.
5
The fourth condition is that—
a
the proceeds have become payable by virtue of the insurance contract term ending,
b
a period of at least 7 years has elapsed since the end of the term, and
c
the responsible institution has not received any communication from the person to whom the proceeds are payable (or a person acting on behalf of that person) since that time.
6
In this section, “responsible institution” means the insurance institution that is responsible, in relation to the proceeds concerned, for doing any of the following—
a
receiving notification of the kind mentioned in subsection (2)(a) or (3)(a),
b
making an assessment of the kind mentioned in subsection (2)(b) or (4)(a), and
c
receiving communications as mentioned in subsection (3)(b), (4)(b) or (5)(c).
S. 4 not in force at Royal Assent, see s. 34(3)
S. 4 in force at 6.6.2022 by S.I. 2022/582, reg. 2